Brokerages Set Independence Realty Trust, Inc. (NYSE:IRT) PT at $21.50

Independence Realty Trust, Inc. (NYSE:IRT) has received an average recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $21.33.

Several equities research analysts have issued reports on the company. JMP Securities restated a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th. Barclays lowered their price target on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 19th. Finally, BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $19.00 to $21.00 in a report on Friday, November 15th.

Independence Realty Trust Stock Up 1.1 %

IRT stock opened at $20.62 on Tuesday. Independence Realty Trust has a 52-week low of $14.35 and a 52-week high of $22.26. The stock’s 50 day moving average is $19.66 and its two-hundred day moving average is $20.15. The company has a market capitalization of $4.76 billion, a PE ratio of 114.56, a P/E/G ratio of 2.91 and a beta of 1.21.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. As a group, sell-side analysts anticipate that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Tuesday, December 31st were paid a dividend of $0.16 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.64 dividend on an annualized basis and a yield of 3.10%. Independence Realty Trust’s payout ratio is currently 355.56%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC grew its stake in Independence Realty Trust by 66.0% during the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 521 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Independence Realty Trust during the 3rd quarter worth $28,000. Assetmark Inc. bought a new position in Independence Realty Trust during the 3rd quarter worth $41,000. Blue Trust Inc. grew its stake in Independence Realty Trust by 295.9% during the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 1,527 shares during the last quarter. Finally, SRS Capital Advisors Inc. grew its stake in Independence Realty Trust by 627.5% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 2,008 shares during the last quarter. 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.