JMP Securities Raises Independence Realty Trust (NYSE:IRT) Price Target to $20.00

Independence Realty Trust (NYSE:IRT) had its price target increased by JMP Securities from $17.00 to $20.00 in a research report released on Friday, Benzinga reports. They currently have a market outperform rating on the real estate investment trust’s stock.

Independence Realty Trust Stock Down 2.4 %

IRT traded down $0.47 during midday trading on Friday, hitting $19.03. 1,931,820 shares of the company were exchanged, compared to its average volume of 2,388,878. The firm’s 50 day moving average price is $18.19 and its 200-day moving average price is $16.59. Independence Realty Trust has a 1-year low of $11.61 and a 1-year high of $19.83. The firm has a market capitalization of $4.28 billion, a P/E ratio of -649.78, a P/E/G ratio of 2.81 and a beta of 1.14.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, June 28th were issued a $0.16 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.64 annualized dividend and a yield of 3.36%. Independence Realty Trust’s payout ratio is currently -2,132.62%.

Institutional Trading of Independence Realty Trust

A number of hedge funds have recently bought and sold shares of the business. Long Pond Capital LP raised its holdings in Independence Realty Trust by 204.7% during the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock valued at $167,986,000 after acquiring an additional 6,996,365 shares during the period. Norges Bank purchased a new stake in Independence Realty Trust during the 4th quarter valued at about $52,048,000. Waterfront Capital Partners LLC boosted its stake in shares of Independence Realty Trust by 895.1% in the 4th quarter. Waterfront Capital Partners LLC now owns 1,988,154 shares of the real estate investment trust’s stock worth $30,419,000 after buying an additional 1,788,354 shares during the last quarter. Centersquare Investment Management LLC grew its holdings in Independence Realty Trust by 164.5% during the fourth quarter. Centersquare Investment Management LLC now owns 2,205,569 shares of the real estate investment trust’s stock valued at $33,745,000 after purchasing an additional 1,371,851 shares during the period. Finally, Jennison Associates LLC raised its holdings in Independence Realty Trust by 29.5% during the fourth quarter. Jennison Associates LLC now owns 4,129,313 shares of the real estate investment trust’s stock valued at $63,178,000 after acquiring an additional 941,676 shares during the period. 88.25% of the stock is currently owned by institutional investors.

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.