Independence Realty Trust, Inc. (NYSE:IRT) Given Average Recommendation of “Buy” by Brokerages

Independence Realty Trust, Inc. (NYSE:IRT) has earned an average rating of “Buy” from the nine research firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $18.93.

A number of equities research analysts recently weighed in on IRT shares. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Independence Realty Trust from $19.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday. Colliers Securities reissued a “buy” rating and issued a $20.00 price target on shares of Independence Realty Trust in a research report on Tuesday, July 20th. KeyCorp boosted their price target on shares of Independence Realty Trust from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, August 12th. Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Thursday, August 5th. Finally, TheStreet raised shares of Independence Realty Trust from a “c” rating to a “b-” rating in a report on Monday, July 26th.

Several institutional investors have recently modified their holdings of IRT. BlackRock Inc. increased its stake in shares of Independence Realty Trust by 10.2% during the first quarter. BlackRock Inc. now owns 19,065,637 shares of the real estate investment trust’s stock worth $289,797,000 after acquiring an additional 1,764,240 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Independence Realty Trust by 2,007.5% during the first quarter. Thrivent Financial for Lutherans now owns 1,654,392 shares of the real estate investment trust’s stock worth $25,147,000 after acquiring an additional 1,575,890 shares during the period. Deutsche Bank AG increased its stake in shares of Independence Realty Trust by 88.1% during the second quarter. Deutsche Bank AG now owns 3,044,638 shares of the real estate investment trust’s stock worth $55,505,000 after acquiring an additional 1,425,687 shares during the period. JPMorgan Chase & Co. grew its position in Independence Realty Trust by 176.7% during the first quarter. JPMorgan Chase & Co. now owns 1,176,535 shares of the real estate investment trust’s stock worth $17,883,000 after buying an additional 751,406 shares during the period. Finally, Invesco Ltd. grew its position in Independence Realty Trust by 114.6% during the second quarter. Invesco Ltd. now owns 1,285,205 shares of the real estate investment trust’s stock worth $23,430,000 after buying an additional 686,357 shares during the period. Institutional investors and hedge funds own 94.56% of the company’s stock.

Shares of Independence Realty Trust stock traded up $0.22 during trading on Monday, hitting $21.03. 7,432 shares of the stock were exchanged, compared to its average volume of 737,668. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 110.42, a price-to-earnings-growth ratio of 12.85 and a beta of 0.94. The firm’s 50-day moving average price is $20.04 and its 200 day moving average price is $18.01. Independence Realty Trust has a 12-month low of $10.97 and a 12-month high of $21.10.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Sunday, July 25th. The real estate investment trust reported $0.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.03. Independence Realty Trust had a net margin of 8.53% and a return on equity of 2.70%. On average, equities analysts forecast that Independence Realty Trust will post 0.81 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 22nd. Stockholders of record on Friday, October 1st will be issued a $0.12 dividend. The ex-dividend date is Thursday, September 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.28%. Independence Realty Trust’s payout ratio is 60.00%.

About Independence Realty Trust

Independence Realty Trust, Inc is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It aims to provide stockholders risk-adjusted returns through diligent portfolio management, operational performance and consistent return of capital through distributions and capital appreciation.

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Analyst Recommendations for Independence Realty Trust (NYSE:IRT)

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