Zurcher Kantonalbank Zurich Cantonalbank Purchases 13,663 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 17.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,914 shares of the real estate investment trust’s stock after purchasing an additional 13,663 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Independence Realty Trust were worth $1,422,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp increased its position in Independence Realty Trust by 83.9% during the 4th quarter. Fifth Third Bancorp now owns 2,593 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 1,183 shares in the last quarter. Allworth Financial LP increased its position in Independence Realty Trust by 37.0% during the 4th quarter. Allworth Financial LP now owns 4,237 shares of the real estate investment trust’s stock worth $65,000 after purchasing an additional 1,145 shares in the last quarter. Sound Income Strategies LLC increased its position in Independence Realty Trust by 36.1% during the 4th quarter. Sound Income Strategies LLC now owns 4,850 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 1,287 shares in the last quarter. Clearstead Advisors LLC acquired a new position in Independence Realty Trust during the 3rd quarter worth approximately $85,000. Finally, CHICAGO TRUST Co NA acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $153,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Stock Down 0.6 %

IRT opened at $15.66 on Friday. Independence Realty Trust, Inc. has a twelve month low of $11.61 and a twelve month high of $18.77. The company has a fifty day moving average of $15.66 and a 200-day moving average of $14.77. The stock has a market cap of $3.52 billion, a PE ratio of -223.68, a price-to-earnings-growth ratio of 2.29 and a beta of 1.07.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, March 29th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend was Wednesday, March 27th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -914.16%.

Wall Street Analysts Forecast Growth

IRT has been the subject of a number of research analyst reports. TheStreet cut shares of Independence Realty Trust from a “c” rating to a “d+” rating in a research report on Friday, March 1st. Deutsche Bank Aktiengesellschaft began coverage on shares of Independence Realty Trust in a research report on Tuesday, January 30th. They issued a “buy” rating and a $18.00 price target for the company. Royal Bank of Canada upped their price target on shares of Independence Realty Trust from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. JMP Securities upped their price target on shares of Independence Realty Trust from $15.00 to $17.00 and gave the company a “market outperform” rating in a research report on Wednesday, March 6th. Finally, Barclays decreased their price target on shares of Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $17.00.

About Independence Realty Trust

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.