Bank of New York Mellon Corp Sells 94,052 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Bank of New York Mellon Corp lessened its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 4.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,954,541 shares of the real estate investment trust's stock after selling 94,052 shares during the period. Bank of New York Mellon Corp owned 0.87% of Independence Realty Trust worth $38,778,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of IRT. Global Retirement Partners LLC grew its stake in Independence Realty Trust by 66.0% in the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 521 shares during the period. Atria Wealth Solutions Inc. acquired a new stake in Independence Realty Trust in the 4th quarter valued at $564,000. Venturi Wealth Management LLC acquired a new stake in shares of Independence Realty Trust in the 4th quarter worth about $70,000. Truist Financial Corp increased its holdings in Independence Realty Trust by 5.9% during the 4th quarter. Truist Financial Corp now owns 26,714 shares of the real estate investment trust's stock worth $530,000 after purchasing an additional 1,499 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Independence Realty Trust by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 722,128 shares of the real estate investment trust's stock worth $14,327,000 after purchasing an additional 20,826 shares during the last quarter. 88.25% of the stock is owned by institutional investors.

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Analysts Set New Price Targets

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

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock traded up $0.13 on Monday, reaching $21.13. 3,284,068 shares of the company traded hands, compared to its average volume of 2,009,686. The firm has a market capitalization of $4.88 billion, a PE ratio of 117.37, a PEG ratio of 2.91 and a beta of 1.19. The company has a 50 day moving average of $19.84 and a 200 day moving average of $20.25. Independence Realty Trust, Inc. has a 52 week low of $15.23 and a 52 week high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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, analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Tuesday, December 31st. Independence Realty Trust's dividend payout ratio (DPR) is presently 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.