Phocas Financial Corp. Trims Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Phocas Financial Corp. cut its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 6.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 379,876 shares of the real estate investment trust's stock after selling 24,122 shares during the quarter. Phocas Financial Corp. owned 0.17% of Independence Realty Trust worth $7,787,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of the stock. Long Pond Capital LP lifted its position in shares of Independence Realty Trust by 204.7% during 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 purchasing an additional 6,996,365 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in Independence Realty Trust during the second quarter valued at about $22,464,000. B&I Capital AG purchased a new stake in Independence Realty Trust in the second quarter worth $10,900,000. Easterly Investment Partners LLC purchased a new stake in shares of Independence Realty Trust during the 3rd quarter valued at approximately $11,132,000. Finally, Makena Capital Management LLC purchased a new stake in shares of Independence Realty Trust during the second quarter worth $10,039,000. 88.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on IRT. BTIG Research upped their price target on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, August 12th. JMP Securities raised their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a "market outperform" rating in a research note on Monday, September 9th. KeyCorp raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, September 6th. BMO Capital Markets raised Independence Realty Trust from an "underperform" rating to a "market perform" rating and raised their price objective for the company from $19.00 to $21.00 in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on 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 equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Independence Realty Trust presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.43.

Independence Realty Trust Stock Up 0.7 %

Shares of NYSE:IRT traded up $0.15 during trading on Tuesday, hitting $21.40. The stock had a trading volume of 1,128,066 shares, compared to its average volume of 2,264,748. Independence Realty Trust, Inc. has a 12 month low of $12.99 and a 12 month high of $21.45. The firm's fifty day moving average is $20.17 and its 200 day moving average is $19.05. The company has a market capitalization of $4.82 billion, a PE ratio of 18.41, a PEG ratio of 3.00 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date was Monday, September 30th.

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.