AE Wealth Management LLC lifted its holdings in Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 16.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 52,329 shares of the real estate investment shares trust’s stock after purchasing an additional 7,566 during the quarter. AE Wealth Management LLC’s holdings in Independence Realty Trust were worth $1,384,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the stock. State Street Corp increased its stake in shares of Independence Realty Trust by 2.3% in the 4th quarter. State Street Corp now owns 5,548,712 shares of the real estate investment trust’s stock valued at $143,970,000 after purchasing an additional 123,156 shares in the last quarter. Millennium Management LLC increased its stake in Independence Realty Trust by 109.7% during the 4th quarter. Millennium Management LLC now owns 4,565,133 shares of the real estate investment trust’s stock worth $117,917,000 after buying an additional 2,387,677 shares in the last quarter. Aew Capital Management LP increased its stake in Independence Realty Trust by 24.4% during the 4th quarter. Aew Capital Management LP now owns 3,402,903 shares of the real estate investment trust’s stock worth $87,897,000 after buying an additional 667,903 shares in the last quarter. Long Pond Capital LP purchased a new stake in Independence Realty Trust during the 4th quarter worth approximately $85,236,000. Finally, Geode Capital Management LLC increased its stake in Independence Realty Trust by 7.9% during the 4th quarter. Geode Capital Management LLC now owns 2,327,698 shares of the real estate investment trust’s stock worth $60,124,000 after buying an additional 169,529 shares in the last quarter. Hedge funds and other institutional investors own 82.42% of the company’s stock.
Shares of IRT stock opened at $20.76 on Wednesday. The company’s fifty day moving average price is $22.74 and its two-hundred day moving average price is $24.21. The firm has a market capitalization of $4.59 billion, a P/E ratio of 29.24, a P/E/G ratio of 9.81 and a beta of 0.91. Independence Realty Trust, Inc. has a 12 month low of $16.50 and a 12 month high of $28.42.
Independence Realty Trust (NYSE:IRT – Get Rating) last announced its quarterly earnings data on Tuesday, May 3rd. The real estate investment trust reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.09. Independence Realty Trust had a net margin of 34.18% and a return on equity of 5.34%. During the same quarter in the prior year, the firm posted $0.18 earnings per share. Research analysts predict that Independence Realty Trust, Inc. will post 1.07 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 22nd. Investors of record on Friday, July 1st will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend is Thursday, June 30th. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.12. Independence Realty Trust’s dividend payout ratio is currently 78.87%.
Several equities research analysts have commented on the company. StockNews.com assumed coverage on Independence Realty Trust in a research note on Thursday, March 31st. They set a “sell” rating for the company. BTIG Research assumed coverage on Independence Realty Trust in a research note on Monday, May 9th. They set a “buy” rating and a $27.00 price objective for the company. TheStreet lowered Independence Realty Trust from a “b-” rating to a “c+” rating in a research note on Tuesday, May 31st. Jefferies Financial Group cut their objective price on Independence Realty Trust from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, June 30th. Finally, Barclays dropped their target price on Independence Realty Trust from $30.00 to $28.00 in a report on Tuesday, May 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.05.
Independence Realty Trust Profile (Get Rating)
Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway US markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT’s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good retail school districts, high-quality and major employment centers.
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