Independence Realty Trust (NYSE:IRT) Upgraded at 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 report sent to investors on Friday morning, MarketBeat.com reports. They currently have $21.00 target price on the real estate investment trust’s stock, up from their previous target price of $19.00.

Several other analysts also recently commented on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. BTIG Research upped their price objective 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. KeyCorp raised their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, JMP Securities upped their price target on 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. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.43.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $20.99 on Friday. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 18.29, a P/E/G ratio of 3.00 and a beta of 1.17. The stock has a 50-day simple moving average of $20.14 and a 200-day simple moving average of $19.01. Independence Realty Trust has a 52-week low of $12.99 and a 52-week high of $21.23.

Independence Realty Trust Announces Dividend

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

Institutional Trading of Independence Realty Trust

Several hedge funds have recently added to or reduced their stakes in IRT. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Independence Realty Trust by 0.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,984 shares of the real estate investment trust’s stock worth $2,050,000 after buying an additional 526 shares during the last quarter. Taylor Frigon Capital Management LLC boosted its holdings in Independence Realty Trust by 0.7% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 79,217 shares of the real estate investment trust’s stock valued at $1,485,000 after purchasing an additional 571 shares during the period. Handelsbanken Fonder AB boosted its holdings in Independence Realty Trust by 1.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 69,961 shares of the real estate investment trust’s stock valued at $1,434,000 after purchasing an additional 900 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Independence Realty Trust by 0.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 281,800 shares of the real estate investment trust’s stock worth $5,777,000 after purchasing an additional 900 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Independence Realty Trust by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 63,011 shares of the real estate investment trust’s stock worth $1,181,000 after purchasing an additional 1,255 shares during the period. Institutional investors own 88.25% of the company’s stock.

About Independence Realty Trust

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.