Independence Realty Trust (NYSE:IRT) Rating Increased to Market Perform at BMO Capital Markets

BMO Capital Markets upgraded shares of Independence Realty Trust (NYSE:IRT) from an underperform rating to a market perform rating in a report published on Friday, Marketbeat.com reports. BMO Capital Markets currently has $21.00 target price on the real estate investment trust’s stock, up from their previous target price of $19.00.

Several other research firms have also recently weighed in on IRT. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. BTIG Research upped their price target on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 12th. KeyCorp lifted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, JMP Securities increased their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Monday, September 9th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.43.

Independence Realty Trust Trading Up 0.7 %

Shares of IRT traded up $0.14 during midday trading on Friday, hitting $20.99. The stock had a trading volume of 1,531,393 shares, compared to its average volume of 2,273,162. Independence Realty Trust has a fifty-two week low of $12.99 and a fifty-two week high of $21.23. The business has a 50-day simple moving average of $20.14 and a two-hundred day simple moving average of $18.97. The firm has a market cap of $4.72 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were paid a $0.16 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.05%.

Hedge Funds Weigh In On Independence Realty Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRT. Vanguard Group Inc. increased its stake in shares of Independence Realty Trust by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock worth $528,165,000 after purchasing an additional 343,334 shares during the last quarter. Wellington Management Group LLP raised its holdings in Independence Realty Trust by 24.4% during the third quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust’s stock valued at $232,900,000 after buying an additional 2,225,371 shares in the last quarter. Long Pond Capital LP lifted its position in shares of Independence Realty Trust by 204.7% in 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 last quarter. Jennison Associates LLC increased its holdings in shares of Independence Realty Trust by 1.4% during the 3rd quarter. Jennison Associates LLC now owns 5,860,693 shares of the real estate investment trust’s stock valued at $120,144,000 after acquiring an additional 83,030 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Independence Realty Trust by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust’s stock valued at $120,108,000 after acquiring an additional 50,788 shares in the last quarter. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Company Profile

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.