Independence Realty Trust Inc (NYSE:IRT) has been given a consensus rating of “Hold” by the ten brokerages that are currently covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $12.42.
A number of equities research analysts have recently issued reports on the stock. National Securities assumed coverage on shares of Independence Realty Trust in a report on Friday, September 27th. They issued a “buy” rating and a $14.00 price target on the stock. ValuEngine downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. JMP Securities downgraded shares of Independence Realty Trust from an “outperform” rating to a “market perform” rating and set a $12.00 price target on the stock. in a report on Monday, October 21st. Compass Point downgraded shares of Independence Realty Trust from a “buy” rating to a “neutral” rating in a report on Thursday, October 31st. Finally, TheStreet downgraded shares of Independence Realty Trust from a “b-” rating to a “c+” rating in a report on Friday, November 8th.
NYSE IRT traded up $0.10 during trading on Friday, hitting $14.53. 129,836 shares of the company’s stock traded hands, compared to its average volume of 384,265. Independence Realty Trust has a 12-month low of $9.83 and a 12-month high of $15.89. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 19.63 and a beta of 0.74. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.50 and a current ratio of 0.50. The business has a 50 day moving average of $14.22 and a 200-day moving average of $13.84.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Thursday, December 26th will be issued a $0.18 dividend. This is a positive change from Independence Realty Trust’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 24th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.96%. Independence Realty Trust’s dividend payout ratio is presently 97.30%.
Several institutional investors have recently bought and sold shares of the company. Morgan Stanley raised its position in Independence Realty Trust by 278.6% during the second quarter. Morgan Stanley now owns 512,673 shares of the real estate investment trust’s stock valued at $5,931,000 after purchasing an additional 377,277 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Independence Realty Trust by 22.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,154,166 shares of the real estate investment trust’s stock valued at $13,352,000 after purchasing an additional 208,923 shares during the last quarter. State Street Corp raised its holdings in shares of Independence Realty Trust by 2.5% during the 3rd quarter. State Street Corp now owns 5,008,133 shares of the real estate investment trust’s stock valued at $72,558,000 after buying an additional 123,959 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Independence Realty Trust by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 10,158,984 shares of the real estate investment trust’s stock valued at $117,540,000 after buying an additional 120,199 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new position in shares of Independence Realty Trust during the 3rd quarter valued at about $1,281,000. Hedge funds and other institutional investors own 87.16% of the company’s stock.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 units, 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.
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