Fortis Group Advisors LLC Cuts Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Fortis Group Advisors LLC cut its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 85.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,850 shares of the real estate investment trust's stock after selling 81,956 shares during the quarter. Fortis Group Advisors LLC's holdings in Independence Realty Trust were worth $275,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Truist Financial Corp increased its position in shares of Independence Realty Trust by 5.9% in the fourth quarter. Truist Financial Corp now owns 26,714 shares of the real estate investment trust's stock valued at $530,000 after buying an additional 1,499 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Independence Realty Trust by 3.0% during 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 in the last quarter. Blue Zone Wealth Advisors LLC increased its position in shares of Independence Realty Trust by 3.6% during the fourth quarter. Blue Zone Wealth Advisors LLC now owns 224,183 shares of the real estate investment trust's stock worth $4,448,000 after purchasing an additional 7,756 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Independence Realty Trust during the fourth quarter worth approximately $386,000. Finally, Congress Asset Management Co. increased its position in shares of Independence Realty Trust by 4.7% during the fourth quarter. Congress Asset Management Co. now owns 134,876 shares of the real estate investment trust's stock worth $2,676,000 after purchasing an additional 5,998 shares in the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. JMP Securities reiterated a "market outperform" rating and set a $22.00 price target on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Barclays decreased 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 note on Wednesday. Finally, BMO Capital Markets upgraded shares of Independence Realty Trust from an "underperform" rating to a "market perform" rating and lifted their price objective for the company from $19.00 to $21.00 in a report on Friday, November 15th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $21.33.

Independence Realty Trust Stock Down 1.5 %

NYSE IRT traded down $0.31 on Friday, hitting $20.44. 2,705,438 shares of the stock were exchanged, compared to its average volume of 1,818,042. The company has a 50-day moving average price of $19.70 and a 200-day moving average price of $20.13. Independence Realty Trust, Inc. has a fifty-two week low of $14.35 and a fifty-two week high of $22.26. The company has a market cap of $4.72 billion, a PE ratio of 113.56, a PEG ratio of 2.89 and a beta of 1.21.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 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%. As a group, equities research analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Tuesday, December 31st were given a $0.16 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.64 annualized dividend and a yield of 3.13%. Independence Realty Trust's dividend payout ratio (DPR) is 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.