Independence Realty Trust, Inc. (NYSE:IRT) Receives $21.50 Consensus Target Price from Analysts

Independence Realty Trust, Inc. (NYSE:IRT) has been given a consensus recommendation of “Moderate Buy” by the six research firms that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $21.33.

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

Independence Realty Trust Stock Performance

Shares of IRT stock opened at $20.44 on Tuesday. Independence Realty Trust has a 52-week low of $14.35 and a 52-week high of $22.26. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of 113.56, a P/E/G ratio of 2.91 and a beta of 1.21. The firm has a fifty day moving average of $19.68 and a 200-day moving average of $20.14.

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

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date was Tuesday, December 31st. Independence Realty Trust’s dividend payout ratio is currently 355.56%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Hilton Capital Management LLC bought a new position in shares of Independence Realty Trust in the 3rd quarter valued at about $7,573,000. SMART Wealth LLC bought a new position in shares of Independence Realty Trust in the 3rd quarter valued at about $873,000. Barclays PLC boosted its stake in shares of Independence Realty Trust by 182.3% in the 3rd quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust’s stock valued at $8,208,000 after purchasing an additional 258,549 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Independence Realty Trust by 12.3% in the 3rd quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust’s stock valued at $4,981,000 after purchasing an additional 28,059 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Independence Realty Trust by 38.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock valued at $51,150,000 after purchasing an additional 686,630 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

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.