Independence Realty Trust (NYSE:IRT) Stock Rating Upgraded by BMO Capital Markets

BMO Capital Markets upgraded shares of Independence Realty Trust (NYSE:IRT) from an underperform rating to a market perform rating in a research note issued to investors on Friday, MarketBeat Ratings reports. BMO Capital Markets currently has $21.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $19.00.

Other equities research analysts have also issued research reports about the stock. BTIG Research upped their target price on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 12th. JMP Securities upped their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Monday, September 9th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, KeyCorp boosted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and an average price target of $20.43.

Independence Realty Trust Price Performance

Shares of NYSE:IRT opened at $20.99 on Friday. The business’s fifty day moving average price is $20.14 and its two-hundred day moving average price is $19.01. Independence Realty Trust has a fifty-two week low of $12.99 and a fifty-two week high of $21.23. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 18.29, a price-to-earnings-growth ratio of 3.00 and a beta of 1.17.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.05%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Sei Investments Co. increased its stake in shares of Independence Realty Trust by 12.2% in the 1st quarter. Sei Investments Co. now owns 215,463 shares of the real estate investment trust’s stock valued at $3,475,000 after buying an additional 23,345 shares during the period. Russell Investments Group Ltd. increased its position in Independence Realty Trust by 35.9% in the first quarter. Russell Investments Group Ltd. now owns 205,491 shares of the real estate investment trust’s stock worth $3,315,000 after purchasing an additional 54,279 shares during the period. Avantax Advisory Services Inc. bought a new stake in Independence Realty Trust during the 1st quarter worth about $188,000. ProShare Advisors LLC lifted its position in Independence Realty Trust by 4.7% during the 1st quarter. ProShare Advisors LLC now owns 51,517 shares of the real estate investment trust’s stock valued at $831,000 after purchasing an additional 2,319 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Independence Realty Trust by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock valued at $528,165,000 after purchasing an additional 343,334 shares during the last quarter. 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.