Independence Realty Trust (NYSE:IRT) Sets New 52-Week High Following Analyst Upgrade

Independence Realty Trust, Inc. (NYSE:IRT) reached a new 52-week high during trading on Thursday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $19.00 to $22.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Independence Realty Trust traded as high as $21.03 and last traded at $21.03, with a volume of 17608 shares trading hands. The stock had previously closed at $20.59.

Other research analysts have also issued research reports about the stock. Colliers Securities reissued a “buy” rating and issued a $20.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, July 20th. Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Thursday, August 5th. TheStreet raised shares of Independence Realty Trust from a “c” rating to a “b-” rating in a report on Monday, July 26th. Finally, KeyCorp raised their target price on shares of Independence Realty Trust from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, August 12th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $18.44.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of Independence Realty Trust by 0.5% in the 2nd quarter. BlackRock Inc. now owns 19,154,726 shares of the real estate investment trust’s stock valued at $349,190,000 after acquiring an additional 89,089 shares during the period. Vanguard Group Inc. increased its holdings in shares of Independence Realty Trust by 4.7% in the 2nd quarter. Vanguard Group Inc. now owns 11,966,828 shares of the real estate investment trust’s stock valued at $218,155,000 after acquiring an additional 535,903 shares during the period. State Street Corp increased its holdings in shares of Independence Realty Trust by 4.8% in the 2nd quarter. State Street Corp now owns 5,294,979 shares of the real estate investment trust’s stock valued at $96,527,000 after acquiring an additional 243,957 shares during the period. Jennison Associates LLC increased its holdings in shares of Independence Realty Trust by 5.5% in the 1st quarter. Jennison Associates LLC now owns 3,323,462 shares of the real estate investment trust’s stock valued at $50,517,000 after acquiring an additional 172,538 shares during the period. Finally, Deutsche Bank AG increased its holdings in shares of Independence Realty Trust by 88.1% in the 2nd quarter. Deutsche Bank AG now owns 3,044,638 shares of the real estate investment trust’s stock valued at $55,505,000 after acquiring an additional 1,425,687 shares during the period. 94.56% of the stock is currently owned by institutional investors.

The business’s fifty day moving average price is $20.04 and its 200 day moving average price is $17.96. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 109.53, a PEG ratio of 12.51 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Sunday, July 25th. The real estate investment trust reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. Independence Realty Trust had a net margin of 8.53% and a return on equity of 2.70%. As a group, analysts anticipate that Independence Realty Trust, Inc. will post 0.81 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 22nd. Investors of record on Friday, October 1st will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, September 30th. This represents a $0.48 dividend on an annualized basis and a yield of 2.31%. Independence Realty Trust’s dividend payout ratio (DPR) is 60.00%.

Independence Realty Trust Company Profile (NYSE:IRT)

Independence Realty Trust, Inc is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It aims to provide stockholders risk-adjusted returns through diligent portfolio management, operational performance and consistent return of capital through distributions and capital appreciation.

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