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
Shares of IRT traded up $0.14 on Friday, reaching $21.10. The company's stock had a trading volume of 1,063,880 shares, compared to its average volume of 1,534,090. Independence Realty Trust has a 12-month low of $19.56 and a 12-month high of $28.42. The stock has a market capitalization of $4.69 billion, a P/E ratio of 32.46, a PEG ratio of 9.81 and a beta of 0.90. The stock's 50 day simple moving average is $21.45 and its two-hundred day simple moving average is $23.74.
Independence Realty Trust Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 22nd. Stockholders of record on Friday, July 1st were given a dividend of $0.14 per share. The ex-dividend date was Thursday, June 30th. This represents a $0.56 annualized dividend and a dividend yield of 2.65%. This is a boost from Independence Realty Trust's previous quarterly dividend of $0.12. Independence Realty Trust's dividend payout ratio (DPR) is presently 86.15%.
Analysts Set New Price Targets
IRT has been the subject of a number of analyst reports. StockNews.com upgraded shares of Independence Realty Trust to a "sell" rating in a research note on Thursday, July 28th. Compass Point set a $24.50 price objective on shares of Independence Realty Trust in a research note on Monday, June 20th. Jefferies Financial Group reduced their price objective on shares of Independence Realty Trust from $27.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, June 30th. KeyCorp dropped their price target 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. Finally, TheStreet downgraded shares of Independence Realty Trust from a "b-" rating to a "c+" rating in a report on Tuesday, May 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $26.72.