Independence Realty Trust, Inc. (NYSE:IRT) Position Cut by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 6.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 701,302 shares of the real estate investment trust's stock after selling 52,303 shares during the quarter. Principal Financial Group Inc. owned about 0.31% of Independence Realty Trust worth $14,377,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $25,000. Mattson Financial Services LLC acquired a new stake in Independence Realty Trust during the 2nd quarter valued at $28,000. V Square Quantitative Management LLC purchased a new stake in Independence Realty Trust during the 3rd quarter worth $28,000. Blue Trust Inc. lifted its holdings in Independence Realty Trust by 295.9% in the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust's stock worth $38,000 after buying an additional 1,527 shares in the last quarter. Finally, Assetmark Inc. acquired a new position in Independence Realty Trust in the 3rd quarter worth $41,000. Institutional investors and hedge funds own 88.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft lifted their target price on Independence Realty Trust from $18.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, September 10th. Barclays assumed coverage on Independence Realty Trust in a research report on Tuesday, December 17th. They issued an "equal weight" rating and a $23.00 target price on the stock. JMP Securities raised their price target 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 upped their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Finally, BMO Capital Markets raised shares of Independence Realty Trust from an "underperform" rating to a "market perform" rating and raised their price objective for the stock 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 company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $21.14.

Independence Realty Trust Stock Down 2.0 %

Shares of NYSE:IRT traded down $0.40 on Friday, reaching $19.96. 1,599,264 shares of the company's stock were exchanged, compared to its average volume of 1,428,943. Independence Realty Trust, Inc. has a fifty-two week low of $14.07 and a fifty-two week high of $22.26. The business's 50-day moving average is $20.71 and its two-hundred day moving average is $19.91. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 76.77, a PEG ratio of 3.07 and a beta of 1.19.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.64 dividend on an annualized basis and a yield of 3.21%. 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.