Independence Realty Trust (NYSE:IRT) Price Target Raised to $22.00

Independence Realty Trust (NYSE:IRT) had its target price boosted by equities research analysts at KeyCorp from $20.00 to $22.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. KeyCorp’s target price suggests a potential upside of 11.45% from the stock’s current price.

IRT has been the subject of several other reports. BTIG Research upped their target price on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. JMP Securities increased their price objective on Independence Realty Trust from $17.00 to $20.00 and gave the company a “market outperform” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Independence Realty Trust has a consensus rating of “Moderate Buy” and an average price target of $18.71.

Independence Realty Trust Stock Performance

IRT traded down $0.32 on Friday, reaching $19.74. The company had a trading volume of 368,220 shares, compared to its average volume of 2,301,910. Independence Realty Trust has a 52-week low of $11.61 and a 52-week high of $20.86. The company has a market cap of $4.44 billion, a price-to-earnings ratio of -657.67, a P/E/G ratio of 3.05 and a beta of 1.14. The business has a 50 day simple moving average of $19.36 and a 200 day simple moving average of $17.39.

Institutional Trading of Independence Realty Trust

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new stake in Independence Realty Trust during the 4th quarter valued at $2,230,000. Van ECK Associates Corp boosted its holdings in shares of Independence Realty Trust by 19.7% during the fourth quarter. Van ECK Associates Corp now owns 31,627 shares of the real estate investment trust’s stock worth $484,000 after purchasing an additional 5,200 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Independence Realty Trust by 26.2% during the fourth quarter. Victory Capital Management Inc. now owns 151,112 shares of the real estate investment trust’s stock worth $2,312,000 after purchasing an additional 31,339 shares during the period. New York Life Investment Management LLC bought a new stake in shares of Independence Realty Trust in the fourth quarter worth about $506,000. Finally, M&T Bank Corp increased its holdings in Independence Realty Trust by 5.8% during the 4th quarter. M&T Bank Corp now owns 22,941 shares of the real estate investment trust’s stock valued at $351,000 after purchasing an additional 1,261 shares during the period. Hedge funds and other 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.