Citigroup Inc. Cuts Holdings in Independence Realty Trust, Inc. $IRT

Citigroup Inc. decreased its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 89.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 148,301 shares of the real estate investment trust’s stock after selling 1,251,903 shares during the period. Citigroup Inc. owned about 0.06% of Independence Realty Trust worth $2,431,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. First Horizon Corp purchased a new position in shares of Independence Realty Trust in the 3rd quarter valued at $27,000. Financial Gravity Companies Inc. purchased a new stake in shares of Independence Realty Trust during the 2nd quarter worth $54,000. Caldwell Trust Co purchased a new stake in shares of Independence Realty Trust during the 2nd quarter worth $61,000. Global Retirement Partners LLC boosted its position in Independence Realty Trust by 30.8% during the third 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 in the last quarter. Finally, Covestor Ltd boosted its position in Independence Realty Trust by 55.6% during the third quarter. Covestor Ltd now owns 6,812 shares of the real estate investment trust’s stock valued at $112,000 after purchasing an additional 2,435 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on IRT shares. Citigroup reissued an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. Wells Fargo & Company cut 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. Wall Street Zen cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Sunday, February 22nd. Deutsche Bank Aktiengesellschaft downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research note on Tuesday, January 20th. Finally, Colliers Securities lowered Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $20.95.

Independence Realty Trust Stock Down 0.8%

IRT stock opened at $16.51 on Friday. The stock has a market capitalization of $3.92 billion, a PE ratio of 68.79, a price-to-earnings-growth ratio of 2.08 and a beta of 0.99. Independence Realty Trust, Inc. has a 52 week low of $15.06 and a 52 week high of $21.67. The firm has a 50 day moving average of $16.85 and a 200 day moving average of $16.82.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.32. The business had revenue of $167.13 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted $0.32 earnings per share. On average, equities research analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st were issued a $0.17 dividend. The ex-dividend date of this dividend 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%.

Independence Realty Trust Company 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.