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

Independence Realty Trust, Inc. (NYSE:IRT) has earned an average rating of “Moderate Buy” from the five ratings firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $17.00.

IRT has been the topic of several research reports. Royal Bank of Canada boosted their price objective on shares of Independence Realty Trust from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. JMP Securities raised their price objective on Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Wednesday, March 6th. Deutsche Bank Aktiengesellschaft began coverage on Independence Realty Trust in a research report on Tuesday, January 30th. They set a “buy” rating and a $18.00 price objective on the stock. TheStreet lowered Independence Realty Trust from a “c” rating to a “d+” rating in a research note on Friday, March 1st. Finally, Barclays decreased their price target on shares of Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 20th.

Independence Realty Trust Price Performance

NYSE:IRT opened at $16.58 on Friday. Independence Realty Trust has a one year low of $11.61 and a one year high of $18.77. The company has a fifty day moving average price of $15.82 and a 200 day moving average price of $14.92. The stock has a market cap of $3.73 billion, a P/E ratio of -552.48, a PEG ratio of 2.39 and a beta of 1.07.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, March 29th were given a dividend of $0.16 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.64 annualized dividend and a dividend yield of 3.86%. Independence Realty Trust’s dividend payout ratio (DPR) is presently -2,132.62%.

Institutional Trading of Independence Realty Trust

A number of large investors have recently bought and sold shares of the stock. Peregrine Capital Management LLC acquired a new stake in shares of Independence Realty Trust in the 4th quarter valued at $7,728,000. Aurora Investment Managers LLC. grew its stake in 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 buying an additional 12,876 shares during the last quarter. Kestra Private Wealth Services LLC bought a new stake in Independence Realty Trust during the fourth quarter worth about $994,000. Jennison Associates LLC increased its holdings 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 buying an additional 75,700 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Independence Realty Trust by 27.7% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 170,844 shares of the real estate investment trust’s stock valued at $2,404,000 after acquiring an additional 37,034 shares during the last quarter. 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.