Sumitomo Mitsui Trust Group Inc. Sells 1,113 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Sumitomo Mitsui Trust Group Inc. cut its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 0.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 243,814 shares of the real estate investment trust’s stock after selling 1,113 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.11% of Independence Realty Trust worth $4,837,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA raised its stake in shares of Independence Realty Trust by 236.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 4,027,943 shares of the real estate investment trust’s stock valued at $82,573,000 after acquiring an additional 2,829,247 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Independence Realty Trust by 24.4% during the third quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust’s stock valued at $232,900,000 after acquiring an additional 2,225,371 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Independence Realty Trust by 419.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust’s stock valued at $29,378,000 after acquiring an additional 1,157,052 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Independence Realty Trust by 38.0% during the third quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock valued at $51,150,000 after acquiring an additional 686,630 shares during the last quarter. Finally, Easterly Investment Partners LLC bought a new position in shares of Independence Realty Trust during the third quarter valued at about $11,132,000. 88.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on IRT shares. Barclays lowered their price objective on shares of 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. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday. Finally, BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their price target for the stock from $19.00 to $21.00 in a research note on Friday, November 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.86.

Independence Realty Trust Price Performance

IRT stock opened at $20.50 on Friday. Independence Realty Trust, Inc. has a 1 year low of $14.35 and a 1 year high of $22.26. The company has a market cap of $4.61 billion, a P/E ratio of 62.11, a PEG ratio of 2.77 and a beta of 1.21. The firm has a 50-day moving average of $19.78 and a 200 day moving average of $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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a negative net margin of 0.03% and a negative return on equity of 0.01%. On average, equities research analysts expect that Independence Realty Trust, Inc. will post 1.15 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Tuesday, December 31st. Independence Realty Trust’s dividend payout ratio (DPR) is presently 193.94%.

Independence Realty Trust Company Profile

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.