Independence Realty Trust, Inc. (NYSE:IRT) Receives $20.19 Average PT from Brokerages

Shares of Independence Realty Trust, Inc. (NYSE:IRT) have been assigned an average recommendation of “Moderate Buy” from the eleven brokerages that are covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $19.6429.

Several brokerages have recently weighed in on IRT. Weiss Ratings raised Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, July 6th. Wall Street Zen cut shares of Independence Realty Trust from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Jefferies Financial Group raised shares of Independence Realty Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. Wells Fargo & Company upped their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 1st. Finally, UBS Group decreased their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, May 14th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IRT. Danske Bank A S purchased a new stake in Independence Realty Trust during the 3rd quarter worth approximately $26,000. SHP Wealth Management acquired a new stake in shares of Independence Realty Trust in the fourth quarter worth approximately $30,000. Farther Finance Advisors LLC increased its position in shares of Independence Realty Trust by 70.3% during the fourth quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 747 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Independence Realty Trust by 97.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,875 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 1,422 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its stake in Independence Realty Trust by 84.4% in the 1st quarter. Sunbelt Securities Inc. now owns 3,550 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 1,625 shares during the last quarter. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Trading Up 0.8%

Shares of IRT opened at $16.76 on Tuesday. Independence Realty Trust has a 12 month low of $14.60 and a 12 month high of $18.18. The stock’s 50 day moving average is $16.61 and its two-hundred day moving average is $16.33. The firm has a market cap of $3.95 billion, a P/E ratio of 83.80 and a beta of 0.94.

Independence Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a dividend of $0.18 per share. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.17. The ex-dividend date was Friday, June 26th. This represents a $0.72 annualized dividend and a dividend yield of 4.3%. Independence Realty Trust’s payout ratio is currently 360.00%.

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.