Independence Realty Trust (NYSE:IRT) Shares Up 2.8% – Here’s What Happened

Shares of Independence Realty Trust, Inc. (NYSE:IRT) rose 2.8% during trading on Monday . The company traded as high as $21.41 and last traded at $21.44. Approximately 382,960 shares were traded during trading, a decline of 82% from the average daily volume of 2,112,704 shares. The stock had previously closed at $20.86.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Barclays dropped their price objective on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 19th. Wells Fargo & Company began coverage on Independence Realty Trust in a report on Wednesday, March 19th. They set an “overweight” rating and a $24.00 price objective on the stock. Jefferies Financial Group raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and boosted their price target for the company from $20.00 to $24.00 in a report on Monday, March 10th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

Independence Realty Trust Stock Performance

The business’s 50-day simple moving average is $20.35 and its 200-day simple moving average is $20.32. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 118.92, a P/E/G ratio of 2.91 and a beta of 1.19.

Independence Realty Trust (NYSE:IRT) last posted 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%. On average, analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be paid a dividend of $0.16 per share. The ex-dividend date is Friday, March 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.99%. Independence Realty Trust’s dividend payout ratio is 355.56%.

Institutional Trading of Independence Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC raised its position in Independence Realty Trust by 66.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 521 shares in the last quarter. SRS Capital Advisors Inc. grew its holdings in Independence Realty Trust by 627.5% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 2,008 shares during the period. Jones Financial Companies Lllp increased its position in Independence Realty Trust by 67.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 1,000 shares during the last quarter. Blue Trust Inc. increased its position 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 buying an additional 692 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Independence Realty Trust in the third quarter valued at approximately $64,000. Institutional investors and hedge funds 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.