EdgeRock Capital LLC Makes New $60,000 Investment in Independence Realty Trust, Inc. (NYSE:IRT)

EdgeRock Capital LLC purchased a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 4,003 shares of the real estate investment trust’s stock, valued at approximately $60,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Jennison Associates LLC boosted its position in shares of Independence Realty Trust by 29.5% during the 4th quarter. Jennison Associates LLC now owns 4,129,313 shares of the real estate investment trust’s stock valued at $63,178,000 after acquiring an additional 941,676 shares during the last quarter. Peregrine Capital Management LLC purchased a new stake in shares of Independence Realty Trust during the 4th quarter valued at $7,728,000. Ranger Global Real Estate Advisors LLC lifted its holdings in shares of Independence Realty Trust by 15.0% during the 3rd quarter. Ranger Global Real Estate Advisors LLC now owns 3,539,156 shares of the real estate investment trust’s stock worth $49,796,000 after acquiring an additional 461,572 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. grew its position in Independence Realty Trust by 25.5% in the third quarter. Van Lanschot Kempen Investment Management N.V. now owns 853,747 shares of the real estate investment trust’s stock worth $12,012,000 after acquiring an additional 173,700 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Independence Realty Trust by 5.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,204,694 shares of the real estate investment trust’s stock valued at $49,032,000 after acquiring an additional 159,771 shares during the last quarter. 88.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on IRT. Deutsche Bank Aktiengesellschaft assumed coverage on Independence Realty Trust in a report on Tuesday, January 30th. They issued a “buy” rating and a $18.00 price objective for the company. TheStreet downgraded shares of Independence Realty Trust from a “c” rating to a “d+” rating in a research note on Friday, March 1st. Royal Bank of Canada upped their price objective on shares of Independence Realty Trust from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. JMP Securities lifted their target price on shares of Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Wednesday, March 6th. Finally, Barclays cut their price target on shares of Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Independence Realty Trust has a consensus rating of “Hold” and a consensus price target of $17.00.

Independence Realty Trust Stock Performance

IRT traded down $0.04 on Wednesday, hitting $16.58. 1,127,291 shares of the company were exchanged, compared to its average volume of 2,272,277. The firm has a fifty day simple moving average of $15.82 and a two-hundred day simple moving average of $14.92. Independence Realty Trust, Inc. has a 12 month low of $11.61 and a 12 month high of $18.77. The stock has a market capitalization of $3.73 billion, a PE ratio of -552.48, a price-to-earnings-growth ratio of 2.39 and a beta of 1.07.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, March 29th were given a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.86%. Independence Realty Trust’s dividend payout ratio is currently -2,132.62%.

Independence Realty Trust Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.