Fox Run Management L.L.C. Takes $653,000 Position in Independence Realty Trust, Inc. $IRT

Fox Run Management L.L.C. purchased a new position in Independence Realty Trust, Inc. (NYSE:IRT) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 39,812 shares of the real estate investment trust’s stock, valued at approximately $653,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IRT. Alliancebernstein L.P. increased its holdings in Independence Realty Trust by 0.3% during the 2nd quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock worth $161,678,000 after purchasing an additional 30,701 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Independence Realty Trust by 2.3% during the second quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust’s stock worth $109,524,000 after buying an additional 138,817 shares in the last quarter. Long Pond Capital LP grew its position in shares of Independence Realty Trust by 564.5% during 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 buying an additional 4,672,690 shares in the last quarter. Frontier Capital Management Co. LLC increased its stake in shares of Independence Realty Trust by 2.8% in the second quarter. Frontier Capital Management Co. LLC now owns 3,483,911 shares of the real estate investment trust’s stock worth $61,630,000 after buying an additional 94,258 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC raised its holdings in Independence Realty Trust by 32.8% in the second 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 acquiring an additional 732,689 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Performance

NYSE IRT opened at $16.59 on Friday. Independence Realty Trust, Inc. has a one year low of $15.06 and a one year high of $21.86. The company has a 50-day simple moving average of $16.93 and a 200-day simple moving average of $16.85. The firm has a market capitalization of $3.94 billion, a PE ratio of 69.10, a price-to-earnings-growth ratio of 2.14 and a beta of 1.00.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.32. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The firm had revenue of $167.13 million for the quarter, compared to analysts’ expectations of $170.26 million. During the same quarter last year, the company posted $0.32 earnings per share. Independence Realty Trust’s revenue was up 3.8% on a year-over-year basis. Equities analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were issued a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.68 annualized dividend and a dividend yield of 4.1%. Independence Realty Trust’s dividend payout ratio (DPR) is 283.33%.

Analyst Upgrades and Downgrades

A number of research firms have commented on IRT. UBS Group increased their price objective on shares of Independence Realty Trust from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. KeyCorp lowered their price objective on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 4th. Finally, Zacks Research cut Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.35.

About Independence Realty Trust

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.