Van ECK Associates Corp Grows Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Van ECK Associates Corp grew its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 7.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,723 shares of the real estate investment trust’s stock after buying an additional 4,547 shares during the period. Van ECK Associates Corp’s holdings in Independence Realty Trust were worth $1,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Harbor Investment Advisory LLC raised its position in shares of Independence Realty Trust by 132.6% during the fourth quarter. Harbor Investment Advisory LLC now owns 3,894 shares of the real estate investment trust’s stock valued at $66,000 after buying an additional 2,220 shares during the last quarter. Armstrong Advisory Group Inc. bought a new stake in shares of Independence Realty Trust during the fourth quarter valued at approximately $86,000. EWG Elevate Inc. bought a new stake in shares of Independence Realty Trust during the fourth quarter valued at approximately $95,000. Point72 Hong Kong Ltd raised its position in shares of Independence Realty Trust by 32.6% during the third quarter. Point72 Hong Kong Ltd now owns 6,966 shares of the real estate investment trust’s stock valued at $117,000 after buying an additional 1,712 shares during the last quarter. Finally, Signaturefd LLC raised its position in shares of Independence Realty Trust by 2,037.5% during the fourth quarter. Signaturefd LLC now owns 7,289 shares of the real estate investment trust’s stock valued at $123,000 after buying an additional 6,948 shares during the last quarter. Institutional investors own 81.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on IRT shares. JMP Securities upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research report on Monday, May 8th. Citigroup boosted their price target on shares of Independence Realty Trust from $18.50 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, February 23rd. StockNews.com upgraded shares of Independence Realty Trust to a “sell” rating in a research report on Friday, May 5th. Barclays boosted their price target on shares of Independence Realty Trust from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 1st. Finally, TheStreet cut shares of Independence Realty Trust from a “b-” rating to a “c” rating in a research report on Wednesday, April 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $20.72.

Independence Realty Trust Stock Down 0.7 %

NYSE IRT opened at $17.14 on Friday. The company has a fifty day moving average of $16.28 and a two-hundred day moving average of $17.20. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 74.52, a PEG ratio of 7.35 and a beta of 1.00. Independence Realty Trust, Inc. has a 52 week low of $14.55 and a 52 week high of $24.17.

Independence Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 21st. Stockholders of record on Friday, June 30th will be paid a dividend of $0.16 per share. This is a positive change from Independence Realty Trust’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date is Thursday, June 29th. Independence Realty Trust’s payout ratio is currently 243.48%.

Independence Realty Trust Company 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.