Municipal Employees Retirement System of Michigan Grows Position in Independence Realty Trust, Inc. (IRT)

Municipal Employees Retirement System of Michigan lifted its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 85.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,020 shares of the real estate investment trust’s stock after buying an additional 12,000 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Independence Realty Trust were worth $265,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IRT. Vanguard Group Inc. raised its position in Independence Realty Trust by 2.5% in the second quarter. Vanguard Group Inc. now owns 8,145,938 shares of the real estate investment trust’s stock worth $80,401,000 after purchasing an additional 201,984 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Independence Realty Trust by 3.3% during the second quarter. Alliancebernstein L.P. now owns 4,208,515 shares of the real estate investment trust’s stock worth $41,538,000 after buying an additional 132,990 shares in the last quarter. State Street Corp increased its holdings in shares of Independence Realty Trust by 20.2% during the second quarter. State Street Corp now owns 2,226,547 shares of the real estate investment trust’s stock worth $21,979,000 after buying an additional 373,485 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Independence Realty Trust by 93.7% during the third quarter. Principal Financial Group Inc. now owns 2,121,772 shares of the real estate investment trust’s stock worth $21,578,000 after buying an additional 1,026,415 shares in the last quarter. Finally, LSV Asset Management increased its holdings in shares of Independence Realty Trust by 6.5% during the second quarter. LSV Asset Management now owns 1,769,897 shares of the real estate investment trust’s stock worth $17,468,000 after buying an additional 107,300 shares in the last quarter. Institutional investors and hedge funds own 78.65% of the company’s stock.

Shares of Independence Realty Trust, Inc. (NYSE IRT) traded down $0.05 during trading on Wednesday, hitting $10.09. 498,500 shares of the company were exchanged, compared to its average volume of 709,781. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $846.88, a price-to-earnings ratio of 13.89 and a beta of 1.06. Independence Realty Trust, Inc. has a fifty-two week low of $8.45 and a fifty-two week high of $10.63.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.11. The business had revenue of $39.86 million during the quarter, compared to analyst estimates of $40.38 million. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. Independence Realty Trust’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.21 earnings per share. equities analysts anticipate that Independence Realty Trust, Inc. will post 0.74 earnings per share for the current fiscal year.

The business also recently declared a monthly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be issued a $0.06 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.14%. The ex-dividend date of this dividend is Thursday, December 28th. Independence Realty Trust’s dividend payout ratio is currently -276.92%.

Several analysts have recently weighed in on IRT shares. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating and set a $11.00 price objective on shares of Independence Realty Trust in a report on Friday, September 8th. Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Monday, September 4th. ValuEngine raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, September 1st. B. Riley reaffirmed a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. Finally, Robert W. Baird reissued a “buy” rating and issued a $11.00 price target on shares of Independence Realty Trust in a report on Tuesday, October 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $11.33.

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Independence Realty Trust Company 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.

Institutional Ownership by Quarter for Independence Realty Trust (NYSE:IRT)

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