Sumitomo Mitsui Trust Group Inc. Cuts Stock Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 0.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 243,814 shares of the real estate investment trust’s stock after selling 1,113 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Independence Realty Trust were worth $4,837,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in shares of Independence Realty Trust during the third quarter valued at approximately $28,000. Blue Trust Inc. grew its holdings in shares of Independence Realty Trust by 295.9% during the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 1,527 shares during the last quarter. Assetmark Inc. purchased a new stake in shares of Independence Realty Trust during the third quarter valued at approximately $41,000. Avior Wealth Management LLC grew its holdings in shares of Independence Realty Trust by 437.8% during the third quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 2,443 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Independence Realty Trust during the third quarter valued at approximately $64,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Trading Up 2.1 %

IRT opened at $20.50 on Friday. Independence Realty Trust, Inc. has a 1-year low of $14.35 and a 1-year high of $22.26. The company has a market capitalization of $4.61 billion, a PE ratio of 62.11, a PEG ratio of 2.77 and a beta of 1.21. The firm’s 50 day simple moving average is $19.78 and its two-hundred day simple moving average is $20.06.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a negative net margin of 0.03% and a negative return on equity of 0.01%. Equities analysts forecast that Independence Realty Trust, Inc. will post 1.15 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were given a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.64 annualized dividend and a yield of 3.12%. Independence Realty Trust’s payout ratio is presently 193.94%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on IRT shares. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their price target for the company from $19.00 to $21.00 in a report on Friday, November 15th. JMP Securities restated a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a research report on Tuesday. Finally, Barclays lowered their price objective on shares of Independence Realty Trust from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.86.

Independence Realty Trust Company 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.