abrdn plc boosted its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 114.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,461 shares of the real estate investment trust’s stock after acquiring an additional 25,868 shares during the quarter. abrdn plc’s holdings in Independence Realty Trust were worth $1,301,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IRT. New York State Teachers Retirement System increased its stake in 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 acquiring an additional 1,300 shares during the last quarter. Van ECK Associates Corp increased its stake in 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 acquiring an additional 3,281 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Independence Realty Trust during the fourth quarter worth $9,150,000. Commonwealth Equity Services LLC acquired a new stake in Independence Realty Trust during the fourth quarter worth $5,173,000. Finally, State of New Jersey Common Pension Fund D increased its stake in 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 acquiring 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 Trading Down 2.8 %
NYSE:IRT opened at $21.58 on Tuesday. The firm has a market cap of $4.77 billion, a PE ratio of 33.20, a price-to-earnings-growth ratio of 10.33 and a beta of 0.90. The stock has a fifty day moving average price of $21.63 and a 200 day moving average price of $23.80. Independence Realty Trust, Inc. has a 12-month low of $19.33 and a 12-month high of $28.42.
Independence Realty Trust Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, July 22nd. Shareholders of record on Friday, July 1st were paid a $0.14 dividend. The ex-dividend date was Thursday, June 30th. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a yield of 2.59%. Independence Realty Trust’s dividend payout ratio (DPR) is currently 86.15%.
Analyst Ratings Changes
IRT has been the subject of several recent analyst reports. Compass Point set a $24.50 target price on Independence Realty Trust in a research note on Monday, June 20th. StockNews.com upgraded Independence Realty Trust to a “sell” rating in a research report on Thursday, July 28th. TheStreet lowered Independence Realty Trust from a “b-” rating to a “c+” rating in a research report on Tuesday, May 31st. BTIG Research assumed coverage on Independence Realty Trust in a research report on Monday, May 9th. They set a “buy” rating and a $27.00 price target for the company. Finally, Barclays lowered their price target on Independence Realty Trust from $30.00 to $28.00 in a research report on Tuesday, May 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.72.
Independence Realty Trust Company 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.
- Get a free copy of the StockNews.com research report on Independence Realty Trust (IRT)
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