Federated Hermes Inc. Sells 136,262 Shares of Independence Realty Trust, Inc. $IRT

Federated Hermes Inc. cut its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 60.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 90,324 shares of the real estate investment trust’s stock after selling 136,262 shares during the period. Federated Hermes Inc.’s holdings in Independence Realty Trust were worth $1,480,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Long Pond Capital LP raised its stake in shares of Independence Realty Trust by 564.5% in the 2nd quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock valued at $97,304,000 after purchasing an additional 4,672,690 shares during the period. Balyasny Asset Management L.P. bought a new stake in shares of Independence Realty Trust in the second quarter worth $30,368,000. Norges Bank bought a new stake in Independence Realty Trust during the 2nd quarter worth about $17,642,000. Jennison Associates LLC increased its position in shares of Independence Realty Trust by 12.9% during the 2nd quarter. Jennison Associates LLC now owns 6,926,454 shares of the real estate investment trust’s stock worth $122,529,000 after purchasing an additional 789,515 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC raised its stake in shares of Independence Realty Trust by 32.8% during the 2nd quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,966,540 shares of the real estate investment trust’s stock worth $52,478,000 after purchasing an additional 732,689 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on IRT. BMO Capital Markets raised shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and raised their target price for the company from $20.00 to $22.00 in a research note on Friday, January 9th. Wall Street Zen downgraded shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Zacks Research lowered shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Citigroup reiterated an “outperform” rating on shares of Independence Realty Trust in a research note on Friday, January 9th. Finally, Barclays lifted their price target on Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 25th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.35.

Independence Realty Trust Price Performance

Shares of NYSE IRT opened at $16.40 on Friday. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 163.98, a P/E/G ratio of 2.01 and a beta of 1.00. The stock’s fifty day moving average price is $17.03 and its two-hundred day moving average price is $16.92. Independence Realty Trust, Inc. has a one year low of $15.06 and a one year high of $21.86.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Shareholders of record on Wednesday, December 31st were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Wednesday, December 31st. Independence Realty Trust’s dividend payout ratio is presently 680.00%.

About Independence Realty Trust

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.