Creative Financial Designs Inc. ADV Trims Stock Position in Independence Realty Trust, Inc. (NYSE:IRT)

Creative Financial Designs Inc. ADV lessened its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 18.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,069 shares of the real estate investment trust’s stock after selling 672 shares during the period. Creative Financial Designs Inc. ADV’s holdings in Independence Realty Trust were worth $65,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of IRT. D. E. Shaw & Co. Inc. purchased a new position in Independence Realty Trust during the 4th quarter worth $1,781,000. Charles Schwab Investment Management Inc. grew its position in shares of Independence Realty Trust by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust’s stock worth $70,662,000 after buying an additional 60,919 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC increased its stake in shares of Independence Realty Trust by 5.9% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,015,292 shares of the real estate investment trust’s stock valued at $20,143,000 after buying an additional 56,923 shares during the period. GAMMA Investing LLC raised its holdings in shares of Independence Realty Trust by 1,991.6% in the first quarter. GAMMA Investing LLC now owns 36,749 shares of the real estate investment trust’s stock valued at $7,800,000 after acquiring an additional 34,992 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Independence Realty Trust in the fourth quarter valued at about $12,105,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Analyst Upgrades and Downgrades

IRT has been the topic of several recent research reports. UBS Group started coverage on shares of Independence Realty Trust in a report on Monday, April 7th. They set a “buy” rating and a $24.00 target price on the stock. Compass Point reissued a “neutral” rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, May 13th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price objective on shares of Independence Realty Trust in a research note on Monday, May 5th. Wells Fargo & Company started coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They set an “overweight” rating and a $24.00 target price on the stock. Finally, Barclays lifted their price target on Independence Realty Trust from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.70.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $17.73 on Tuesday. Independence Realty Trust, Inc. has a 1-year low of $17.10 and a 1-year high of $22.26. The business has a fifty day moving average price of $18.63 and a 200-day moving average price of $19.48. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of 126.64, a PEG ratio of 2.48 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). Independence Realty Trust had a return on equity of 0.85% and a net margin of 4.70%. The business had revenue of $160.91 million during the quarter, compared to analyst estimates of $164.08 million. During the same period in the prior year, the business posted $0.27 EPS. Independence Realty Trust’s revenue was up .4% compared to the same quarter last year. On average, equities research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Friday, June 27th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.84%. The ex-dividend date is Friday, June 27th. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.16. Independence Realty Trust’s payout ratio is currently 485.71%.

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.