Intech Investment Management LLC Boosts Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Intech Investment Management LLC raised its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 97.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 157,186 shares of the real estate investment trust’s stock after buying an additional 77,469 shares during the quarter. Intech Investment Management LLC’s holdings in Independence Realty Trust were worth $3,119,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC grew 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 buying an additional 521 shares in the last quarter. SRS Capital Advisors Inc. boosted its holdings in shares of Independence Realty Trust by 627.5% in the 4th 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 in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Independence Realty Trust by 67.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 1,000 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Independence Realty Trust by 33.9% in the 4th quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 692 shares in the last quarter. Finally, Avior Wealth Management LLC boosted its holdings in shares of Independence Realty Trust by 437.8% in the 3rd quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 2,443 shares in the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on IRT shares. JMP Securities reiterated a “market outperform” rating and issued a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th. Wells Fargo & Company started coverage on Independence Realty Trust in a report on Wednesday. They issued an “overweight” rating and a $24.00 price objective for the company. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and upped their price objective for the stock from $20.00 to $24.00 in a report on Monday, March 10th. Finally, Barclays cut 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 analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Independence Realty Trust has an average rating of “Moderate Buy” and a consensus target price of $22.00.

Independence Realty Trust Price Performance

Shares of IRT stock opened at $20.94 on Thursday. The stock has a market capitalization of $4.83 billion, a PE ratio of 116.31, a P/E/G ratio of 2.91 and a beta of 1.18. Independence Realty Trust, Inc. has a 1-year low of $15.23 and a 1-year high of $22.26. The business has a 50-day moving average of $20.05 and a 200 day moving average of $20.28.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share 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%. Analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date is Friday, March 28th. Independence Realty Trust’s payout ratio is 355.56%.

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.