Independence Realty Trust, Inc. $IRT Shares Sold by Cbre Investment Management Listed Real Assets LLC

Cbre Investment Management Listed Real Assets LLC decreased its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 48.9% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,516,206 shares of the real estate investment trust’s stock after selling 1,450,334 shares during the period. Cbre Investment Management Listed Real Assets LLC owned approximately 0.63% of Independence Realty Trust worth $24,851,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alliancebernstein L.P. increased its stake in Independence Realty Trust by 0.3% during the 2nd quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock valued at $161,678,000 after purchasing an additional 30,701 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Independence Realty Trust by 2.3% during the second quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust’s stock worth $109,524,000 after buying an additional 138,817 shares during the period. Long Pond Capital LP grew its holdings in shares of Independence Realty Trust by 564.5% during the second quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock valued at $97,304,000 after buying an additional 4,672,690 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Independence Realty Trust by 1,435.4% in the 3rd quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock valued at $62,733,000 after acquiring an additional 3,578,221 shares during the period. Finally, Frontier Capital Management Co. LLC increased its position in shares of Independence Realty Trust by 2.8% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 3,483,911 shares of the real estate investment trust’s stock valued at $61,630,000 after acquiring an additional 94,258 shares during the period. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

NYSE IRT opened at $16.05 on Thursday. The firm has a market capitalization of $3.81 billion, a P/E ratio of 66.85, a PEG ratio of 2.05 and a beta of 0.99. The stock has a 50-day simple moving average of $16.77 and a two-hundred day simple moving average of $16.80. Independence Realty Trust, Inc. has a fifty-two week low of $15.06 and a fifty-two week high of $21.56.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. The firm had revenue of $167.13 million for the quarter, compared to the consensus estimate of $170.26 million. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 earnings per share. As a group, analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Friday, March 27th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.2%. The ex-dividend date is Friday, March 27th. Independence Realty Trust’s dividend payout ratio is currently 283.33%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Deutsche Bank Aktiengesellschaft cut Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price target for the company. in a research report on Tuesday, January 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a report on Monday, December 29th. UBS Group upped their target price on Independence Realty Trust from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. BMO Capital Markets upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $20.00 to $22.00 in a report on Friday, January 9th. Finally, Wells Fargo & Company decreased their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, March 5th. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.61.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.