Shares of Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) received a consensus rating of “moderate buy” from the twelve rating agencies that currently cover the company, MarketBeat.com reports. One analyst gave the stock a sell rating, one gave the company a hold rating and seven gave the company a buy rating. The 12-month average target price among brokerages that have covered the stock over the past year is $26.72.

Several research analysts commented on the title. StockNews.com upgraded shares of Independence Realty Trust to a “sell” rating in a Tuesday, Aug. 9 research report. Compass Point set a target price of $24.50 on Independence Realty Trust in a Monday, June 20 research report. Jefferies Financial Group lowered its price target on Independence Realty Trust from $27.00 to $24.00 and set a “buy” rating on the stock in a Thursday, June 30 report. Finally, KeyCorp cut its price target on Independence Realty Trust shares from $29.00 to $25.00 and set an “overweight” rating for the company in a Tuesday, June 28 report.

Independence Realty Trust Stock Performance

IRT stock opened at $16.33 on Friday. Independence Realty Trust has a 1 year minimum of $15.97 and a 1 year maximum of $28.42. The stock’s fifty-day moving average is $19.69 and its two-hundred-day moving average is $22.23. The stock has a market capitalization of $3.63 billion, a price/earnings ratio of 25.12, a PEG ratio of 7.83 and a beta of 0.97.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 21. Shareholders of record on Friday, September 30 will receive a dividend of $0.14 per share. This represents a dividend of $0.56 on an annualized basis and a dividend yield of 3.43%. The ex-dividend date is Thursday, September 29. Independence Realty Trust’s dividend payout ratio (DPR) is currently 86.15%.

Hedge funds weigh on Independence Realty Trust

A number of hedge funds have recently changed their IRT holdings. Rockefeller Capital Management LP bought a new position in Independence Realty Trust in the fourth quarter worth about $114,000. LPL Financial LLC increased its stake in shares of Independence Realty Trust by 1,646.0% in the 4th quarter. LPL Financial LLC now owns 193,661 shares of the real estate investment trust valued at $5,002,000 after purchasing an additional 182,569 shares last quarter. Credit Suisse AG increased its stake in Independence Realty Trust by 50.6% in the fourth quarter. Credit Suisse AG now owns 233,874 shares of the real estate investment trust worth $6,041,000 after buying an additional 78,579 shares in the last quarter. Point72 Asset Management LP bought a new position in Independence Realty Trust during the fourth quarter, valued at approximately $447,000. Finally, DE Shaw & Co. Inc. acquired a new stake in Independence Realty Trust in the fourth quarter valued at approximately $9,911,000. 83.09% of the shares are held by institutional investors and hedge funds.

About Independence Realty Trust

(Get a rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment buildings in non-gateway U.S. markets, including Atlanta, Louisville, Memphis and Raleigh. IRT’s investment strategy is focused on growth within key amenity-rich submarkets that offer good school districts, high-quality retail and large employment centers.

Featured articles

This instant news alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected].

Before you consider Independence Realty Trust, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Independence Realty Trust was not on the list.

Although Independence Realty Trust currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the five actions here