Truist Financial Corp Increases Stock Position in Independence Realty Trust, Inc. (NYSE:IRT)

Truist Financial Corp lifted its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 5.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 26,714 shares of the real estate investment trust’s stock after purchasing an additional 1,499 shares during the period. Truist Financial Corp’s holdings in Independence Realty Trust were worth $530,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of IRT. Assetmark Inc. purchased a new stake in Independence Realty Trust during the third quarter valued at approximately $41,000. Blue Trust Inc. lifted its position in Independence Realty Trust by 33.9% during the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 692 shares during the last quarter. Avior Wealth Management LLC lifted its position in Independence Realty Trust by 437.8% during the third quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust’s stock valued at $62,000 after acquiring an additional 2,443 shares during the last quarter. Sunbelt Securities Inc. purchased a new stake in Independence Realty Trust during the third quarter valued at approximately $64,000. Finally, Sound Income Strategies LLC lifted its position in Independence Realty Trust by 20.5% during the fourth quarter. Sound Income Strategies LLC now owns 4,295 shares of the real estate investment trust’s stock valued at $85,000 after acquiring an additional 732 shares during the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Performance

IRT stock opened at $21.66 on Tuesday. The firm has a market cap of $5.00 billion, a PE ratio of 120.36, a P/E/G ratio of 2.91 and a beta of 1.21. The firm’s fifty day moving average is $19.76 and its 200 day moving average is $20.21. Independence Realty Trust, Inc. has a one year low of $15.23 and a one year high of $22.26.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. Research analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.95%. The ex-dividend date was Tuesday, December 31st. Independence Realty Trust’s payout ratio is 355.56%.

Analysts Set New Price Targets

IRT has been the topic of a number of recent analyst reports. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their price target for the company from $19.00 to $21.00 in a research note on Friday, November 15th. Barclays cut their price target on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Finally, JMP Securities restated a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

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.