Independence Realty Trust, Inc. $IRT Position Reduced by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. cut its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 1.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 350,914 shares of the real estate investment trust’s stock after selling 4,991 shares during the quarter. Asset Management One Co. Ltd. owned 0.15% of Independence Realty Trust worth $6,208,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in Independence Realty Trust by 3.5% during the first quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust’s stock valued at $15,864,000 after buying an additional 25,124 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Independence Realty Trust by 889.9% in the 1st quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust’s stock valued at $8,721,000 after purchasing an additional 369,303 shares during the period. Headlands Technologies LLC acquired a new position in shares of Independence Realty Trust in the 1st quarter valued at about $53,000. Cbre Investment Management Listed Real Assets LLC increased its holdings in shares of Independence Realty Trust by 120.0% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust’s stock valued at $47,425,000 after purchasing an additional 1,218,559 shares during the period. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Independence Realty Trust in the 2nd quarter valued at about $1,105,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company dropped their target price on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, August 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a report on Wednesday, October 8th. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and upped their target price for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Wall Street Zen upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. Finally, UBS Group dropped their price objective on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, July 15th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.14.

Independence Realty Trust Stock Performance

NYSE:IRT opened at $15.81 on Wednesday. The stock’s 50 day moving average price is $16.88 and its 200 day moving average price is $17.70. Independence Realty Trust, Inc. has a 52 week low of $15.78 and a 52 week high of $22.26. The company has a market capitalization of $3.70 billion, a P/E ratio of 131.71, a P/E/G ratio of 2.23 and a beta of 0.95.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.28. The firm had revenue of $161.89 million during the quarter, compared to analysts’ expectations of $164.78 million. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.During the same quarter in the prior year, the business earned $0.28 earnings per share. As a group, sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a yield of 4.3%. Independence Realty Trust’s dividend payout ratio is presently 566.67%.

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.