Independence Realty Trust, Inc. (NYSE:IRT) Receives $17.00 Consensus Target Price from Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has been given a consensus rating of “Moderate Buy” by the five analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $17.00.

Several analysts have recently commented on IRT shares. Royal Bank of Canada lifted their price target on shares of Independence Realty Trust from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. TheStreet lowered shares of Independence Realty Trust from a “c” rating to a “d+” rating in a research report on Friday, March 1st. Barclays dropped their target price on shares of Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. JMP Securities lifted their target price on shares of Independence Realty Trust from $15.00 to $17.00 and gave the company a “market outperform” rating in a report on Wednesday, March 6th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Independence Realty Trust in a report on Tuesday, January 30th. They issued a “buy” rating and a $18.00 target price for the company.

Institutional Trading of Independence Realty Trust

Large investors have recently modified their holdings of the stock. Peregrine Capital Management LLC purchased a new stake in shares of Independence Realty Trust during the fourth quarter worth $7,728,000. Aurora Investment Managers LLC. increased its position in shares of Independence Realty Trust by 62.8% during the fourth quarter. Aurora Investment Managers LLC. now owns 33,382 shares of the real estate investment trust’s stock worth $511,000 after acquiring an additional 12,876 shares during the period. Jennison Associates LLC increased its position in shares of Independence Realty Trust by 2.4% during the third quarter. Jennison Associates LLC now owns 3,187,637 shares of the real estate investment trust’s stock worth $44,850,000 after acquiring an additional 75,700 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in shares of Independence Realty Trust by 27.7% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 170,844 shares of the real estate investment trust’s stock worth $2,404,000 after acquiring an additional 37,034 shares during the period. Finally, Sound Income Strategies LLC increased its position in shares of Independence Realty Trust by 36.1% during the fourth quarter. Sound Income Strategies LLC now owns 4,850 shares of the real estate investment trust’s stock worth $74,000 after acquiring an additional 1,287 shares during the period. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Performance

IRT stock opened at $15.87 on Tuesday. The firm has a market cap of $3.57 billion, a PE ratio of -226.64, a PEG ratio of 2.34 and a beta of 1.07. The firm’s 50 day moving average price is $15.52 and its 200-day moving average price is $14.68. Independence Realty Trust has a one year low of $11.61 and a one year high of $18.77.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 19th. Shareholders of record on Friday, March 29th will be paid a $0.16 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $0.64 annualized dividend and a dividend yield of 4.03%. Independence Realty Trust’s dividend payout ratio (DPR) is -914.29%.

About Independence Realty Trust

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.