Independence Realty Trust, Inc. (NYSE:IRT) Receives Consensus Rating of “Hold” from Brokerages

Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) has been given an average rating of “Hold” by the eleven ratings firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $20.81.

IRT has been the topic of a number of analyst reports. KeyCorp decreased their target price on shares of Independence Realty Trust from $25.00 to $20.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 7th. JMP Securities assumed coverage on Independence Realty Trust in a report on Monday, January 30th. They issued a “market perform” rating on the stock. BTIG Research lowered their price target on Independence Realty Trust from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 11th. Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating and reduced their price target for the company from $22.00 to $19.00 in a research report on Wednesday, January 4th. Finally, Barclays increased their price objective on shares of Independence Realty Trust from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 1st.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $17.93 on Monday. The stock has a market capitalization of $4.02 billion, a P/E ratio of 33.83, a P/E/G ratio of 7.83 and a beta of 1.00. Independence Realty Trust has a 12-month low of $15.04 and a 12-month high of $28.42. The firm’s 50-day moving average is $18.05 and its two-hundred day moving average is $17.81.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 20th. Shareholders of record on Friday, December 30th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Thursday, December 29th. Independence Realty Trust’s dividend payout ratio (DPR) is presently 105.66%.

Insider Buying and Selling

In other news, CEO Scott Schaeffer sold 155,830 shares of the stock in a transaction that occurred on Tuesday, December 6th. The stock was sold at an average price of $17.24, for a total value of $2,686,509.20. Following the completion of the sale, the chief executive officer now directly owns 583,865 shares of the company’s stock, valued at $10,065,832.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Independence Realty Trust

A number of institutional investors have recently modified their holdings of IRT. Oregon Public Employees Retirement Fund boosted its holdings in shares of Independence Realty Trust by 4.9% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 64,627 shares of the real estate investment trust’s stock valued at $1,081,000 after buying an additional 3,027 shares during the last quarter. Strategic Wealth Advisors Group LLC bought a new stake in Independence Realty Trust in the 3rd quarter valued at about $306,000. New York State Common Retirement Fund grew its position in shares of Independence Realty Trust by 3.2% during the 3rd quarter. New York State Common Retirement Fund now owns 184,644 shares of the real estate investment trust’s stock worth $3,089,000 after purchasing an additional 5,642 shares in the last quarter. Jennison Associates LLC raised its position in shares of Independence Realty Trust by 4.1% in the third quarter. Jennison Associates LLC now owns 3,445,975 shares of the real estate investment trust’s stock valued at $57,651,000 after buying an additional 137,043 shares in the last quarter. Finally, Moors & Cabot Inc. lifted its holdings in shares of Independence Realty Trust by 78.4% during the 3rd quarter. Moors & Cabot Inc. now owns 21,139 shares of the real estate investment trust’s stock worth $354,000 after acquiring an additional 9,288 shares during the period. 81.01% of the stock is owned by institutional investors.

About Independence Realty Trust

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Independence Realty Trust, Inc is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It aims to provide stockholders risk-adjusted returns through diligent portfolio management, operational performance and consistent return of capital through distributions and capital appreciation.