JPMorgan Chase & Co. Purchases 123,274 Shares of Independence Realty Trust, Inc. $IRT

JPMorgan Chase & Co. lifted its position in Independence Realty Trust, Inc. (NYSE:IRT) by 6.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,106,225 shares of the real estate investment trust’s stock after acquiring an additional 123,274 shares during the quarter. JPMorgan Chase & Co.’s holdings in Independence Realty Trust were worth $34,521,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IRT. First Horizon Corp bought a new stake in shares of Independence Realty Trust in the 3rd quarter valued at about $27,000. Hantz Financial Services Inc. increased its holdings in Independence Realty Trust by 551.2% during the second quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 1,582 shares during the period. Financial Gravity Companies Inc. bought a new position in Independence Realty Trust in the second quarter worth approximately $54,000. Caldwell Trust Co purchased a new stake in Independence Realty Trust during the second quarter worth $61,000. Finally, Global Retirement Partners LLC boosted its position in Independence Realty Trust by 30.8% during the 3rd quarter. Global Retirement Partners LLC now owns 4,245 shares of the real estate investment trust’s stock valued at $70,000 after acquiring an additional 1,000 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IRT has been the subject of several recent research reports. Barclays boosted their price target on Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft lowered Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a research note on Tuesday, January 20th. Zacks Research lowered shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. BMO Capital Markets upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $22.00 in a report on Friday, January 9th. Finally, Citigroup reiterated an “outperform” rating on shares of Independence Realty Trust in a research note on Friday, January 9th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $21.35.

Independence Realty Trust Stock Performance

Shares of NYSE IRT opened at $16.59 on Friday. Independence Realty Trust, Inc. has a fifty-two week low of $15.06 and a fifty-two week high of $21.86. The company has a market cap of $3.94 billion, a PE ratio of 69.10, a P/E/G ratio of 2.14 and a beta of 1.00. The business has a 50-day simple moving average of $16.93 and a two-hundred day simple moving average of $16.85.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 net margin of 8.60% and a return on equity of 1.58%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.32 earnings per share. On average, sell-side analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. Independence Realty Trust’s dividend payout ratio is 283.33%.

Independence Realty Trust 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.