Independence Realty Trust, Inc. $IRT Stock Holdings Decreased by Bamco Inc. NY

Bamco Inc. NY lowered its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 35.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,467,193 shares of the real estate investment trust’s stock after selling 789,568 shares during the quarter. Bamco Inc. NY owned 0.61% of Independence Realty Trust worth $24,047,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Long Pond Capital LP grew its position in Independence Realty Trust by 564.5% during the 2nd quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock worth $97,304,000 after purchasing an additional 4,672,690 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Independence Realty Trust by 1,435.4% in the third quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock worth $62,733,000 after buying an additional 3,578,221 shares during the period. Balyasny Asset Management L.P. purchased a new position in shares of Independence Realty Trust during the second quarter valued at $30,368,000. Freestone Grove Partners LP purchased a new position in shares of Independence Realty Trust during the third quarter valued at $21,965,000. Finally, Schonfeld Strategic Advisors LLC raised its position in Independence Realty Trust by 3,284.7% during the third quarter. Schonfeld Strategic Advisors LLC now owns 1,157,916 shares of the real estate investment trust’s stock valued at $18,978,000 after buying an additional 1,123,706 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IRT. Colliers Securities downgraded Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Citigroup reissued an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. BMO Capital Markets upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $20.00 to $22.00 in a report on Friday, January 9th. Finally, Wells Fargo & Company lowered their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.61.

Independence Realty Trust Price Performance

NYSE IRT opened at $15.81 on Monday. Independence Realty Trust, Inc. has a fifty-two week low of $15.06 and a fifty-two week high of $21.56. The stock’s 50-day moving average is $16.71 and its two-hundred day moving average is $16.77. The firm has a market cap of $3.75 billion, a P/E ratio of 65.89, a price-to-earnings-growth ratio of 2.00 and a beta of 0.99.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The firm’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.32 EPS. On average, equities analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Friday, March 27th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 27th. 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 283.33%.

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.