Resona Asset Management Co. Ltd. Invests $1.79 Million in Independence Realty Trust, Inc. (NYSE:IRT)

Resona Asset Management Co. Ltd. purchased a new stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 89,876 shares of the real estate investment trust's stock, valued at approximately $1,793,000.

Several other hedge funds have also modified their holdings of the business. Massachusetts Financial Services Co. MA lifted its position in shares of Independence Realty Trust by 8.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,380,250 shares of the real estate investment trust's stock valued at $86,904,000 after acquiring an additional 352,307 shares during the period. Wellington Management Group LLP boosted its position in Independence Realty Trust by 17.9% during the fourth quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust's stock worth $265,835,000 after purchasing an additional 2,037,968 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in Independence Realty Trust by 2.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 71,170 shares of the real estate investment trust's stock valued at $1,412,000 after purchasing an additional 1,652 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Independence Realty Trust by 5.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 298,131 shares of the real estate investment trust's stock valued at $5,915,000 after buying an additional 16,331 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Independence Realty Trust during the 4th quarter worth $5,711,000. 88.25% of the stock is owned by institutional investors and hedge funds.

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Independence Realty Trust Price Performance

Independence Realty Trust stock traded up $0.17 during midday trading on Tuesday, hitting $18.90. 127,268 shares of the company were exchanged, compared to its average volume of 2,127,748. The company has a market cap of $4.37 billion, a PE ratio of 104.83, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The company's fifty day moving average price is $20.39 and its 200-day moving average price is $20.18. Independence Realty Trust, Inc. has a fifty-two week low of $15.27 and a fifty-two week high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. On average, analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Friday, March 28th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend is Friday, March 28th. Independence Realty Trust's dividend payout ratio (DPR) is 355.56%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. UBS Group assumed coverage on shares of Independence Realty Trust in a report on Monday, April 7th. They set a "buy" rating and a $24.00 target price for the company. JMP Securities reaffirmed 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. Jefferies Financial Group raised Independence Realty Trust from a "hold" rating to a "buy" rating and raised their price target for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Barclays upped their price objective on Independence Realty Trust from $20.00 to $21.00 and gave the company an "equal weight" rating in a research report on Friday. Finally, Wells Fargo & Company started coverage on Independence Realty Trust in a research note on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Independence Realty Trust presently has an average rating of "Moderate Buy" and a consensus target price of $22.33.

Insider Activity at Independence Realty Trust

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 873,365 shares of the company's stock, valued at $18,524,071.65. This represents a 1.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.58% of the stock is currently owned by company insiders.

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.