Independence Realty Trust, Inc. $IRT Shares Sold by Centersquare Investment Management LLC

Centersquare Investment Management LLC decreased its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 95.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,000 shares of the real estate investment trust’s stock after selling 1,771,950 shares during the quarter. Centersquare Investment Management LLC’s holdings in Independence Realty Trust were worth $1,295,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of IRT. First Horizon Corp acquired a new stake in Independence Realty Trust in the 3rd quarter worth about $27,000. Hantz Financial Services Inc. boosted its stake in shares of Independence Realty Trust by 551.2% in the second quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 1,582 shares during the last quarter. Financial Gravity Companies Inc. purchased a new stake in shares of Independence Realty Trust during the second quarter worth approximately $54,000. Caldwell Trust Co purchased a new stake in shares of Independence Realty Trust during the second quarter worth approximately $61,000. Finally, Global Retirement Partners LLC raised its stake in Independence Realty Trust by 30.8% in the 3rd quarter. Global Retirement Partners LLC now owns 4,245 shares of the real estate investment trust’s stock valued at $70,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $16.77 on Thursday. The firm has a 50 day simple moving average of $16.93 and a 200-day simple moving average of $16.85. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of 69.86, a price-to-earnings-growth ratio of 2.11 and a beta of 1.00. Independence Realty Trust, Inc. has a 1-year low of $15.06 and a 1-year 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 EPS for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $167.13 million for the quarter, compared to analyst estimates of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.32 EPS. Equities analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

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

Analysts Set New Price Targets

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

Independence Realty Trust Profile

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.