Several hedge funds recently changed their investments in Independence Realty Trust. American Trust purchased a new stake valued at $231,000. Creative Planning increased its shares by 12.9%, now holding 98,962 shares worth $1,855,000 after buying 11,338 more. Algert Global LLC invested about $592,000 in the company, while Makena Capital Management bought in for approximately $10,039,000. Lastly, the Employees Retirement System of Texas acquired shares valued at $2,061,000. Institutional investors and hedge funds control 88.25% of the companys stock.
Analysts Set New Price Targets
Equity analysts have updated their price targets for Independence Realty Trust. JMP Securities raised theirs from $20 to $22 and rated it “market outperform.” BTIG increased theirs from $18 to $21 with a “buy” rating. KeyCorp also raised theirs from $20 to $22, while Deutsche Bank adjusted theirs from $18 to $22, giving it a “buy” rating. Overall, two analysts rated it as a sell, while six rated it as a buy, resulting in a consensus rating of “Moderate Buy” with an average price target of $19.57.
View Our Latest Analysis on IRT
Independence Realty Trust Trading Down 1.8%
IRT stock opened at $19.68 on Friday. It has ranged from a low of $11.61 to a high of $21.20 over the past year. The stocks 50-day moving average is $20.06, and the 200-day average is $18.10. The market cap is $4.43 billion, with a P/E ratio of -656.00 and a beta of 1.17.
Dividend Announcement
The company declared a quarterly dividend of $0.16, payable on October 18th to shareholders on record as of September 30th. This reflects an annual dividend of $0.64 and a yield of 3.25%. The ex-dividend date is September 30th.
About Independence Realty Trust
(Free Report) Independence Realty Trust, Inc (NYSE: IRT) is a REIT that owns and operates multifamily communities across non-gateway U.S. markets.
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