Independence Realty Trust, Inc. (NYSE:IRT) Receives $22.70 Consensus Target Price from Brokerages

Shares of Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the ten ratings firms that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $22.70.

A number of research firms recently commented on IRT. Barclays boosted their price target on Independence Realty Trust from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Compass Point reissued a "neutral" rating and issued a $22.00 target price on shares of Independence Realty Trust in a report on Tuesday, May 13th. Jefferies Financial Group upgraded shares of Independence Realty Trust from a "hold" rating to a "buy" rating and upped their target price for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. JMP Securities reiterated a "market outperform" rating and issued a $25.00 price target on shares of Independence Realty Trust in a report on Monday, May 5th. Finally, UBS Group began coverage on shares of Independence Realty Trust in a research note on Monday, April 7th. They issued a "buy" rating and a $24.00 price target on the stock.

Independence Realty Trust Trading Up 0.9%

Shares of IRT traded up $0.17 during trading hours on Thursday, reaching $18.61. 2,048,390 shares of the stock traded hands, compared to its average volume of 2,088,191. Independence Realty Trust has a 52-week low of $16.25 and a 52-week high of $22.26. The company's 50-day moving average price is $19.25 and its two-hundred day moving average price is $20.01. The company has a market cap of $4.35 billion, a P/E ratio of 103.39, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. The business had revenue of $160.91 million for the quarter, compared to the consensus estimate of $164.08 million. During the same period in the prior year, the business earned $0.27 earnings per share. Independence Realty Trust's revenue was up .4% compared to the same quarter last year. On average, research analysts forecast that Independence Realty Trust will post 1.19 EPS for the current year.

Independence Realty Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Friday, June 27th will be paid a $0.17 dividend. This is a boost from Independence Realty Trust's previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Friday, June 27th. Independence Realty Trust's dividend payout ratio (DPR) is presently 485.71%.

Insider Transactions at Independence Realty Trust

In related news, CEO Scott Schaeffer sold 10,000 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total value of $212,100.00. Following the completion of the transaction, the chief executive officer now owns 873,365 shares of the company's stock, valued at approximately $18,524,071.65. This trade represents a 1.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 11,000 shares of company stock worth $232,245 in the last three months. Insiders own 0.58% of the company's stock.

Institutional Investors Weigh In On Independence Realty Trust

Several large investors have recently added to or reduced their stakes in IRT. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Independence Realty Trust by 2.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust's stock worth $442,000 after purchasing an additional 488 shares during the period. Global Retirement Partners LLC lifted its position in Independence Realty Trust by 66.0% in the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust's stock worth $26,000 after buying an additional 521 shares during the last quarter. Amundi boosted its stake in Independence Realty Trust by 0.5% during the fourth quarter. Amundi now owns 122,544 shares of the real estate investment trust's stock worth $2,304,000 after buying an additional 597 shares during the period. State of Alaska Department of Revenue increased its position in Independence Realty Trust by 0.5% during the fourth quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust's stock valued at $2,654,000 after acquiring an additional 643 shares during the last quarter. Finally, Xponance Inc. raised its stake in shares of Independence Realty Trust by 2.1% in the first quarter. Xponance Inc. now owns 32,632 shares of the real estate investment trust's stock valued at $693,000 after acquiring an additional 678 shares during the period. 88.25% of the stock is owned by institutional investors.

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.