Independence Realty Trust (NYSE:IRT) Coverage Initiated at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Independence Realty Trust (NYSE:IRT) in a report issued on Wednesday morning, MarketBeat.com reports. The firm issued an overweight rating and a $24.00 price objective on the real estate investment trust’s stock.

Several other equities analysts have also weighed in on the stock. Barclays reduced their price target on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. JMP Securities restated a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Finally, Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and upped their price objective for the company from $20.00 to $24.00 in a research note on Monday, March 10th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Independence Realty Trust Trading Down 0.6 %

NYSE IRT opened at $20.74 on Wednesday. The firm has a market capitalization of $4.79 billion, a P/E ratio of 115.19, a PEG ratio of 2.91 and a beta of 1.18. The business has a fifty day simple moving average of $20.14 and a 200 day simple moving average of $20.29. Independence Realty Trust has a 12 month low of $15.25 and a 12 month high of $22.26.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, topping the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. As a group, sell-side analysts predict that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Friday, March 28th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend is Friday, March 28th. Independence Realty Trust’s dividend payout ratio is 355.56%.

Institutional Trading of Independence Realty Trust

A number of large investors have recently modified their holdings of the business. Atria Investments Inc increased its holdings in shares of Independence Realty Trust by 28.0% in the 3rd quarter. Atria Investments Inc now owns 33,731 shares of the real estate investment trust’s stock worth $691,000 after buying an additional 7,378 shares during the last quarter. Natixis Advisors LLC increased its position in shares of Independence Realty Trust by 17.1% during the 3rd quarter. Natixis Advisors LLC now owns 94,845 shares of the real estate investment trust’s stock valued at $1,945,000 after purchasing an additional 13,856 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in Independence Realty Trust by 3.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 745,930 shares of the real estate investment trust’s stock worth $15,291,000 after buying an additional 24,639 shares during the last quarter. Quest Partners LLC purchased a new stake in Independence Realty Trust in the third quarter worth approximately $189,000. Finally, Pathstone Holdings LLC grew its position in Independence Realty Trust by 140.5% during the third quarter. Pathstone Holdings LLC now owns 101,272 shares of the real estate investment trust’s stock valued at $2,076,000 after acquiring an additional 59,157 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.