Redpoint Investment Management Pty Ltd Takes Position in Independence Realty Trust, Inc. (NYSE:IRT)

Redpoint Investment Management Pty Ltd purchased a new position in Independence Realty Trust, Inc. (NYSE:IRTGet Rating) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 11,145 shares of the real estate investment trust’s stock, valued at approximately $231,000.

Several other hedge funds have also recently bought and sold shares of IRT. BlackRock Inc. grew its holdings in Independence Realty Trust by 100.0% in 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 purchasing an additional 19,735,415 shares during the last quarter. Vanguard Group Inc. grew its stake in Independence Realty Trust by 98.9% in 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 acquiring an additional 12,099,993 shares during the last quarter. State Street Corp increased its holdings in Independence Realty Trust by 121.7% during the 1st quarter. State Street Corp now owns 12,302,671 shares of the real estate investment trust’s stock valued at $326,733,000 after acquiring an additional 6,753,959 shares in the last quarter. Long Pond Capital LP acquired a new position in Independence Realty Trust during the fourth quarter worth about $85,236,000. Finally, Millennium Management LLC raised its position in Independence Realty Trust by 109.7% during 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 acquiring an additional 2,387,677 shares during the last quarter. 83.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IRT has been the subject of a number of recent research reports. KeyCorp dropped 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. TheStreet cut Independence Realty Trust from a “b-” rating to a “c+” rating in a report on Tuesday, May 31st. Compass Point set a $24.50 price objective on 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. Finally, Jefferies Financial Group decreased their price target on shares of Independence Realty Trust from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, June 30th. 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 stock. According to data from MarketBeat, Independence Realty Trust presently has an average rating of “Moderate Buy” and a consensus price target of $26.72.

Independence Realty Trust Stock Performance

IRT opened at $18.84 on Monday. Independence Realty Trust, Inc. has a 1 year low of $18.39 and a 1 year high of $28.42. The company’s 50 day simple moving average is $20.74 and its 200 day simple moving average is $23.06. The stock has a market capitalization of $4.18 billion, a PE ratio of 28.98, a P/E/G ratio of 8.75 and a beta of 0.94.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Friday, September 30th will be issued a $0.14 dividend. The ex-dividend date is Thursday, September 29th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.97%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 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.

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

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