Bank of New York Mellon Corp Has $40.54 Million Position in Independence Realty Trust, Inc. (NYSE:IRT)

Bank of New York Mellon Corp reduced its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,909,354 shares of the real estate investment trust’s stock after selling 45,187 shares during the quarter. Bank of New York Mellon Corp owned 0.83% of Independence Realty Trust worth $40,536,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its holdings in Independence Realty Trust by 67.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 1,000 shares during the last quarter. Wealthquest Corp bought a new position in Independence Realty Trust in the first quarter valued at about $85,000. GF Fund Management CO. LTD. bought a new position in Independence Realty Trust in the fourth quarter valued at about $83,000. State of Wyoming boosted its holdings in Independence Realty Trust by 49.2% in the fourth quarter. State of Wyoming now owns 4,355 shares of the real estate investment trust’s stock valued at $86,000 after acquiring an additional 1,437 shares during the last quarter. Finally, Ameriflex Group Inc. bought a new position in Independence Realty Trust in the fourth quarter valued at about $111,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group assumed coverage on Independence Realty Trust in a report on Monday, April 7th. They set a “buy” rating and a $24.00 target price on the stock. JMP Securities restated a “market outperform” rating and set a $25.00 target price on shares of Independence Realty Trust in a report on Monday, May 5th. Wells Fargo & Company assumed coverage on Independence Realty Trust in a report on Wednesday, March 19th. They set an “overweight” rating and a $24.00 target price on the stock. Compass Point restated a “neutral” rating and set a $22.00 target price on shares of Independence Realty Trust in a report on Tuesday, May 13th. Finally, Barclays raised their target price on Independence Realty Trust from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.70.

Independence Realty Trust Trading Down 0.4%

Shares of Independence Realty Trust stock opened at $17.47 on Tuesday. The business’s fifty day simple moving average is $18.26 and its 200 day simple moving average is $19.28. The firm has a market capitalization of $4.08 billion, a P/E ratio of 124.75, a price-to-earnings-growth ratio of 2.49 and a beta of 0.93. Independence Realty Trust, Inc. has a 12 month low of $17.10 and a 12 month high of $22.26.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.01). The firm had revenue of $160.91 million during the quarter, compared to the consensus estimate of $164.08 million. Independence Realty Trust had a net margin of 4.70% and a return on equity of 0.85%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 earnings per share. Analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Friday, June 27th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.89%. This is a positive change from Independence Realty Trust’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, June 27th. Independence Realty Trust’s payout ratio is presently 485.71%.

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.