JMP Securities Boosts Independence Realty Trust (NYSE:IRT) Price Target to $20.00

Independence Realty Trust (NYSE:IRT) had its target price raised by JMP Securities from $17.00 to $20.00 in a report published on Friday morning, Benzinga reports. JMP Securities currently has a market outperform rating on the real estate investment trust’s stock.

Independence Realty Trust Stock Performance

NYSE:IRT traded up $0.73 during mid-day trading on Friday, reaching $19.76. The stock had a trading volume of 950,837 shares, compared to its average volume of 2,380,315. Independence Realty Trust has a twelve month low of $11.61 and a twelve month high of $19.83. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of -653.78, a PEG ratio of 2.81 and a beta of 1.14. The business has a 50 day simple moving average of $18.24 and a 200 day simple moving average of $16.62.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, June 28th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.24%. Independence Realty Trust’s payout ratio is -2,132.62%.

Hedge Funds Weigh In On Independence Realty Trust

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Independence Realty Trust by 1.1% in the first quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock valued at $528,165,000 after buying an additional 343,334 shares in the last quarter. Long Pond Capital LP grew its stake in Independence Realty Trust by 204.7% in the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock valued at $167,986,000 after acquiring an additional 6,996,365 shares during the last quarter. Jennison Associates LLC increased its holdings in Independence Realty Trust by 7.3% during the 1st quarter. Jennison Associates LLC now owns 4,429,594 shares of the real estate investment trust’s stock valued at $71,449,000 after acquiring an additional 300,281 shares in the last quarter. Norges Bank acquired a new position in Independence Realty Trust during the fourth quarter worth about $52,048,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Independence Realty Trust by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,212,828 shares of the real estate investment trust’s stock valued at $49,158,000 after purchasing an additional 19,060 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

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.