Independence Realty Trust (NYSE:IRT) Shares Gap Down to $20.68

Independence Realty Trust, Inc. (NYSE:IRT)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $20.68, but opened at $19.98. Independence Realty Trust shares last traded at $20.20, with a volume of 1,563,585 shares trading hands.

Analyst Upgrades and Downgrades

IRT has been the topic of several recent analyst reports. JMP Securities lifted their price objective on shares of Independence Realty Trust from $17.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Friday, August 2nd. BTIG Research lifted their price target on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $18.17.

Independence Realty Trust Price Performance

The stock has a market cap of $4.52 billion, a P/E ratio of -668.67, a price-to-earnings-growth ratio of 3.05 and a beta of 1.14. The stock’s 50 day simple moving average is $19.36 and its two-hundred day simple moving average is $17.39.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, June 28th were given a $0.16 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.64 annualized dividend and a yield of 3.19%. Independence Realty Trust’s dividend payout ratio is currently -2,133.33%.

Hedge Funds Weigh In On Independence Realty Trust

A number of large investors have recently added to or reduced their stakes in the company. Long Pond Capital LP boosted its position in shares of Independence Realty Trust by 204.7% during the first quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock worth $167,986,000 after buying an additional 6,996,365 shares during the period. Norges Bank acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $52,048,000. Centersquare Investment Management LLC boosted its position in Independence Realty Trust by 164.5% during the 4th quarter. Centersquare Investment Management LLC now owns 2,205,569 shares of the real estate investment trust’s stock worth $33,745,000 after acquiring an additional 1,371,851 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in shares of Independence Realty Trust during the 2nd quarter worth approximately $22,464,000. Finally, B&I Capital AG acquired a new stake in shares of Independence Realty Trust in the second quarter valued at approximately $10,900,000. Institutional investors own 88.25% of the company’s stock.

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.