Pensionfund PDN Buys New Position in Independence Realty Trust, Inc. $IRT

Pensionfund PDN purchased a new position in Independence Realty Trust, Inc. (NYSE:IRT) in the fourth quarter, Holdings Channel.com reports. The fund purchased 44,500 shares of the real estate investment trust’s stock, valued at approximately $778,000.

Other large investors have also added to or reduced their stakes in the company. Alliancebernstein L.P. increased its position 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 during the period. Long Pond Capital LP lifted its position in shares of Independence Realty Trust by 564.5% in the 2nd quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock worth $97,304,000 after purchasing an additional 4,672,690 shares during the period. Franklin Resources Inc. lifted 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 worth $62,733,000 after purchasing an additional 3,578,221 shares during the period. Frontier Capital Management Co. LLC boosted its stake in shares of Independence Realty Trust by 2.8% during 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 purchasing an additional 94,258 shares in the last quarter. Finally, Citadel Advisors LLC increased its position in shares of Independence Realty Trust by 50.8% during the third quarter. Citadel Advisors LLC now owns 3,473,040 shares of the real estate investment trust’s stock valued at $56,923,000 after buying an additional 1,170,633 shares during the period. Institutional investors own 88.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Citigroup reissued an “outperform” rating on shares of Independence Realty Trust in a research note on Friday, January 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a research report on Monday, December 29th. Colliers Securities downgraded Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. BMO Capital Markets raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $20.00 to $22.00 in a research report on Friday, January 9th. Finally, Wall Street Zen cut Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Sunday, February 22nd. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.61.

Independence Realty Trust Trading Down 0.0%

Independence Realty Trust stock opened at $15.12 on Tuesday. Independence Realty Trust, Inc. has a 12 month low of $14.98 and a 12 month high of $21.56. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of 62.98, a price-to-earnings-growth ratio of 1.68 and a beta of 0.99. The business’s fifty day simple moving average is $16.49 and its two-hundred day simple moving average is $16.67.

Independence Realty Trust (NYSE:IRT) last issued its quarterly 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. The firm had revenue of $167.13 million during 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% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. On average, equities research analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Friday, March 27th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Friday, March 27th. Independence Realty Trust’s dividend payout ratio (DPR) is currently 283.33%.

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.