HighTower Advisors LLC Has $876,000 Stake in Independence Realty Trust, Inc. (NYSE:IRT)

HighTower Advisors LLC cut its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 22.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,176 shares of the real estate investment trust's stock after selling 12,641 shares during the period. HighTower Advisors LLC's holdings in Independence Realty Trust were worth $876,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of IRT. Wellington Management Group LLP increased its holdings in Independence Realty Trust by 24.4% in the third quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust's stock valued at $232,900,000 after purchasing an additional 2,225,371 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Independence Realty Trust by 4.8% in the 4th quarter. Jennison Associates LLC now owns 6,139,652 shares of the real estate investment trust's stock valued at $121,811,000 after acquiring an additional 278,959 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Independence Realty Trust by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust's stock valued at $120,108,000 after acquiring an additional 50,788 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Independence Realty Trust by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust's stock worth $70,662,000 after acquiring an additional 60,919 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Independence Realty Trust by 38.0% during the third quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust's stock valued at $51,150,000 after purchasing an additional 686,630 shares during the period. Institutional investors own 88.25% of the company's stock.

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Independence Realty Trust Stock Up 1.9 %

Shares of NYSE:IRT traded up $0.40 during mid-day trading on Monday, reaching $21.26. 3,211,922 shares of the stock were exchanged, compared to its average volume of 2,123,725. The stock's 50 day simple moving average is $20.40 and its 200-day simple moving average is $20.32. Independence Realty Trust, Inc. has a one year low of $15.25 and a one year high of $22.26. The company has a market cap of $4.91 billion, a P/E ratio of 118.08, a P/E/G ratio of 2.91 and a beta of 1.19.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. Analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business 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 dividend of $0.16 per share. The ex-dividend date is Friday, March 28th. This represents a $0.64 annualized dividend and a yield of 3.01%. Independence Realty Trust's payout ratio is presently 355.56%.

Analysts Set New Price Targets

IRT has been the topic of several analyst reports. JMP Securities reiterated a "market outperform" rating and issued a $22.00 target price on shares of Independence Realty Trust in a report on Tuesday, February 11th. Jefferies Financial Group raised 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 dropped their price target on Independence Realty Trust from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company began coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They issued an "overweight" rating and a $24.00 price objective for the company. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $22.00.

Independence Realty Trust Profile

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.