Independence Realty Trust, Inc. (NYSE:IRT) Given Consensus Recommendation of "Moderate Buy" by Analysts

Shares of Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the ten analysts that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $22.40.

Several equities research analysts have weighed in on IRT shares. Barclays increased their price target on shares of Independence Realty Trust from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Compass Point reissued a "neutral" rating and set a $22.00 price target on shares of Independence Realty Trust in a research report on Tuesday, May 13th. JMP Securities reissued a "market outperform" rating and set a $25.00 price target on shares of Independence Realty Trust in a research report on Monday, May 5th. Finally, UBS Group dropped their price target on shares of Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating for the company in a research report on Tuesday.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock opened at $17.29 on Friday. Independence Realty Trust has a 52-week low of $17.05 and a 52-week high of $22.26. The stock has a market capitalization of $4.04 billion, a price-to-earnings ratio of 123.48, a price-to-earnings-growth ratio of 2.45 and a beta of 0.93. The company has a fifty day moving average of $18.13 and a 200-day moving average of $19.24.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). Independence Realty Trust had a net margin of 4.70% and a return on equity of 0.85%. The business had revenue of $160.91 million during the quarter, compared to analysts' expectations of $164.08 million. During the same period last year, the company posted $0.27 EPS. Independence Realty Trust's revenue for the quarter was up .4% on a year-over-year basis. On average, equities research analysts forecast that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Friday, June 27th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.93%. This is a boost from Independence Realty Trust's previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, June 27th. Independence Realty Trust's dividend payout ratio (DPR) is currently 485.71%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IRT. Wellington Management Group LLP increased its stake in shares of Independence Realty Trust by 17.9% in the 4th quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust's stock worth $265,835,000 after acquiring an additional 2,037,968 shares in the last quarter. Deutsche Bank AG increased its stake in shares of Independence Realty Trust by 44.2% in the 1st quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust's stock worth $103,535,000 after acquiring an additional 1,495,132 shares in the last quarter. Bamco Inc. NY increased its stake in shares of Independence Realty Trust by 592.0% in the 4th quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust's stock worth $33,961,000 after acquiring an additional 1,464,400 shares in the last quarter. Nuveen LLC bought a new stake in Independence Realty Trust during the 1st quarter valued at about $29,149,000. Finally, Cbre Investment Management Listed Real Assets LLC increased its stake in Independence Realty Trust by 120.0% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust's stock valued at $47,425,000 after purchasing an additional 1,218,559 shares in the last quarter. 88.25% of the stock is currently 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.

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