Independence Realty Trust (NYSE:IRT) Sets New 52-Week High – Time to Buy?

Independence Realty Trust, Inc. (NYSE:IRT) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $21.23 and last traded at $21.04, with a volume of 349516 shares. The stock had previously closed at $20.90.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on IRT. BTIG Research upped their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 12th. JMP Securities upped their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Monday, September 9th. Deutsche Bank Aktiengesellschaft upped their price objective on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, KeyCorp boosted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. Based on data from MarketBeat, Independence Realty Trust currently has an average rating of “Moderate Buy” and a consensus price target of $19.57.

Independence Realty Trust Stock Performance

The business has a 50 day moving average price of $20.08 and a two-hundred day moving average price of $18.87. The company has a market cap of $4.64 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 3.02 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend was Monday, September 30th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Long Pond Capital LP raised its position in shares of Independence Realty Trust by 204.7% in the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock worth $167,986,000 after acquiring an additional 6,996,365 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Independence Realty Trust by 236.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,027,943 shares of the real estate investment trust’s stock worth $82,573,000 after acquiring an additional 2,829,247 shares in the last quarter. B&I Capital AG bought a new position in shares of Independence Realty Trust in the 2nd quarter worth approximately $10,900,000. Easterly Investment Partners LLC bought a new position in shares of Independence Realty Trust in the 3rd quarter worth approximately $11,132,000. Finally, Makena Capital Management LLC bought a new position in shares of Independence Realty Trust in the 2nd quarter worth approximately $10,039,000. Institutional investors own 88.25% of the company’s stock.

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.