Independence Realty Trust, Inc. $IRT Stock Holdings Trimmed by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky decreased its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 60.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 76,022 shares of the real estate investment trust’s stock after selling 116,510 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Independence Realty Trust were worth $1,246,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Long Pond Capital LP raised its position in Independence Realty Trust by 564.5% in the second quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock worth $97,304,000 after acquiring an additional 4,672,690 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Independence Realty Trust in the second quarter worth $30,368,000. Norges Bank bought a new stake in shares of Independence Realty Trust in the 2nd quarter valued at approximately $17,642,000. Cbre Investment Management Listed Real Assets LLC raised its holdings in shares of Independence Realty Trust by 32.8% during the 2nd quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,966,540 shares of the real estate investment trust’s stock valued at $52,478,000 after purchasing an additional 732,689 shares in the last quarter. Finally, Sophron Capital Management L.P. acquired a new position in shares of Independence Realty Trust during the 2nd quarter valued at about $8,036,000. 88.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Sunday, February 22nd. Citigroup restated an “outperform” rating on shares of Independence Realty Trust in a report on Friday, January 9th. Colliers Securities cut shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. UBS Group upped their price target on Independence Realty Trust from $19.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Finally, KeyCorp decreased their price objective on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 4th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.25.

Independence Realty Trust Trading Down 0.5%

Shares of IRT opened at $16.66 on Friday. The stock has a market cap of $3.95 billion, a PE ratio of 69.42, a PEG ratio of 2.12 and a beta of 0.99. Independence Realty Trust, Inc. has a 1 year low of $15.06 and a 1 year high of $21.67. The stock has a 50 day simple moving average of $16.87 and a 200-day simple moving average of $16.83.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The firm had revenue of $167.13 million during the quarter, compared to analyst estimates of $170.26 million. During the same period in the prior year, the company posted $0.32 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Wednesday, December 31st. Independence Realty Trust’s dividend payout ratio is presently 283.33%.

Independence Realty Trust Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.