Nine Chapters Capital Management LLC bought a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the second quarter, Holdings Channel reports. The fund bought 21,600 shares of the real estate investment trust’s stock, valued at approximately $213,000. Independence Realty Trust makes up approximately 2.0% of Nine Chapters Capital Management LLC’s investment portfolio, making the stock its 27th largest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Texas Permanent School Fund purchased a new position in shares of Independence Realty Trust during the second quarter valued at $380,000. State of New Jersey Common Pension Fund D boosted its position in shares of Independence Realty Trust by 2.3% in the second quarter. State of New Jersey Common Pension Fund D now owns 898,100 shares of the real estate investment trust’s stock valued at $8,864,000 after buying an additional 20,000 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Independence Realty Trust by 220.2% in the second quarter. Great West Life Assurance Co. Can now owns 116,325 shares of the real estate investment trust’s stock valued at $1,146,000 after buying an additional 80,000 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in shares of Independence Realty Trust during the second quarter valued at $138,000. Finally, Russell Investments Group Ltd. boosted its position in shares of Independence Realty Trust by 26.6% in the second quarter. Russell Investments Group Ltd. now owns 566,511 shares of the real estate investment trust’s stock valued at $5,591,000 after buying an additional 119,188 shares in the last quarter. 70.18% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust, Inc. (IRT) opened at 10.13 on Friday. The company has a 50 day moving average price of $9.99 and a 200-day moving average price of $9.45. Independence Realty Trust, Inc. has a 52-week low of $7.74 and a 52-week high of $10.70. The firm’s market cap is $697.27 million.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The firm had revenue of $39.43 million during the quarter, compared to analysts’ expectations of $39.43 million. During the same period in the previous year, the firm earned $0.22 earnings per share. The company’s revenue was up 2.9% on a year-over-year basis. Equities research analysts anticipate that Independence Realty Trust, Inc. will post $0.31 EPS for the current year.

The firm also recently announced a monthly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be paid a $0.06 dividend. The ex-dividend date is Thursday, July 27th. This represents a $0.72 dividend on an annualized basis and a yield of 7.11%. Independence Realty Trust’s payout ratio is -313.03%.

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Several brokerages recently weighed in on IRT. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Independence Realty Trust in a research note on Wednesday. ValuEngine cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, July 20th. Zacks Investment Research raised Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Tuesday, July 18th. FBR & Co reiterated an “outperform” rating and issued a $10.75 price target on shares of Independence Realty Trust in a research report on Tuesday, July 11th. Finally, JMP Securities reiterated an “outperform” rating and issued a $11.50 price target (up previously from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $10.45.

About Independence Realty Trust

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

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