Dimensional Fund Advisors LP boosted its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 16.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 836,453 shares of the real estate investment trust’s stock after buying an additional 116,835 shares during the quarter. Dimensional Fund Advisors LP owned approximately 1.21% of Independence Realty Trust worth $8,256,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Global X Management Co. LLC acquired a new stake in Independence Realty Trust in the 2nd quarter valued at approximately $10,068,000. Bank of New York Mellon Corp increased its holdings in Independence Realty Trust by 66.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,201,315 shares of the real estate investment trust’s stock valued at $11,857,000 after purchasing an additional 480,821 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Independence Realty Trust by 74.2% in the 2nd quarter. Principal Financial Group Inc. now owns 1,095,357 shares of the real estate investment trust’s stock valued at $10,811,000 after purchasing an additional 466,557 shares during the last quarter. Vanguard Group Inc. increased its holdings in Independence Realty Trust by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 7,943,954 shares of the real estate investment trust’s stock valued at $74,435,000 after purchasing an additional 387,117 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Independence Realty Trust by 2,869.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 322,564 shares of the real estate investment trust’s stock valued at $3,184,000 after purchasing an additional 311,700 shares during the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have commented on the stock. BidaskClub upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a research note on Saturday, August 12th. FBR & Co restated a “buy” rating and issued a $11.50 price target on shares of Independence Realty Trust in a research note on Tuesday, September 12th. Zacks Investment Research downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. National Securities lifted their price objective on shares of Independence Realty Trust from $9.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 22nd. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $11.00 price objective on shares of Independence Realty Trust in a research report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $11.33.
Shares of Independence Realty Trust, Inc. (NYSE:IRT) traded down $0.04 on Monday, reaching $10.16. 579,083 shares of the company’s stock traded hands, compared to its average volume of 716,757. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.14. Independence Realty Trust, Inc. has a one year low of $8.33 and a one year high of $10.63. The firm has a market capitalization of $851.89, a price-to-earnings ratio of 13.97 and a beta of 1.06.
Independence Realty Trust (NYSE:IRT) last issued its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.11. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. The company had revenue of $39.86 million for the quarter, compared to analyst estimates of $40.38 million. During the same period in the prior year, the business posted $0.21 earnings per share. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. sell-side analysts predict that Independence Realty Trust, Inc. will post 0.74 EPS for the current fiscal year.
The business also recently announced a monthly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, December 28th. This represents a $0.72 annualized dividend and a yield of 7.09%. Independence Realty Trust’s payout ratio is currently -276.92%.
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Independence Realty Trust Profile
Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.
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