Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation.
Independence Realty Trust Price Performance
Independence Realty Trust stock opened at $21.10 on Monday. The company has a market cap of $4.69 billion, a price-to-earnings ratio of 32.46, a P/E/G ratio of 9.81 and a beta of 0.90. The firm has a 50-day moving average of $21.45 and a 200-day moving average of $23.75. Independence Realty Trust has a one year low of $19.56 and a one year high of $28.42.
Independence Realty Trust Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, July 22nd. Investors of record on Friday, July 1st were given a dividend of $0.14 per share. The ex-dividend date was Thursday, June 30th. This is a boost from Independence Realty Trust's previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 2.65%. Independence Realty Trust's dividend payout ratio is 86.15%.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on the stock. Jefferies Financial Group cut their target price on shares of Independence Realty Trust from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, June 30th. StockNews.com raised Independence Realty Trust to a "sell" rating in a research note on Thursday, July 28th. Compass Point set a $24.50 target price on Independence Realty Trust in a research note on Monday, June 20th. BTIG Research began coverage on Independence Realty Trust in a report on Monday, May 9th. They set a "buy" rating and a $27.00 price objective on the stock. Finally, KeyCorp dropped their target price on shares of Independence Realty Trust from $29.00 to $25.00 and set an "overweight" rating on the stock in a report on Tuesday, June 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, Independence Realty Trust presently has a consensus rating of "Moderate Buy" and an average target price of $26.72.