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

Independence Realty Trust (NYSE:IRT) had its price objective increased by BTIG Research from $18.00 to $21.00 in a research report released on Monday, Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Separately, JMP Securities upped their price target on shares of Independence Realty Trust from $17.00 to $20.00 and gave the company a market outperform rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat, Independence Realty Trust currently has a consensus rating of Hold and a consensus price target of $18.17.

Independence Realty Trust Stock Up 0.1 %

NYSE IRT traded up $0.02 on Monday, hitting $19.55. The company’s stock had a trading volume of 133,122 shares, compared to its average volume of 2,352,166. Independence Realty Trust has a 1-year low of $11.61 and a 1-year high of $20.08. The company’s 50-day moving average is $18.56 and its 200 day moving average is $16.77. The firm has a market cap of $4.40 billion, a PE ratio of -651.00, a PEG ratio of 2.81 and a beta of 1.14.

Independence Realty Trust Announces Dividend

The company also recently disclosed 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. This represents a $0.64 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend was Friday, June 28th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -2,133.33%.

Institutional Investors Weigh In On Independence Realty Trust

Several large investors have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC bought a new position in Independence Realty Trust during the second quarter worth $25,000. Pathway Financial Advisers LLC bought a new position in Independence Realty Trust during the first quarter worth $31,000. Lazard Asset Management LLC bought a new position in Independence Realty Trust during the first quarter worth $40,000. Advisors Asset Management Inc. boosted its stake in Independence Realty Trust by 146.6% during the first quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 1,684 shares in the last quarter. Finally, EdgeRock Capital LLC bought a new position in Independence Realty Trust during the fourth quarter worth $60,000. 88.25% of the stock is currently 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.