Mirae Asset Global Investments Co. Ltd. Has $129,000 Stock Position in Independence Realty Trust, Inc. (NYSE:IRT)

Mirae Asset Global Investments Co. Ltd. cut its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 72.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 6,447 shares of the real estate investment trust’s stock after selling 16,850 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Independence Realty Trust were worth $129,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Independence Realty Trust by 0.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,984 shares of the real estate investment trust’s stock valued at $2,050,000 after acquiring an additional 526 shares during the last quarter. Blue Trust Inc. grew its stake in Independence Realty Trust by 33.9% in the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 692 shares in the last quarter. Sound Income Strategies LLC increased its position in shares of Independence Realty Trust by 20.5% during the 4th quarter. Sound Income Strategies LLC now owns 4,295 shares of the real estate investment trust’s stock worth $85,000 after purchasing an additional 732 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Independence Realty Trust by 0.3% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 281,800 shares of the real estate investment trust’s stock worth $5,777,000 after purchasing an additional 900 shares in the last quarter. Finally, V Square Quantitative Management LLC bought a new stake in shares of Independence Realty Trust during the 3rd quarter worth approximately $28,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Stock Performance

Shares of IRT opened at $20.50 on Friday. The firm has a market cap of $4.61 billion, a PE ratio of 62.11, a price-to-earnings-growth ratio of 2.77 and a beta of 1.21. Independence Realty Trust, Inc. has a 52-week low of $14.35 and a 52-week high of $22.26. The business’s 50 day moving average price is $19.78 and its two-hundred day moving average price is $20.06.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a negative return on equity of 0.01% and a negative net margin of 0.03%. Research analysts predict that Independence Realty Trust, Inc. will post 1.15 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Tuesday, December 31st were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend was Tuesday, December 31st. Independence Realty Trust’s payout ratio is 193.94%.

Analyst Upgrades and Downgrades

IRT has been the subject of several recent analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $22.00 target price on shares of Independence Realty Trust in a research note on Tuesday. BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $19.00 to $21.00 in a research note on Friday, November 15th. Finally, Barclays reduced their target price on Independence Realty Trust from $23.00 to $21.00 and set an “equal weight” rating for the company in a research note on Friday, January 24th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Independence Realty Trust has a consensus rating of “Moderate Buy” and an average price target of $20.86.

About Independence Realty Trust

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.