Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.35 Consensus Target Price from Analysts

Independence Realty Trust, Inc. (NYSE:IRT) has earned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $21.35.

A number of equities research analysts have commented on IRT shares. Barclays increased 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 Tuesday, November 25th. Citigroup reissued an “outperform” rating on shares of Independence Realty Trust in a research note on Friday, January 9th. Wall Street Zen cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a report on Monday, December 29th. Finally, Zacks Research cut Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd.

Hedge Funds Weigh In On Independence Realty Trust

Several large investors have recently bought and sold shares of the business. Northwestern Mutual Investment Management Company LLC raised its position in shares of Independence Realty Trust by 2.7% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 53,412 shares of the real estate investment trust’s stock valued at $934,000 after acquiring an additional 1,382 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Independence Realty Trust by 4,565.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 537,403 shares of the real estate investment trust’s stock valued at $9,394,000 after purchasing an additional 525,884 shares during the period. World Investment Advisors bought a new stake in Independence Realty Trust in the fourth quarter valued at approximately $732,000. International Assets Investment Management LLC acquired a new stake in Independence Realty Trust in the fourth quarter worth $142,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Independence Realty Trust by 7.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 188,864 shares of the real estate investment trust’s stock worth $3,324,000 after purchasing an additional 13,880 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Stock Performance

Independence Realty Trust stock opened at $16.40 on Tuesday. The business’s fifty day moving average is $17.03 and its two-hundred day moving average is $16.92. The firm has a market cap of $3.92 billion, a P/E ratio of 163.98, a P/E/G ratio of 2.01 and a beta of 1.00. Independence Realty Trust has a 52 week low of $15.06 and a 52 week high of $21.86.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Independence Realty Trust’s dividend payout ratio (DPR) is 680.00%.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.