Independence Realty Trust (NYSE:IRT) Sets New 1-Year High – Time to Buy?

Independence Realty Trust, Inc. (NYSE:IRT) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $22.00 and last traded at $21.99, with a volume of 493 shares trading hands. The stock had previously closed at $21.75.

Analysts Set New Price Targets

IRT has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. JMP Securities lifted their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Monday, September 9th. KeyCorp raised their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. BTIG Research lifted their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $19.00 to $21.00 in a research report on Friday, November 15th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Independence Realty Trust has a consensus rating of “Moderate Buy” and an average price target of $20.43.

Independence Realty Trust Price Performance

The stock has a market cap of $4.89 billion, a P/E ratio of 19.07, a P/E/G ratio of 3.11 and a beta of 1.17. The firm’s 50 day moving average price is $20.27 and its 200-day moving average price is $19.26.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were paid a dividend of $0.16 per share. The ex-dividend date was Monday, September 30th. This represents a $0.64 annualized dividend and a yield of 2.95%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Tidal Investments LLC lifted its holdings in Independence Realty Trust by 751.4% in the third quarter. Tidal Investments LLC now owns 93,325 shares of the real estate investment trust’s stock valued at $1,913,000 after acquiring an additional 82,364 shares during the period. Virtu Financial LLC purchased a new stake in Independence Realty Trust in the 3rd quarter worth $267,000. Sunbelt Securities Inc. purchased a new stake in shares of Independence Realty Trust during the third quarter worth about $64,000. Coldstream Capital Management Inc. bought a new stake in Independence Realty Trust during the 3rd quarter valued at approximately $246,000. Finally, Geode Capital Management LLC lifted its holdings in Independence Realty Trust by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust’s stock worth $120,108,000 after purchasing an additional 50,788 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

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.