Independence Realty Trust, Inc. (NYSE:IRT) Receives Consensus ‘Moderate Buy’ Rating from Analysts
Shares of Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) received a consensus rating of “moderate buy” from the twelve rating agencies that currently cover the company, MarketBeat.com reports. One analyst gave the stock a sell rating, one gave the company a hold rating and seven gave the company a buy rating. The 12-month average target price among brokerages that have covered the stock over the past year is $26.72.
Several research analysts commented on the title. StockNews.com upgraded shares of Independence Realty Trust to a “sell” rating in a Tuesday, Aug. 9 research report. Compass Point set a target price of $24.50 on Independence Realty Trust in a Monday, June 20 research report. Jefferies Financial Group lowered its price target on Independence Realty Trust from $27.00 to $24.00 and set a “buy” rating on the stock in a Thursday, June 30 report. Finally, KeyCorp cut its price target on Independence Realty Trust shares from $29.00 to $25.00 and set an “overweight” rating for the company in a Tuesday, June 28 report.
Independence Realty Trust Stock Performance
IRT stock opened at $16.33 on Friday. Independence Realty Trust has a 1 year minimum of $15.97 and a 1 year maximum of $28.42. The stock’s fifty-day moving average is $19.69 and its two-hundred-day moving average is $22.23. The stock has a market capitalization of $3.63 billion, a price/earnings ratio of 25.12, a PEG ratio of 7.83 and a beta of 0.97.
Independence Realty Trust Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 21. Shareholders of record on Friday, September 30 will receive a dividend of $0.14 per share. This represents a dividend of $0.56 on an annualized basis and a dividend yield of 3.43%. The ex-dividend date is Thursday, September 29. Independence Realty Trust’s dividend payout ratio (DPR) is currently 86.15%.
Hedge funds weigh on Independence Realty Trust
A number of hedge funds have recently changed their IRT holdings. Rockefeller Capital Management LP bought a new position in Independence Realty Trust in the fourth quarter worth about $114,000. LPL Financial LLC increased its stake in shares of Independence Realty Trust by 1,646.0% in the 4th quarter. LPL Financial LLC now owns 193,661 shares of the real estate investment trust valued at $5,002,000 after purchasing an additional 182,569 shares last quarter. Credit Suisse AG increased its stake in Independence Realty Trust by 50.6% in the fourth quarter. Credit Suisse AG now owns 233,874 shares of the real estate investment trust worth $6,041,000 after buying an additional 78,579 shares in the last quarter. Point72 Asset Management LP bought a new position in Independence Realty Trust during the fourth quarter, valued at approximately $447,000. Finally, DE Shaw & Co. Inc. acquired a new stake in Independence Realty Trust in the fourth quarter valued at approximately $9,911,000. 83.09% of the shares are held by institutional investors and hedge funds.
About Independence Realty Trust
(Get a rating)
Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment buildings in non-gateway U.S. markets, including Atlanta, Louisville, Memphis and Raleigh. IRT’s investment strategy is focused on growth within key amenity-rich submarkets that offer good school districts, high-quality retail and large employment centers.
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