Independence Realty Trust (NYSE:IRT) Given New $21.00 Price Target at Barclays

Independence Realty Trust (NYSE:IRT) had its price target hoisted by Barclays from $20.00 to $21.00 in a report published on Friday,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also weighed in on the company. JMP Securities restated a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a research report on Tuesday, February 11th. UBS Group started coverage on Independence Realty Trust in a report on Monday, April 7th. They set a “buy” rating and a $24.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Independence Realty Trust in a report on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 price objective for the company. Finally, Jefferies Financial Group upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and lifted their target price for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.33.

Independence Realty Trust Trading Down 0.4 %

IRT stock opened at $18.22 on Friday. The firm has a 50-day moving average price of $20.41 and a 200-day moving average price of $20.19. Independence Realty Trust has a 12 month low of $15.27 and a 12 month high of $22.26. The stock has a market capitalization of $4.21 billion, a P/E ratio of 101.19, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. As a group, equities analysts predict that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, March 28th. This represents a $0.64 annualized dividend and a yield of 3.51%. Independence Realty Trust’s payout ratio is 355.56%.

Insider Transactions at Independence Realty Trust

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total transaction of $212,100.00. Following the completion of the sale, the chief executive officer now directly owns 873,365 shares in the company, valued at approximately $18,524,071.65. This trade represents a 1.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Independence Realty Trust

Several institutional investors and hedge funds have recently made changes to their positions in IRT. Wealth Enhancement Advisory Services LLC increased its holdings in Independence Realty Trust by 2.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust’s stock worth $442,000 after purchasing an additional 488 shares in the last quarter. Global Retirement Partners LLC increased its stake in shares of Independence Realty Trust by 66.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 521 shares in the last quarter. Amundi lifted its position in shares of Independence Realty Trust by 0.5% during the 4th quarter. Amundi now owns 122,544 shares of the real estate investment trust’s stock valued at $2,304,000 after acquiring an additional 597 shares during the period. State of Alaska Department of Revenue lifted its position in shares of Independence Realty Trust by 0.5% during the 4th quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust’s stock valued at $2,654,000 after acquiring an additional 643 shares during the period. Finally, Blue Trust Inc. boosted its stake in Independence Realty Trust by 33.9% during the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock worth $56,000 after acquiring an additional 692 shares in 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.