Dimensional Fund Advisors LP Grows Position in Independence Realty Trust, Inc. (IRT)
Dimensional Fund Advisors LP boosted its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 16.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 836,453 shares of the real estate investment trust’s stock after purchasing an additional 116,835 shares during the period. Dimensional Fund Advisors LP owned 1.21% of Independence Realty Trust worth $8,256,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IRT. Oppenheimer Asset Management Inc. boosted its position in Independence Realty Trust by 147.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 6,056 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in Independence Realty Trust during the first quarter valued at $102,000. Advisor Group Inc. boosted its position in Independence Realty Trust by 76.8% during the second quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock valued at $102,000 after purchasing an additional 4,454 shares during the last quarter. Profund Advisors LLC acquired a new stake in Independence Realty Trust during the second quarter valued at $103,000. Finally, State of Alaska Department of Revenue acquired a new stake in Independence Realty Trust during the second quarter valued at $114,000. 65.50% of the stock is owned by hedge funds and other institutional investors.
Shares of Independence Realty Trust, Inc. (NYSE IRT) opened at $10.21 on Friday. Independence Realty Trust, Inc. has a 12-month low of $8.06 and a 12-month high of $10.63. The firm has a market capitalization of $852.73, a PE ratio of 13.99 and a beta of 1.07. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.40 and a quick ratio of 0.40.
Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.11. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. The company had revenue of $39.86 million during the quarter, compared to analysts’ expectations of $40.38 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. sell-side analysts expect that Independence Realty Trust, Inc. will post 0.74 EPS for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.05%. Independence Realty Trust’s dividend payout ratio is currently -276.92%.
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A number of analysts recently issued reports on IRT shares. Zacks Investment Research cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. BidaskClub cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Robert W. Baird reaffirmed a “buy” rating and issued a $11.00 price target on shares of Independence Realty Trust in a research report on Tuesday, October 17th. Finally, FBR & Co reaffirmed a “buy” rating and issued a $11.50 price target on shares of Independence Realty Trust in a research report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $11.00.
About Independence Realty Trust
Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.
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