Prudential Financial Inc. Has $474,000 Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Prudential Financial Inc. reduced its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 77.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,606 shares of the real estate investment trust's stock after selling 78,212 shares during the quarter. Prudential Financial Inc.'s holdings in Independence Realty Trust were worth $474,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in Independence Realty Trust by 38.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust's stock valued at $51,150,000 after purchasing an additional 686,630 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Independence Realty Trust in the fourth quarter worth $12,105,000. Aew Capital Management L P increased its position in Independence Realty Trust by 23.1% during the fourth quarter. Aew Capital Management L P now owns 2,316,915 shares of the real estate investment trust's stock worth $45,968,000 after acquiring an additional 434,290 shares during the period. Grove Bank & Trust bought a new position in Independence Realty Trust during the fourth quarter worth $7,636,000. Finally, Jennison Associates LLC boosted its holdings in Independence Realty Trust by 4.8% in the 4th quarter. Jennison Associates LLC now owns 6,139,652 shares of the real estate investment trust's stock valued at $121,811,000 after purchasing an additional 278,959 shares during the period. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Stock Up 0.6 %

NYSE:IRT traded up $0.12 during trading hours on Tuesday, reaching $18.85. The company had a trading volume of 75,267 shares, compared to its average volume of 1,995,211. The firm has a market capitalization of $4.36 billion, a PE ratio of 104.50, a PEG ratio of 2.91 and a beta of 0.98. The stock has a 50-day moving average of $20.39 and a two-hundred day moving average of $20.18. Independence Realty Trust, Inc. has a one year low of $15.27 and a one year high of $22.26.

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Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, topping 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, sell-side analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Friday, March 28th. Independence Realty Trust's dividend payout ratio (DPR) is currently 355.56%.

Insider Transactions at Independence Realty Trust

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of Independence Realty Trust stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total value of $212,100.00. Following the completion of the transaction, the chief executive officer now owns 873,365 shares in the company, valued at approximately $18,524,071.65. The trade was a 1.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.58% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. UBS Group initiated coverage on shares of Independence Realty Trust in a report on Monday, April 7th. They set a "buy" rating and a $24.00 price objective on the stock. Barclays upped their price target on Independence Realty Trust from $20.00 to $21.00 and gave the company an "equal weight" rating in a report on Friday. Jefferies Financial Group raised Independence Realty Trust from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $20.00 to $24.00 in a report on Monday, March 10th. JMP Securities restated a "market outperform" rating and issued a $22.00 target price on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Finally, Wells Fargo & Company started coverage on shares of Independence Realty Trust in a research note on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Independence Realty Trust presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.33.

Independence Realty Trust 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.