Independence Realty Trust, Inc. (NYSE:IRT) Stake Reduced by abrdn plc

abrdn plc reduced its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 13.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,790 shares of the real estate investment trust’s stock after selling 6,355 shares during the quarter. abrdn plc’s holdings in Independence Realty Trust were worth $639,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in IRT. Penserra Capital Management LLC grew its holdings in shares of Independence Realty Trust by 2.5% in the 3rd quarter. Penserra Capital Management LLC now owns 31,415 shares of the real estate investment trust’s stock worth $441,000 after acquiring an additional 774 shares during the last quarter. Arizona State Retirement System lifted its stake in Independence Realty Trust by 1.4% during the third quarter. Arizona State Retirement System now owns 63,947 shares of the real estate investment trust’s stock valued at $900,000 after buying an additional 910 shares in the last quarter. Taylor Frigon Capital Management LLC lifted its stake in Independence Realty Trust by 1.3% during the third quarter. Taylor Frigon Capital Management LLC now owns 78,256 shares of the real estate investment trust’s stock valued at $1,101,000 after buying an additional 986 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Independence Realty Trust by 37.0% in the fourth quarter. Allworth Financial LP now owns 4,237 shares of the real estate investment trust’s stock worth $65,000 after buying an additional 1,145 shares during the period. Finally, Fifth Third Bancorp increased its position in shares of Independence Realty Trust by 83.9% in the fourth quarter. Fifth Third Bancorp now owns 2,593 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 1,183 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Independence Realty Trust in a research report on Tuesday, January 30th. They set a “buy” rating and a $18.00 price objective on the stock. TheStreet cut Independence Realty Trust from a “c” rating to a “d+” rating in a research note on Friday, March 1st. Royal Bank of Canada increased their price target on shares of Independence Realty Trust from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Barclays lowered their price objective on shares of Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. Finally, JMP Securities lifted their target price on shares of Independence Realty Trust from $15.00 to $17.00 and gave the company a “market outperform” rating in a research note on Wednesday, March 6th. Two equities research analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $17.00.

Independence Realty Trust Trading Up 0.6 %

Shares of NYSE:IRT opened at $15.96 on Tuesday. Independence Realty Trust, Inc. has a 1 year low of $11.61 and a 1 year high of $18.77. The firm has a fifty day moving average price of $15.67 and a 200 day moving average price of $14.81. The stock has a market capitalization of $3.59 billion, a PE ratio of -531.83, a P/E/G ratio of 2.32 and a beta of 1.07.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, March 29th were issued a $0.16 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.64 annualized dividend and a yield of 4.01%. Independence Realty Trust’s dividend payout ratio (DPR) is currently -2,133.33%.

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.