Independence Realty Trust (NYSE:IRT) Shares Up 5.2%

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) traded up 5.2% during trading on Monday . The stock traded as high as $16.35 and last traded at $16.17. 1,279,088 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 2,190,351 shares. The stock had previously closed at $15.37.

Wall Street Analyst Weigh In

A number of research firms have issued reports on IRT. Barclays cut their price target on Independence Realty Trust from $22.00 to $18.00 and set an "overweight" rating for the company in a research note on Tuesday, February 20th. JMP Securities upped their price target on Independence Realty Trust from $15.00 to $17.00 and gave the stock a "market outperform" rating in a research note on Wednesday, March 6th. Deutsche Bank Aktiengesellschaft began coverage on Independence Realty Trust in a research note on Tuesday, January 30th. They issued a "buy" rating and a $18.00 price target for the company. BMO Capital Markets reiterated an "underperform" rating and set a $15.00 target price (up from $14.00) on shares of Independence Realty Trust in a research report on Friday, December 15th. Finally, Royal Bank of Canada increased their target price on Independence Realty Trust from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Friday, February 16th. Two analysts have rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Independence Realty Trust currently has a consensus rating of "Hold" and a consensus target price of $17.00.

Independence Realty Trust Stock Up 6.0 %

The company has a market cap of $3.67 billion, a PE ratio of -232.68, a price-to-earnings-growth ratio of 2.25 and a beta of 1.07. The firm has a 50 day simple moving average of $15.39 and a 200-day simple moving average of $14.61.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 19th. Investors of record on Friday, March 29th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date is Wednesday, March 27th. Independence Realty Trust's dividend payout ratio (DPR) is -914.16%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in shares of Independence Realty Trust by 2.2% during the first quarter. BlackRock Inc. now owns 31,818,386 shares of the real estate investment trust's stock worth $510,049,000 after purchasing an additional 689,039 shares in the last quarter. Vanguard Group Inc. boosted its stake in Independence Realty Trust by 98.9% during the first quarter. Vanguard Group Inc. now owns 24,329,328 shares of the real estate investment trust's stock worth $643,267,000 after buying an additional 12,099,993 shares during the last quarter. State Street Corp lifted its stake in shares of Independence Realty Trust by 2.8% in the 1st quarter. State Street Corp now owns 13,744,998 shares of the real estate investment trust's stock valued at $222,218,000 after purchasing an additional 376,694 shares during the last quarter. Macquarie Group Ltd. lifted its stake in shares of Independence Realty Trust by 11.4% in the 1st quarter. Macquarie Group Ltd. now owns 9,772,936 shares of the real estate investment trust's stock valued at $156,661,000 after purchasing an additional 1,002,800 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Independence Realty Trust by 1.4% in the 1st quarter. Wellington Management Group LLP now owns 7,494,895 shares of the real estate investment trust's stock valued at $198,165,000 after purchasing an additional 101,479 shares during the last quarter. 88.25% of the stock is currently owned by hedge funds and other 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.