Independence Realty Trust (NYSE:IRT) Upgraded 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 research report released on Friday, Marketbeat.com reports. They currently have $21.00 target price on the real estate investment trust’s stock, up from their previous target price of $19.00.

Several other brokerages have also weighed in on IRT. BTIG Research boosted their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 12th. KeyCorp raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. JMP Securities boosted their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Monday, September 9th. Finally, Deutsche Bank Aktiengesellschaft raised their price target 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. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT traded up $0.14 during trading on Friday, hitting $20.99. The company’s 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 stock’s 50-day moving average price is $20.14 and its two-hundred day moving average price is $18.97. The company has a market capitalization of $4.72 billion, a PE ratio of 18.34, a PEG ratio of 2.99 and a beta of 1.17.

Independence Realty Trust Dividend Announcement

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

Hedge Funds Weigh In On Independence Realty Trust

Hedge funds have recently modified their holdings of the company. Bayesian Capital Management LP bought a new position in Independence Realty Trust during the first quarter valued at about $499,000. Vanguard Group Inc. grew its stake in shares of Independence Realty Trust by 1.1% in 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. Boston Partners bought a new stake in shares of Independence Realty Trust in the 1st quarter worth approximately $892,000. Russell Investments Group Ltd. lifted its stake in Independence Realty Trust by 35.9% during the first quarter. Russell Investments Group Ltd. now owns 205,491 shares of the real estate investment trust’s stock valued at $3,315,000 after purchasing an additional 54,279 shares during the last quarter. Finally, Rockport Wealth LLC bought a new stake in Independence Realty Trust during the first quarter worth approximately $501,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

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.