Principal Financial Group Inc. Lowers Position in Independence Realty Trust, Inc. (NYSE:IRT)

Principal Financial Group Inc. cut its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 9.6% in the 4th quarter, HoldingsChannel reports. The firm owned 1,425,478 shares of the real estate investment trust’s stock after selling 151,216 shares during the quarter. Principal Financial Group Inc.’s holdings in Independence Realty Trust were worth $24,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in IRT. Raymond James Financial Services Advisors Inc. increased its position in shares of Independence Realty Trust by 58.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 59,048 shares of the real estate investment trust’s stock valued at $1,561,000 after purchasing an additional 21,858 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Independence Realty Trust by 174.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 19,091 shares of the real estate investment trust’s stock valued at $504,000 after purchasing an additional 12,126 shares during the last quarter. Bank of Montreal Can increased its position in shares of Independence Realty Trust by 104.2% during the 1st quarter. Bank of Montreal Can now owns 190,015 shares of the real estate investment trust’s stock valued at $5,102,000 after purchasing an additional 96,945 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Independence Realty Trust by 219.8% during the 1st quarter. MetLife Investment Management LLC now owns 116,831 shares of the real estate investment trust’s stock valued at $3,089,000 after purchasing an additional 80,293 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Independence Realty Trust by 105.9% during the 1st quarter. Rhumbline Advisers now owns 621,639 shares of the real estate investment trust’s stock valued at $16,436,000 after purchasing an additional 319,772 shares during the last quarter. 81.01% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Down 0.1 %

Shares of NYSE IRT opened at $16.78 on Friday. Independence Realty Trust, Inc. has a 52 week low of $14.55 and a 52 week high of $24.17. The business has a 50-day simple moving average of $16.22 and a two-hundred day simple moving average of $17.20. The company has a market cap of $3.77 billion, a P/E ratio of 72.96, a P/E/G ratio of 7.24 and a beta of 1.00.

Independence Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 21st. Shareholders of record on Friday, June 30th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $0.64 annualized dividend and a yield of 3.81%. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.14. Independence Realty Trust’s dividend payout ratio (DPR) is currently 278.26%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Barclays raised their target price on Independence Realty Trust from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, March 1st. StockNews.com began coverage on Independence Realty Trust in a report on Thursday. They issued a “sell” rating for the company. TheStreet lowered Independence Realty Trust from a “b-” rating to a “c” rating in a report on Wednesday, April 26th. Citigroup lifted their price objective on Independence Realty Trust from $18.50 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, February 23rd. Finally, JMP Securities raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a report on Monday, May 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.72.

Independence Realty Trust Profile

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Independence Realty Trust, Inc is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It aims to provide stockholders risk-adjusted returns through diligent portfolio management, operational performance and consistent return of capital through distributions and capital appreciation.