Independence Realty Trust, Inc. (NYSE:IRT) Stock Holdings Increased by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co boosted its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 9.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 429,530 shares of the real estate investment trust's stock after acquiring an additional 38,147 shares during the period. CANADA LIFE ASSURANCE Co owned 0.19% of Independence Realty Trust worth $8,511,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in shares of Independence Realty Trust by 17.9% during the fourth quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust's stock worth $265,835,000 after purchasing an additional 2,037,968 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Independence Realty Trust by 38.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust's stock worth $51,150,000 after acquiring an additional 686,630 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Independence Realty Trust in the 4th quarter valued at approximately $12,105,000. Aew Capital Management L P raised its position in shares of Independence Realty Trust by 23.1% during the 4th quarter. Aew Capital Management L P now owns 2,316,915 shares of the real estate investment trust's stock valued at $45,968,000 after acquiring an additional 434,290 shares in the last quarter. Finally, Grove Bank & Trust acquired a new stake in shares of Independence Realty Trust during the 4th quarter valued at approximately $7,636,000. 88.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IRT. Jefferies Financial Group upgraded shares of Independence Realty Trust from a "hold" rating to a "buy" rating and boosted their target price for the company from $20.00 to $24.00 in a research note on Monday, March 10th. Barclays boosted their price objective on shares of Independence Realty Trust from $20.00 to $21.00 and gave the company an "equal weight" rating in a research report on Friday, April 11th. 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. Wells Fargo & Company assumed coverage on Independence Realty Trust in a report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 target price for the company. Finally, UBS Group initiated coverage on Independence Realty Trust in a research report on Monday, April 7th. They set a "buy" rating and a $24.00 price target on the stock. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.33.

Insider Buying and Selling

In other news, CEO Scott Schaeffer sold 10,000 shares of Independence Realty Trust stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total transaction of $212,100.00. Following the transaction, the chief executive officer now directly owns 873,365 shares in the company, valued at approximately $18,524,071.65. This trade represents a 1.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.58% of the stock is owned by corporate insiders.

Independence Realty Trust Stock Up 1.0 %

Independence Realty Trust stock traded up $0.20 during mid-day trading on Friday, hitting $19.61. 3,344,619 shares of the company's stock traded hands, compared to its average volume of 2,098,955. Independence Realty Trust, Inc. has a one year low of $15.65 and a one year high of $22.26. The firm has a 50 day moving average price of $20.20 and a 200 day moving average price of $20.14. The company has a market cap of $4.53 billion, a PE ratio of 108.94, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued 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, 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 business also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Friday, March 28th were paid a dividend of $0.16 per share. The ex-dividend date was Friday, March 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.26%. Independence Realty Trust's dividend payout ratio 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.