Analysts Set Independence Realty Trust, Inc. (NYSE:IRT) PT at $22.22

Independence Realty Trust, Inc. (NYSE:IRT) has earned a consensus recommendation of “Moderate Buy” from the nine analysts that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $22.33.

Several research analysts have recently commented on IRT shares. JMP Securities reissued a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th. Jefferies Financial Group raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. UBS Group started coverage on shares of Independence Realty Trust in a research report on Monday, April 7th. They set a “buy” rating and a $24.00 price objective on the stock. Barclays lifted their price objective on shares of Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Wells Fargo & Company began coverage on Independence Realty Trust in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 target price on the stock.

Independence Realty Trust Trading Down 0.4 %

Independence Realty Trust stock opened at $18.22 on Wednesday. Independence Realty Trust has a 1-year low of $15.27 and a 1-year high of $22.26. The firm has a market capitalization of $4.21 billion, a PE ratio of 101.19, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The firm’s 50 day simple moving average is $20.41 and its 200 day simple moving average is $20.19.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share 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%. Research analysts forecast that Independence Realty Trust will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be issued a $0.16 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.64 annualized dividend and a dividend yield of 3.51%. Independence Realty Trust’s dividend payout ratio is currently 355.56%.

Insider Activity

In other news, CEO Scott Schaeffer sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total value of $212,100.00. Following the transaction, the chief executive officer now owns 873,365 shares in the company, valued at approximately $18,524,071.65. This trade represents a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.58% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Independence Realty Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRT. FMR LLC increased its position in shares of Independence Realty Trust by 758.8% in the third quarter. FMR LLC now owns 285,193 shares of the real estate investment trust’s stock valued at $5,846,000 after acquiring an additional 251,984 shares during the period. BNP Paribas Financial Markets lifted its stake in Independence Realty Trust by 9.4% in the third quarter. BNP Paribas Financial Markets now owns 55,102 shares of the real estate investment trust’s stock worth $1,130,000 after acquiring an additional 4,755 shares during the period. Captrust Financial Advisors bought a new stake in shares of Independence Realty Trust during the 3rd quarter valued at about $306,000. Benjamin Edwards Inc. bought a new position in Independence Realty Trust in the third quarter worth about $392,000. Finally, Stifel Financial Corp purchased a new stake in Independence Realty Trust in the third quarter worth about $576,000. 88.25% of the stock is currently owned by institutional investors.

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.