AlphaQuest LLC Buys 32,497 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

AlphaQuest LLC grew its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 353.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,704 shares of the real estate investment trust's stock after purchasing an additional 32,497 shares during the quarter. AlphaQuest LLC's holdings in Independence Realty Trust were worth $827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of IRT. Hilton Capital Management LLC purchased a new position in shares of Independence Realty Trust in the third quarter worth $7,573,000. SMART Wealth LLC purchased a new position in shares of Independence Realty Trust in the third quarter worth $873,000. Barclays PLC lifted its holdings in shares of Independence Realty Trust by 182.3% in 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 holdings in shares of Independence Realty Trust by 12.3% in the third quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust's stock worth $4,981,000 after buying an additional 28,059 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Independence Realty Trust by 38.0% in the third quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust's stock worth $51,150,000 after buying an additional 686,630 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.

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Independence Realty Trust Stock Performance

IRT stock traded down $0.30 during mid-day trading on Tuesday, reaching $20.84. 2,362,545 shares of the stock traded hands, compared to its average volume of 2,013,847. Independence Realty Trust, Inc. has a one year low of $15.23 and a one year high of $22.26. The stock has a market capitalization of $4.81 billion, a PE ratio of 115.75, a PEG ratio of 2.91 and a beta of 1.19. The business has a 50-day moving average price of $19.86 and a two-hundred day moving average price of $20.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates 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, equities analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently disclosed 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 3.07%. The ex-dividend date is Friday, March 28th. Independence Realty Trust's dividend payout ratio (DPR) is 355.56%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JMP Securities reissued a "market outperform" rating and issued a $22.00 target price on shares of Independence Realty Trust in a report on Tuesday, February 11th. BMO Capital Markets raised shares of Independence Realty Trust from an "underperform" rating to a "market perform" rating and upped their price target for the company from $19.00 to $21.00 in a research note on Friday, November 15th. Barclays decreased their price target on shares of Independence Realty Trust from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 19th. Finally, Jefferies Financial Group raised shares of Independence Realty Trust from a "hold" rating to a "buy" rating and upped their price target for the company from $20.00 to $24.00 in a research note on Monday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Independence Realty Trust has an average rating of "Moderate Buy" and a consensus price target of $21.71.

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.