Fox Run Management L.L.C. purchased a new stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 58,239 shares of the real estate investment trust's stock, valued at approximately $1,155,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of Independence Realty Trust by 236.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,027,943 shares of the real estate investment trust's stock valued at $82,573,000 after purchasing an additional 2,829,247 shares in the last quarter. Wellington Management Group LLP lifted its stake in Independence Realty Trust by 24.4% in the 3rd quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust's stock worth $232,900,000 after acquiring an additional 2,225,371 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Independence Realty Trust by 419.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust's stock worth $29,378,000 after acquiring an additional 1,157,052 shares during the period. JPMorgan Chase & Co. boosted its position in 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 worth $51,150,000 after acquiring an additional 686,630 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Independence Realty Trust during the 4th quarter valued at about $12,105,000. Institutional investors and hedge funds own 88.25% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on IRT. Barclays reduced their price target on shares of Independence Realty Trust from $21.00 to $20.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 19th. Wells Fargo & Company started coverage on shares of Independence Realty Trust in a research note on Wednesday, March 19th. They set an "overweight" rating and a $24.00 target price for the company. JMP Securities reaffirmed a "market outperform" rating and issued a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Finally, Jefferies Financial Group raised Independence Realty Trust from a "hold" rating to a "buy" rating and lifted their price objective for the company from $20.00 to $24.00 in a research report on Monday, March 10th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Independence Realty Trust presently has an average rating of "Moderate Buy" and a consensus target price of $22.00.
Check Out Our Latest Stock Analysis on Independence Realty Trust
Independence Realty Trust Trading Up 0.1 %
Independence Realty Trust stock traded up $0.02 during mid-day trading on Thursday, hitting $20.98. 1,694,573 shares of the company's stock were exchanged, compared to its average volume of 2,009,027. Independence Realty Trust, Inc. has a 1-year low of $15.25 and a 1-year high of $22.26. The stock has a 50 day moving average of $20.27 and a two-hundred day moving average of $20.31. The stock has a market cap of $4.84 billion, a P/E ratio of 116.53, a P/E/G ratio of 2.91 and a beta of 1.19.
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 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, research analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.
Independence Realty Trust Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Friday, March 28th will be issued a $0.16 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.64 annualized dividend and a yield of 3.05%. Independence Realty Trust's dividend payout ratio (DPR) is presently 355.56%.
About Independence Realty Trust
(
Free Report)
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.
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