Independence Realty Trust (NYSE:IRT) Shares Up 2.8% – Here’s What Happened

Shares of Independence Realty Trust, Inc. (NYSE:IRT) were up 2.8% during trading on Monday . The company traded as high as $21.41 and last traded at $21.44. Approximately 382,960 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 2,112,704 shares. The stock had previously closed at $20.86.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Independence Realty Trust in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 price objective for the company. Jefferies Financial Group upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. JMP Securities reiterated a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Finally, Barclays decreased their price objective on shares of 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. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Independence Realty Trust has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Independence Realty Trust Trading Up 0.7 %

The stock’s 50-day moving average price is $20.44 and its 200-day moving average price is $20.33. The company has a market capitalization of $4.94 billion, a P/E ratio of 118.80, a P/E/G ratio of 2.91 and a beta of 1.19.

Independence Realty Trust (NYSE:IRT) last released 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 return on equity of 1.11% and a net margin of 6.15%. Sell-side analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 annualized dividend and a dividend yield of 2.99%. Independence Realty Trust’s dividend payout ratio is currently 355.56%.

Institutional Trading of Independence Realty Trust

A number of large investors have recently modified their holdings of IRT. Global Retirement Partners LLC increased its position in Independence Realty Trust by 66.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 521 shares during the period. SRS Capital Advisors Inc. increased its holdings in shares of Independence Realty Trust by 627.5% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 2,008 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Independence Realty Trust by 67.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 1,000 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Independence Realty Trust by 33.9% during the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 692 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in Independence Realty Trust in the third quarter worth about $64,000. Institutional investors and hedge funds 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.