Envestnet Asset Management Inc. Raises Position in Independence Realty Trust, Inc. (NYSE:IRT)

Envestnet Asset Management Inc. increased its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 52.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 111,075 shares of the real estate investment trust's stock after purchasing an additional 38,441 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Independence Realty Trust were worth $2,082,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Long Pond Capital LP lifted its holdings in Independence Realty Trust by 204.7% in the first quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust's stock valued at $167,986,000 after buying an additional 6,996,365 shares during the period. B&I Capital AG acquired a new position in Independence Realty Trust in the second quarter valued at $10,900,000. Mesirow Institutional Investment Management Inc. acquired a new position in Independence Realty Trust in the first quarter valued at $8,867,000. Easterly Investment Partners LLC acquired a new position in Independence Realty Trust in the first quarter valued at $8,530,000. Finally, Frontier Capital Management Co. LLC lifted its holdings in Independence Realty Trust by 19.3% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,960,798 shares of the real estate investment trust's stock valued at $45,300,000 after buying an additional 479,379 shares during the period. Institutional investors own 88.25% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on IRT shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, September 10th. JMP Securities increased their price objective on shares of 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. KeyCorp increased their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. Finally, BTIG Research increased 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. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat.com, Independence Realty Trust currently has an average rating of "Moderate Buy" and an average target price of $19.57.

Independence Realty Trust Trading Down 0.8 %

NYSE IRT traded down $0.15 during trading hours on Friday, hitting $19.53. The company's stock had a trading volume of 1,997,961 shares, compared to its average volume of 2,272,704. Independence Realty Trust, Inc. has a 52 week low of $11.61 and a 52 week high of $21.20. The company has a market capitalization of $4.40 billion, a PE ratio of -651.00, a price-to-earnings-growth ratio of 3.10 and a beta of 1.17. The company's 50-day simple moving average is $20.07 and its two-hundred day simple moving average is $18.16.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Monday, September 30th will be given a $0.16 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.64 annualized dividend and a yield of 3.28%. Independence Realty Trust's payout ratio is -2,133.33%.

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.