Pictet Asset Management Holding SA Acquires 1,652 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Pictet Asset Management Holding SA lifted its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 71,170 shares of the real estate investment trust’s stock after buying an additional 1,652 shares during the period. Pictet Asset Management Holding SA’s holdings in Independence Realty Trust were worth $1,412,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in IRT. FMR LLC grew its position in Independence Realty Trust by 758.8% in the third quarter. FMR LLC now owns 285,193 shares of the real estate investment trust’s stock worth $5,846,000 after acquiring an additional 251,984 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Independence Realty Trust by 9.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 55,102 shares of the real estate investment trust’s stock worth $1,130,000 after purchasing an additional 4,755 shares during the period. Captrust Financial Advisors bought a new position in shares of Independence Realty Trust during the 3rd quarter valued at approximately $306,000. Benjamin Edwards Inc. purchased a new stake in Independence Realty Trust during the 3rd quarter valued at $392,000. Finally, Stifel Financial Corp bought a new stake in Independence Realty Trust in the third quarter worth $576,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IRT has been the topic of a number of analyst reports. Jefferies Financial Group upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and boosted their price objective for the company from $20.00 to $24.00 in a research report on Monday, March 10th. JMP Securities reissued a “market outperform” rating and issued a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Wells Fargo & Company began coverage on Independence Realty Trust in a research note on Wednesday, March 19th. They set an “overweight” rating and a $24.00 target price on the stock. Finally, Barclays decreased their price target on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Insider Activity

In related news, CEO Scott Schaeffer sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total transaction of $212,100.00. Following the sale, the chief executive officer now owns 873,365 shares of the company’s stock, valued at $18,524,071.65. This trade represents a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.58% of the company’s stock.

Independence Realty Trust Price Performance

IRT stock opened at $19.00 on Friday. Independence Realty Trust, Inc. has a 1-year low of $15.27 and a 1-year high of $22.26. The business has a 50-day moving average price of $20.54 and a 200 day moving average price of $20.32. The company has a market capitalization of $4.39 billion, a P/E ratio of 105.56, a PEG ratio of 2.91 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 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%. On average, analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 annualized dividend and a yield of 3.37%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 355.56%.

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.