By otakuyassine3@gmail.com 
California Public Employees Retirement System decreased its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT – Free Report) by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 418,942 shares of the real estate investment trust’s stock after selling 16,476 shares during the quarter. California Public Employees Retirement System’s holdings in Independence Realty Trust were worth $8,312,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. SMART Wealth LLC acquired a new position in Independence Realty Trust during the 3rd quarter worth approximately $873,000. Barclays PLC increased its holdings in shares of Independence Realty Trust by 182.3% during the third quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust’s stock worth $8,208,000 after buying an additional 258,549 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Independence Realty Trust by 12.3% in the 3rd quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust’s stock valued at $4,981,000 after acquiring an additional 28,059 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Independence Realty Trust by 38.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock valued at $51,150,000 after acquiring an additional 686,630 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Independence Realty Trust by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust’s stock worth $70,662,000 after acquiring an additional 60,919 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.
Independence Realty Trust Trading Down 4.1 %
Shares of IRT opened at $18.22 on Tuesday. The firm’s fifty day simple moving average is $20.52 and its two-hundred day simple moving average is $20.29. Independence Realty Trust, Inc. 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 101.24, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98.
Independence Realty Trust (NYSE:IRT – Get Free Report) last announced its earnings results 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 return on equity of 1.11% and a net margin of 6.15%. As a group, research analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.
Independence Realty Trust Dividend Announcement
The business 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 $0.16 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.64 annualized dividend and a dividend yield of 3.51%. Independence Realty Trust’s dividend payout ratio is currently 355.56%.
Insider Activity at Independence Realty Trust
In related news, CEO Scott Schaeffer sold 10,000 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total value of $212,100.00. Following the completion of the sale, the chief executive officer now directly owns 873,365 shares of the company’s stock, valued at $18,524,071.65. The trade was a 1.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.58% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Several research firms have commented on IRT. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and increased their target price for the company from $20.00 to $24.00 in a research report on Monday, March 10th. UBS Group began coverage on shares of Independence Realty Trust in a report on Monday. They set a “buy” rating and a $24.00 target price on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Wells Fargo & Company began coverage on shares of Independence Realty Trust in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 price objective on the stock. Finally, Barclays decreased their price objective on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.22.
Read Our Latest Stock Report on Independence Realty Trust
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.
See Also
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