Independence Realty Trust (NYSE:IRT) Reaches New 12-Month High – Should You Buy?

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

Analyst Ratings Changes

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

Independence Realty Trust Stock Up 0.6 %

The company has a market capitalization of $4.93 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 3.11 and a beta of 1.17. The firm has a 50-day moving average of $20.24 and a two-hundred day moving average of $19.19.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were given 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 2.93%.

Institutional Trading of Independence Realty Trust

Several hedge funds have recently modified their holdings of IRT. Virtu Financial LLC acquired a new stake in Independence Realty Trust in the third quarter valued at $267,000. Sunbelt Securities Inc. acquired a new stake in Independence Realty Trust in the third quarter valued at $64,000. Coldstream Capital Management Inc. acquired a new stake in Independence Realty Trust in the third quarter valued at $246,000. Geode Capital Management LLC raised its stake in Independence Realty Trust by 0.9% in the third quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust’s stock valued at $120,108,000 after buying an additional 50,788 shares in the last quarter. Finally, M&T Bank Corp raised its stake in Independence Realty Trust by 21.5% in the third quarter. M&T Bank Corp now owns 42,364 shares of the real estate investment trust’s stock valued at $868,000 after buying an additional 7,492 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

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.