Russell Investments Group Ltd. Lowers Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Russell Investments Group Ltd. lessened its position in shares of Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 76.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 158,694 shares of the real estate investment trust’s stock after selling 508,159 shares during the period. Russell Investments Group Ltd. owned approximately 0.07% of Independence Realty Trust worth $2,676,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System grew its position in Independence Realty Trust by 4.3% during the fourth quarter. Arizona State Retirement System now owns 62,662 shares of the real estate investment trust’s stock valued at $1,056,000 after acquiring an additional 2,562 shares during the period. State Board of Administration of Florida Retirement System purchased a new stake in Independence Realty Trust during the fourth quarter valued at about $227,000. IFP Advisors Inc grew its position in Independence Realty Trust by 462.2% during the fourth quarter. IFP Advisors Inc now owns 47,884 shares of the real estate investment trust’s stock valued at $468,000 after acquiring an additional 39,366 shares during the period. LDR Capital Management LLC grew its position in Independence Realty Trust by 2.4% during the fourth quarter. LDR Capital Management LLC now owns 63,289 shares of the real estate investment trust’s stock valued at $1,067,000 after acquiring an additional 1,478 shares during the period. Finally, TD Asset Management Inc purchased a new stake in shares of Independence Realty Trust in the fourth quarter worth about $2,032,000. Hedge funds and other institutional investors own 81.01% of the company’s stock.

Analyst Upgrades and Downgrades

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

Independence Realty Trust Trading Down 0.1 %

Shares of Independence Realty Trust stock opened at $16.78 on Friday. The business’s 50 day simple moving average is $16.22 and its 200-day simple moving average is $17.20. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 72.96, a PEG ratio of 7.18 and a beta of 1.00. Independence Realty Trust, Inc. has a twelve month low of $14.55 and a twelve month high of $24.17.

Independence Realty Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 21st. Investors of record on Friday, June 30th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.81%. This is a positive change from Independence Realty Trust’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, June 29th. Independence Realty Trust’s dividend payout ratio is 243.49%.

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.