Bard Associates Inc. Has $1.20 Million Holdings in Independence Realty Trust, Inc. $IRT

Bard Associates Inc. trimmed its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 45.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 72,656 shares of the real estate investment trust’s stock after selling 60,809 shares during the quarter. Bard Associates Inc.’s holdings in Independence Realty Trust were worth $1,203,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. bought a new position in Independence Realty Trust during the third quarter valued at approximately $857,000. Nomura Asset Management Co. Ltd. grew its position in Independence Realty Trust by 4.7% in the second quarter. Nomura Asset Management Co. Ltd. now owns 338,253 shares of the real estate investment trust’s stock worth $5,984,000 after acquiring an additional 15,200 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Independence Realty Trust by 329.6% in the third quarter. Exchange Traded Concepts LLC now owns 268,335 shares of the real estate investment trust’s stock worth $4,398,000 after acquiring an additional 205,869 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Independence Realty Trust by 92.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 360,215 shares of the real estate investment trust’s stock worth $6,372,000 after purchasing an additional 173,165 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Independence Realty Trust during the 2nd quarter worth $581,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

NYSE:IRT opened at $15.81 on Friday. The firm’s 50-day moving average is $16.71 and its 200-day moving average is $16.77. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 65.89, a PEG ratio of 2.00 and a beta of 0.99. Independence Realty Trust, Inc. has a 52-week low of $15.06 and a 52-week high of $21.56.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, meeting 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 business had revenue of $167.13 million during the quarter, compared to analysts’ expectations of $170.26 million. During the same quarter last year, the company earned $0.32 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. Equities analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Friday, March 27th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, March 27th. Independence Realty Trust’s dividend payout ratio (DPR) is presently 283.33%.

Analyst Ratings Changes

Several research firms have weighed in on IRT. BMO Capital Markets upgraded Independence Realty Trust from a “market perform” rating to an “outperform” rating and raised their target price for the company from $20.00 to $22.00 in a report on Friday, January 9th. Colliers Securities downgraded Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. UBS Group increased their price objective on Independence Realty Trust from $19.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Barclays cut their price objective on Independence Realty Trust from $21.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Friday, March 6th. Finally, Wells Fargo & Company reduced their target price on Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, March 5th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.61.

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.