Foundations Investment Advisors LLC Cuts Stock Position in Independence Realty Trust, Inc. (NYSE:IRT)

Foundations Investment Advisors LLC lessened its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 10.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,069 shares of the real estate investment trust’s stock after selling 1,728 shares during the period. Foundations Investment Advisors LLC’s holdings in Independence Realty Trust were worth $320,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. D. E. Shaw & Co. Inc. acquired a new stake in Independence Realty Trust during the 4th quarter valued at $1,781,000. Principal Financial Group Inc. grew its holdings in Independence Realty Trust by 3.5% during the 1st quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust’s stock valued at $15,864,000 after purchasing an additional 25,124 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Independence Realty Trust by 889.9% during the 1st quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust’s stock valued at $8,721,000 after purchasing an additional 369,303 shares in the last quarter. GAMMA Investing LLC grew its holdings in Independence Realty Trust by 1,991.6% during the 1st quarter. GAMMA Investing LLC now owns 36,749 shares of the real estate investment trust’s stock valued at $7,800,000 after purchasing an additional 34,992 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in Independence Realty Trust by 111.7% during the 1st quarter. IFP Advisors Inc now owns 6,862 shares of the real estate investment trust’s stock valued at $146,000 after purchasing an additional 3,620 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Shares of IRT stock opened at $16.75 on Friday. The firm has a market cap of $3.92 billion, a P/E ratio of 139.58, a P/E/G ratio of 2.31 and a beta of 0.94. Independence Realty Trust, Inc. has a 1-year low of $16.59 and a 1-year high of $22.26. The firm has a fifty day moving average of $17.76 and a two-hundred day moving average of $19.09.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The business had revenue of $161.89 million during the quarter, compared to analyst estimates of $164.78 million. During the same period in the previous year, the business posted $0.28 EPS. On average, sell-side analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Friday, June 27th were issued a $0.17 dividend. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, June 27th. This represents a $0.68 annualized dividend and a dividend yield of 4.1%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 566.67%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on IRT shares. Barclays raised their price target on shares of Independence Realty Trust from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Compass Point raised shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and raised their price target for the company from $22.00 to $24.00 in a report on Thursday. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 price target on shares of Independence Realty Trust in a report on Monday, May 5th. Finally, UBS Group lowered their price target on shares of Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, July 15th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

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.