SG Americas Securities LLC lifted its position in shares of Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 94.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,174 shares of the real estate investment trust’s stock after purchasing an additional 15,617 shares during the period. SG Americas Securities LLC’s holdings in Independence Realty Trust were worth $851,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in IRT. New York State Teachers Retirement System increased its position in shares of Independence Realty Trust by 1.9% during the fourth quarter. New York State Teachers Retirement System now owns 70,022 shares of the real estate investment trust’s stock worth $1,809,000 after purchasing an additional 1,300 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Independence Realty Trust by 66.9% during the fourth quarter. Van ECK Associates Corp now owns 8,183 shares of the real estate investment trust’s stock worth $211,000 after buying an additional 3,281 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Independence Realty Trust during the fourth quarter worth about $9,150,000. Commonwealth Equity Services LLC purchased a new position in shares of Independence Realty Trust during the fourth quarter worth about $5,173,000. Finally, State of New Jersey Common Pension Fund D grew its holdings in shares of Independence Realty Trust by 37.1% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 409,600 shares of the real estate investment trust’s stock worth $10,580,000 after buying an additional 110,750 shares during the last quarter. Institutional investors and hedge funds own 82.42% of the company’s stock.
Independence Realty Trust Price Performance
Shares of NYSE:IRT opened at $22.20 on Monday. The business’s 50 day simple moving average is $21.66 and its 200-day simple moving average is $23.82. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of 31.27, a price-to-earnings-growth ratio of 10.02 and a beta of 0.91. Independence Realty Trust, Inc. has a 12 month low of $18.99 and a 12 month high of $28.42.
Independence Realty Trust Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 22nd. Investors of record on Friday, July 1st were given a dividend of $0.14 per share. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Thursday, June 30th. Independence Realty Trust’s payout ratio is currently 78.87%.
Analyst Ratings Changes
IRT has been the topic of a number of research reports. KeyCorp lowered their price target on Independence Realty Trust from $29.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, June 28th. TheStreet lowered Independence Realty Trust from a “b-” rating to a “c+” rating in a report on Tuesday, May 31st. BTIG Research assumed coverage on Independence Realty Trust in a report on Monday, May 9th. They issued a “buy” rating and a $27.00 price objective on the stock. StockNews.com raised Independence Realty Trust to a “sell” rating in a report on Thursday. Finally, Compass Point set a $24.50 price objective on Independence Realty Trust in a report on Monday, June 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.72.
Independence Realty Trust Profile
Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
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