BTIG Research Raises Independence Realty Trust (NYSE:IRT) Price Target to $21.00

Independence Realty Trust (NYSE:IRT) had its price objective hoisted by stock analysts at BTIG Research from $18.00 to $21.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. BTIG Research’s price target would indicate a potential upside of 7.09% from the stock’s current price.

Separately, JMP Securities lifted their price target on Independence Realty Trust from $17.00 to $20.00 and gave the stock a “market outperform” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $18.17.

Independence Realty Trust Price Performance

Shares of IRT traded down $0.06 during midday trading on Monday, reaching $19.61. 662,494 shares of the stock were exchanged, compared to its average volume of 2,359,706. Independence Realty Trust has a twelve month low of $11.61 and a twelve month high of $20.08. The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of -653.67, a PEG ratio of 2.81 and a beta of 1.14. The business’s 50-day moving average price is $18.51 and its 200 day moving average price is $16.74.

Institutional Trading of Independence Realty Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Long Pond Capital LP increased its holdings in shares of Independence Realty Trust by 204.7% in the first quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock valued at $167,986,000 after purchasing an additional 6,996,365 shares during the period. Norges Bank purchased a new position in Independence Realty Trust in the 4th quarter valued at $52,048,000. Waterfront Capital Partners LLC increased its stake in Independence Realty Trust by 895.1% in the 4th quarter. Waterfront Capital Partners LLC now owns 1,988,154 shares of the real estate investment trust’s stock valued at $30,419,000 after buying an additional 1,788,354 shares during the period. Centersquare Investment Management LLC raised its position in Independence Realty Trust by 164.5% during the 4th quarter. Centersquare Investment Management LLC now owns 2,205,569 shares of the real estate investment trust’s stock worth $33,745,000 after buying an additional 1,371,851 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of Independence Realty Trust in the 2nd quarter worth $22,464,000. 88.25% of the stock is owned by hedge funds and other 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.