Chartwell Investment Partners LLC Cuts Stock Position in Independence Realty Trust, Inc. (NYSE:IRT)

Chartwell Investment Partners LLC lowered its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 10.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 283,255 shares of the real estate investment trust's stock after selling 32,069 shares during the period. Chartwell Investment Partners LLC owned 0.13% of Independence Realty Trust worth $5,807,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Axxcess Wealth Management LLC acquired a new stake in shares of Independence Realty Trust during the third quarter worth $263,000. Atria Investments Inc boosted its holdings in Independence Realty Trust by 28.0% during the third quarter. Atria Investments Inc now owns 33,731 shares of the real estate investment trust's stock worth $691,000 after purchasing an additional 7,378 shares during the last quarter. Assetmark Inc. bought a new position in Independence Realty Trust in the third quarter valued at $41,000. Easterly Investment Partners LLC acquired a new stake in Independence Realty Trust in the 3rd quarter valued at $11,132,000. Finally, Ironsides Asset Advisors LLC bought a new stake in Independence Realty Trust during the 3rd quarter worth about $212,000. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Stock Down 2.3 %

Shares of Independence Realty Trust stock traded down $0.48 during trading on Tuesday, reaching $20.61. 1,990,588 shares of the stock were exchanged, compared to its average volume of 2,275,923. Independence Realty Trust, Inc. has a 1 year low of $12.50 and a 1 year high of $21.23. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of 78.15, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The stock's fifty day moving average is $20.08 and its 200 day moving average is $18.87.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were paid a $0.16 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.11%. Independence Realty Trust's payout ratio is 237.04%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. BTIG Research lifted their price objective on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, August 12th. KeyCorp increased their price target on Independence Realty Trust from $20.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. JMP Securities increased their target price on Independence Realty Trust from $20.00 to $22.00 and gave the stock a "market outperform" rating in a report on Monday, September 9th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $19.57.

Independence Realty Trust Company 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.