Aew Capital Management L P Sells 1,325,558 Shares of Independence Realty Trust, Inc. $IRT

Aew Capital Management L P reduced its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 68.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 603,967 shares of the real estate investment trust’s stock after selling 1,325,558 shares during the period. Independence Realty Trust makes up 0.6% of Aew Capital Management L P’s portfolio, making the stock its 21st biggest position. Aew Capital Management L P owned approximately 0.25% of Independence Realty Trust worth $9,899,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently modified their holdings of the stock. NewEdge Advisors LLC purchased a new stake in Independence Realty Trust during the 1st quarter valued at about $209,000. Goldman Sachs Group Inc. lifted its stake in shares of Independence Realty Trust by 16.7% in the first quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust’s stock worth $62,320,000 after buying an additional 420,682 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Independence Realty Trust by 1.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 253,906 shares of the real estate investment trust’s stock valued at $4,492,000 after buying an additional 4,280 shares during the last quarter. Convergence Investment Partners LLC bought a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $641,000. Finally, Teacher Retirement System of Texas increased its position in shares of Independence Realty Trust by 6.5% during the second quarter. Teacher Retirement System of Texas now owns 35,099 shares of the real estate investment trust’s stock valued at $621,000 after acquiring an additional 2,135 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Trading Up 1.7%

IRT opened at $16.73 on Wednesday. The company’s 50 day moving average is $16.94 and its 200 day moving average is $16.85. The company has a market cap of $3.97 billion, a price-to-earnings ratio of 69.71, a PEG ratio of 2.08 and a beta of 1.00. Independence Realty Trust, Inc. has a 12-month low of $15.06 and a 12-month high of $21.86.

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 for the quarter, hitting the consensus estimate of $0.32. The business had revenue of $167.13 million for the quarter, compared to the consensus estimate of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $0.32 earnings per share. As a group, analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were given a dividend of $0.17 per share. The ex-dividend date was Wednesday, December 31st. This represents a $0.68 annualized dividend and a yield of 4.1%. Independence Realty Trust’s payout ratio is 283.33%.

Wall Street Analysts Forecast Growth

IRT has been the topic of several analyst reports. BMO Capital Markets raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $20.00 to $22.00 in a research report on Friday, January 9th. Barclays upped their price target on Independence Realty Trust from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. UBS Group lifted their price objective on Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Zacks Research lowered Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $21.35.

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.