HighTower Advisors LLC Decreases Stake in Independence Realty Trust, Inc. (NYSE:IRT)

HighTower Advisors LLC reduced its holdings in Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 33.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,991 shares of the real estate investment trust’s stock after selling 44,712 shares during the period. HighTower Advisors LLC’s holdings in Independence Realty Trust were worth $1,519,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of IRT. Harbor Investment Advisory LLC raised its stake in Independence Realty Trust by 132.6% during the fourth quarter. Harbor Investment Advisory LLC now owns 3,894 shares of the real estate investment trust’s stock worth $66,000 after purchasing an additional 2,220 shares during the period. Armstrong Advisory Group Inc. purchased a new position in Independence Realty Trust during the fourth quarter worth about $86,000. EWG Elevate Inc. purchased a new position in Independence Realty Trust during the fourth quarter worth about $95,000. Point72 Hong Kong Ltd raised its stake in Independence Realty Trust by 32.6% during the third quarter. Point72 Hong Kong Ltd now owns 6,966 shares of the real estate investment trust’s stock worth $117,000 after purchasing an additional 1,712 shares during the period. Finally, Signaturefd LLC raised its stake in Independence Realty Trust by 2,037.5% during the fourth quarter. Signaturefd LLC now owns 7,289 shares of the real estate investment trust’s stock worth $123,000 after purchasing an additional 6,948 shares during the period. 81.01% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Down 0.2 %

NYSE IRT opened at $16.66 on Friday. Independence Realty Trust, Inc. has a 52 week low of $14.55 and a 52 week high of $24.17. The stock has a market capitalization of $3.74 billion, a PE ratio of 72.44, a price-to-earnings-growth ratio of 7.36 and a beta of 1.00. The firm has a 50 day moving average of $16.25 and a two-hundred day moving average of $17.21.

Independence Realty Trust Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 21st. Shareholders of record on Friday, June 30th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.84%. The ex-dividend date of this dividend is Thursday, June 29th. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.14. Independence Realty Trust’s payout ratio is 243.49%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. TheStreet downgraded shares of Independence Realty Trust from a “b-” rating to a “c” rating in a research note on Wednesday, April 26th. JMP Securities raised shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research note on Monday, May 8th. StockNews.com assumed coverage on shares of Independence Realty Trust in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. Citigroup boosted their price target on shares of Independence Realty Trust from $18.50 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, February 23rd. Finally, Barclays boosted their price target on shares of Independence Realty Trust from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, March 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.72.

Independence Realty Trust Profile

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Independence Realty Trust, Inc is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It aims to provide stockholders risk-adjusted returns through diligent portfolio management, operational performance and consistent return of capital through distributions and capital appreciation.