Arizona State Retirement System Purchases 2,240 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Arizona State Retirement System boosted its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 3.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 67,050 shares of the real estate investment trust’s stock after purchasing an additional 2,240 shares during the period. Arizona State Retirement System’s holdings in Independence Realty Trust were worth $1,330,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Assetmark Inc. acquired a new stake in Independence Realty Trust in the 3rd quarter valued at about $41,000. Atria Investments Inc increased its position in Independence Realty Trust by 28.0% in the 3rd quarter. Atria Investments Inc now owns 33,731 shares of the real estate investment trust’s stock valued at $691,000 after acquiring an additional 7,378 shares in the last quarter. Axxcess Wealth Management LLC acquired a new stake in Independence Realty Trust in the 3rd quarter valued at about $263,000. Kovack Advisors Inc. acquired a new stake in Independence Realty Trust in the 3rd quarter valued at about $353,000. Finally, Metis Global Partners LLC increased its position in Independence Realty Trust by 29.7% in the 3rd quarter. Metis Global Partners LLC now owns 23,138 shares of the real estate investment trust’s stock valued at $474,000 after acquiring an additional 5,298 shares in the last quarter. 88.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IRT. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Jefferies Financial Group upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and raised their price objective for the company from $20.00 to $24.00 in a research report on Monday. Barclays lowered their price target on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. Finally, JMP Securities reiterated a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.71.

Independence Realty Trust Price Performance

Shares of NYSE:IRT opened at $20.60 on Thursday. The stock has a market cap of $4.76 billion, a price-to-earnings ratio of 114.43, a P/E/G ratio of 2.91 and a beta of 1.19. The company has a 50 day moving average of $19.90 and a 200-day moving average of $20.27. 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 issued its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. Equities research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Friday, March 28th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Friday, March 28th. Independence Realty Trust’s dividend payout ratio is currently 355.56%.

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.