JPMorgan Chase & Co. Has $51.15 Million Stake in Independence Realty Trust, Inc. (NYSE:IRT)

JPMorgan Chase & Co. grew its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 38.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,495,118 shares of the real estate investment trust's stock after acquiring an additional 686,630 shares during the period. JPMorgan Chase & Co. owned 1.11% of Independence Realty Trust worth $51,150,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Ashton Thomas Private Wealth LLC purchased a new position in Independence Realty Trust in the second quarter valued at about $25,000. V Square Quantitative Management LLC acquired a new stake in shares of Independence Realty Trust during the 3rd quarter valued at about $28,000. Mattson Financial Services LLC bought a new stake in shares of Independence Realty Trust in the 2nd quarter valued at approximately $28,000. Assetmark Inc. acquired a new position in Independence Realty Trust in the third quarter worth approximately $41,000. Finally, Blue Trust Inc. raised its position in Independence Realty Trust by 295.9% during the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust's stock valued at $38,000 after acquiring an additional 1,527 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on IRT. Barclays began coverage on shares of Independence Realty Trust in a research report on Tuesday, December 17th. They issued an "equal weight" rating and a $23.00 target price for the company. Deutsche Bank Aktiengesellschaft increased their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, September 10th. JMP Securities boosted their price target on Independence Realty Trust from $20.00 to $22.00 and gave the stock a "market outperform" rating in a research report on Monday, September 9th. Finally, BMO Capital Markets raised Independence Realty Trust from an "underperform" rating to a "market perform" rating and increased their price objective for the company from $19.00 to $21.00 in a report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $21.14.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock traded up $0.16 during trading on Friday, reaching $19.92. The company's stock had a trading volume of 994,253 shares, compared to its average volume of 1,204,826. Independence Realty Trust, Inc. has a one year low of $14.07 and a one year high of $22.26. The firm has a market cap of $4.48 billion, a price-to-earnings ratio of 76.62, a price-to-earnings-growth ratio of 3.07 and a beta of 1.21. The business's fifty day moving average price is $20.73 and its 200-day moving average price is $19.97.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.21%. The ex-dividend date is Tuesday, December 31st. Independence Realty Trust's dividend payout ratio is currently 246.15%.

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.