JPMorgan Chase & Co. Grows Position in Independence Realty Trust, Inc. $IRT

JPMorgan Chase & Co. grew its position in Independence Realty Trust, Inc. (NYSE:IRT) by 6.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund 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. owned 0.88% of Independence Realty Trust worth $34,521,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. State of New Jersey Common Pension Fund D raised its stake in Independence Realty Trust by 10.0% during the third quarter. State of New Jersey Common Pension Fund D now owns 338,099 shares of the real estate investment trust’s stock valued at $5,541,000 after purchasing an additional 30,753 shares in the last quarter. Aberdeen Group plc increased its holdings in shares of Independence Realty Trust by 5.7% in the 3rd quarter. Aberdeen Group plc now owns 77,519 shares of the real estate investment trust’s stock worth $1,267,000 after buying an additional 4,158 shares during the last quarter. Metis Global Partners LLC raised its position in shares of Independence Realty Trust by 36.3% during the 3rd quarter. Metis Global Partners LLC now owns 52,622 shares of the real estate investment trust’s stock valued at $862,000 after buying an additional 14,027 shares in the last quarter. MQS Management LLC raised its position in shares of Independence Realty Trust by 53.3% during the 3rd quarter. MQS Management LLC now owns 28,713 shares of the real estate investment trust’s stock valued at $471,000 after buying an additional 9,980 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its holdings in shares of Independence Realty Trust by 3,483.0% in the 3rd quarter. Hantz Financial Services Inc. now owns 66,967 shares of the real estate investment trust’s stock valued at $1,098,000 after acquiring an additional 65,098 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Trading Down 1.9%

Shares of IRT opened at $16.59 on Friday. The firm has a fifty day moving average price of $16.93 and a 200-day moving average price of $16.85. The firm has a market capitalization of $3.94 billion, a P/E ratio of 69.10, a P/E/G ratio of 2.14 and a beta of 1.00. Independence Realty Trust, Inc. has a 12-month low of $15.06 and a 12-month high of $21.86.

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

Independence Realty Trust Announces Dividend

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 $0.17 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. Independence Realty Trust’s payout ratio is presently 283.33%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on IRT. Deutsche Bank Aktiengesellschaft cut Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a research note on Tuesday, January 20th. Citigroup restated an “outperform” rating on shares of Independence Realty Trust in a report on Friday, January 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Colliers Securities cut shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research report on Thursday, December 4th. Finally, UBS Group raised their target price on shares of Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.35.

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.