Independence Realty Trust (NYSE:IRT) Shares Gap Down to $16.08

Independence Realty Trust, Inc. (NYSE:IRT – Get Rating)’s share price gapped down prior to trading on Friday . The stock had previously closed at $16.08, but opened at $15.56. Independence Realty Trust shares last traded at $15.88, with a volume of 538,428 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. TheStreet upgraded Independence Realty Trust from a “c+” rating to a “b-” rating in a research report on Wednesday, February 15th. Citigroup lifted their price objective on Independence Realty Trust from $18.50 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, February 23rd. KeyCorp lowered their price objective on Independence Realty Trust from $25.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, December 7th. Jefferies Financial Group lowered Independence Realty Trust from a “buy” rating to a “hold” rating and decreased their target price for the stock from $20.00 to $17.00 in a research report on Monday, January 2nd. Finally, JMP Securities started coverage on Independence Realty Trust in a research report on Monday, January 30th. They set a “market perform” rating for the company. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $20.81.

Independence Realty Trust Stock Performance

The company has a 50-day moving average of $18.04 and a 200-day moving average of $17.57. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of 29.23, a price-to-earnings-growth ratio of 7.14 and a beta of 1.00.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 21st. Investors of record on Friday, March 31st will be given a $0.14 dividend. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $0.56 annualized dividend and a dividend yield of 3.62%. Independence Realty Trust’s dividend payout ratio is presently 105.66%.

Hedge Funds Weigh In On Independence Realty Trust

Several institutional investors and hedge funds have recently modified their holdings of IRT. Raymond James Financial Services Advisors Inc. grew its position in shares of Independence Realty Trust by 58.8% in the 1st 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 purchasing an additional 21,858 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Independence Realty Trust by 174.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 19,091 shares of the real estate investment trust’s stock valued at $504,000 after purchasing an additional 12,126 shares during the period. Bank of Montreal Can lifted its stake in Independence Realty Trust by 104.2% in the 1st 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 in the last quarter. MetLife Investment Management LLC lifted its stake in Independence Realty Trust by 219.8% in the 1st 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 in the last quarter. Finally, Rhumbline Advisers lifted its stake in Independence Realty Trust by 105.9% in the 1st 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 in the last quarter. 81.01% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Company Profile

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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.