State of Alaska Department of Revenue Sells 127,277 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

State of Alaska Department of Revenue lessened its holdings in Independence Realty Trust, Inc. (NYSE:IRTGet Rating) by 47.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 139,708 shares of the real estate investment trust’s stock after selling 127,277 shares during the period. State of Alaska Department of Revenue’s holdings in Independence Realty Trust were worth $2,895,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. BlackRock Inc. increased its position in Independence Realty Trust by 100.0% during the first quarter. BlackRock Inc. now owns 39,462,883 shares of the real estate investment trust’s stock valued at $1,043,399,000 after acquiring an additional 19,735,415 shares during the last quarter. Vanguard Group Inc. grew its holdings in Independence Realty Trust by 98.9% during the 1st quarter. Vanguard Group Inc. now owns 24,329,328 shares of the real estate investment trust’s stock valued at $643,267,000 after purchasing an additional 12,099,993 shares during the last quarter. State Street Corp raised its position in Independence Realty Trust by 121.7% in the 1st quarter. State Street Corp now owns 12,302,671 shares of the real estate investment trust’s stock worth $326,733,000 after purchasing an additional 6,753,959 shares during the period. Long Pond Capital LP bought a new stake in Independence Realty Trust in the fourth quarter worth about $85,236,000. Finally, Millennium Management LLC lifted its stake in Independence Realty Trust by 109.7% in the fourth quarter. Millennium Management LLC now owns 4,565,133 shares of the real estate investment trust’s stock worth $117,917,000 after purchasing an additional 2,387,677 shares during the last quarter. Institutional investors own 83.09% of the company’s stock.

Analyst Upgrades and Downgrades

IRT has been the subject of several analyst reports. Compass Point set a $24.50 price objective on shares of Independence Realty Trust in a research note on Monday, June 20th. StockNews.com raised shares of Independence Realty Trust to a “sell” rating in a research note on Tuesday, August 9th. TheStreet downgraded shares of Independence Realty Trust from a “b-” rating to a “c+” rating in a research note on Tuesday, May 31st. Jefferies Financial Group decreased their price objective on shares of Independence Realty Trust from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, June 30th. Finally, KeyCorp decreased their price objective on shares of Independence Realty Trust from $29.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, June 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Independence Realty Trust currently has an average rating of “Moderate Buy” and an average target price of $26.72.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT opened at $17.77 on Friday. The firm has a market cap of $3.95 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 8.54 and a beta of 0.94. The firm’s 50 day simple moving average is $20.57 and its 200-day simple moving average is $22.85. Independence Realty Trust, Inc. has a one year low of $17.63 and a one year high of $28.42.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, September 30th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Thursday, September 29th. Independence Realty Trust’s payout ratio is 86.15%.

Independence Realty Trust Company Profile

(Get Rating)

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.

Further Reading

Want to see what other hedge funds are holding IRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independence Realty Trust, Inc. (NYSE:IRTGet Rating).

Institutional Ownership by Quarter for Independence Realty Trust (NYSE:IRT)

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