Orinda Asset Management LLC cut its position in Independence Realty Trust Inc (NYSE:IRT) by 26.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 167,500 shares of the real estate investment trust’s stock after selling 61,436 shares during the quarter. Independence Realty Trust comprises about 3.6% of Orinda Asset Management LLC’s portfolio, making the stock its 11th biggest holding. Orinda Asset Management LLC’s holdings in Independence Realty Trust were worth $1,764,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IRT. Royal Bank of Canada raised its holdings in Independence Realty Trust by 70.9% in the 1st quarter. Royal Bank of Canada now owns 14,522 shares of the real estate investment trust’s stock valued at $133,000 after acquiring an additional 6,027 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in Independence Realty Trust by 13.8% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 53,700 shares of the real estate investment trust’s stock valued at $493,000 after acquiring an additional 6,500 shares in the last quarter. Pinebridge Investments L.P. raised its holdings in shares of Independence Realty Trust by 3.4% during the 2nd quarter. Pinebridge Investments L.P. now owns 213,884 shares of the real estate investment trust’s stock worth $2,206,000 after buying an additional 7,094 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Independence Realty Trust by 5.0% during the 1st quarter. Legal & General Group Plc now owns 158,297 shares of the real estate investment trust’s stock worth $1,451,000 after buying an additional 7,484 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its holdings in shares of Independence Realty Trust by 5.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 153,721 shares of the real estate investment trust’s stock worth $1,410,000 after buying an additional 7,588 shares in the last quarter. Institutional investors and hedge funds own 83.88% of the company’s stock.

A number of equities analysts have recently commented on IRT shares. Zacks Investment Research cut Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. Citigroup started coverage on Independence Realty Trust in a report on Tuesday. They set a “neutral” rating and a $10.25 price target for the company. Boenning Scattergood started coverage on Independence Realty Trust in a report on Monday, September 17th. They set an “outperform” rating and a $11.00 price target for the company. Finally, Compass Point reissued a “buy” rating on shares of Independence Realty Trust in a report on Friday, August 3rd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $10.88.

Shares of Independence Realty Trust stock traded down $0.04 during trading on Wednesday, reaching $9.86. 298,200 shares of the company’s stock were exchanged, compared to its average volume of 585,201. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.27 and a current ratio of 0.27. Independence Realty Trust Inc has a 1-year low of $8.26 and a 1-year high of $10.63. The stock has a market capitalization of $923.02 million, a P/E ratio of 13.51 and a beta of 0.84.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Thursday, August 2nd. The real estate investment trust reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). Independence Realty Trust had a return on equity of 2.24% and a net margin of 8.19%. The business had revenue of $46.73 million for the quarter, compared to analyst estimates of $47.47 million. On average, research analysts forecast that Independence Realty Trust Inc will post 0.75 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 19th. Investors of record on Friday, October 5th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, October 4th. This represents a $0.72 dividend on an annualized basis and a yield of 7.30%. Independence Realty Trust’s dividend payout ratio is currently 98.63%.

About Independence Realty Trust

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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

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