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

Independence Realty Trust (NYSE:IRT – Get Rating) had its price target lowered by stock analysts at BTIG Research from $27.00 to $21.00 in a report released on Wednesday, The Fly reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. BTIG Research’s target price suggests a potential upside of 17.91% from the company’s previous close.

IRT has been the subject of a number of other reports. KeyCorp cut their target price on Independence Realty Trust from $25.00 to $20.00 and set an “overweight” rating for the company in a research note on Wednesday, December 7th. Jefferies Financial Group downgraded Independence Realty Trust from a “buy” rating to a “hold” rating and cut their target price for the stock from $20.00 to $17.00 in a research note on Monday, January 2nd. StockNews.com raised Independence Realty Trust to a “sell” rating in a research note on Monday, October 31st. Royal Bank of Canada dropped their price objective on Independence Realty Trust from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Friday, October 28th. Finally, Deutsche Bank Aktiengesellschaft downgraded Independence Realty Trust from a “buy” rating to a “hold” rating and dropped their price objective for the company from $22.00 to $19.00 in a research note on Wednesday, January 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $20.64.

Independence Realty Trust Trading Up 2.0 %

Independence Realty Trust stock opened at $17.81 on Wednesday. Independence Realty Trust has a twelve month low of $15.04 and a twelve month high of $28.42. The stock has a 50 day moving average of $17.29 and a two-hundred day moving average of $18.55. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of 29.20, a PEG ratio of 7.25 and a beta of 0.95.

Insider Transactions at Independence Realty Trust

In other news, CEO Scott Schaeffer sold 155,830 shares of the firm’s stock in a transaction on Tuesday, December 6th. The stock was sold at an average price of $17.24, for a total transaction of $2,686,509.20. Following the sale, the chief executive officer now owns 583,865 shares in the company, valued at $10,065,832.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Independence Realty Trust

Hedge funds have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. boosted its holdings in Independence Realty Trust by 58.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 59,048 shares of the real estate investment trust’s stock valued at $1,561,000 after acquiring an additional 21,858 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Independence Realty Trust by 174.1% in the first quarter. PNC Financial Services Group Inc. now owns 19,091 shares of the real estate investment trust’s stock valued at $504,000 after acquiring an additional 12,126 shares during the last quarter. Bank of Montreal Can boosted its holdings in Independence Realty Trust by 104.2% in the first quarter. Bank of Montreal Can now owns 190,015 shares of the real estate investment trust’s stock valued at $5,102,000 after acquiring an additional 96,945 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Independence Realty Trust by 219.8% in the first quarter. MetLife Investment Management LLC now owns 116,831 shares of the real estate investment trust’s stock valued at $3,089,000 after acquiring an additional 80,293 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in Independence Realty Trust by 105.9% in the first quarter. Rhumbline Advisers now owns 621,639 shares of the real estate investment trust’s stock valued at $16,436,000 after acquiring an additional 319,772 shares during the last quarter. Institutional investors and hedge funds own 81.01% of the company’s stock.

Independence Realty Trust Company Profile

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Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.