JPMorgan Chase & Co. Purchases 123,274 Shares of Independence Realty Trust, Inc. $IRT

JPMorgan Chase & Co. increased its position in Independence Realty Trust, Inc. (NYSE:IRT) by 6.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,106,225 shares of the real estate investment trust’s stock after acquiring an additional 123,274 shares during the quarter. JPMorgan Chase & Co. owned about 0.88% of Independence Realty Trust worth $34,521,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. IFM Investors Pty Ltd grew its position in shares of Independence Realty Trust by 1.7% in the third quarter. IFM Investors Pty Ltd now owns 37,925 shares of the real estate investment trust’s stock valued at $627,000 after purchasing an additional 628 shares during the last quarter. Perigon Wealth Management LLC lifted its position in shares of Independence Realty Trust by 5.6% during the 3rd quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust’s stock worth $203,000 after purchasing an additional 658 shares during the last quarter. Huntington National Bank lifted its position in shares of Independence Realty Trust by 46.4% during the 3rd quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 725 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in Independence Realty Trust by 1.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 73,270 shares of the real estate investment trust’s stock valued at $1,296,000 after purchasing an additional 759 shares during the period. Finally, American Century Companies Inc. boosted its stake in Independence Realty Trust by 1.1% during the 2nd quarter. American Century Companies Inc. now owns 70,678 shares of the real estate investment trust’s stock valued at $1,250,000 after purchasing an additional 789 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on IRT. KeyCorp reduced their price target on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 4th. Colliers Securities downgraded shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. BMO Capital Markets raised shares of 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Finally, Barclays decreased their target price on Independence Realty Trust from $21.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Friday, March 6th. Seven investment 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’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.61.

Independence Realty Trust Price Performance

IRT opened at $15.10 on Monday. The company has a market capitalization of $3.56 billion, a P/E ratio of 62.90, a P/E/G ratio of 1.68 and a beta of 0.99. The firm’s fifty day moving average price is $16.53 and its two-hundred day moving average price is $16.69. Independence Realty Trust, Inc. has a fifty-two week low of $14.98 and a fifty-two week high of $21.56.

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

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 17th. Investors of record on Friday, March 27th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, March 27th. Independence Realty Trust’s dividend payout ratio is 283.33%.

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.