Rush Island Management LP Takes Position in Independence Realty Trust, Inc. $IRT

Rush Island Management LP purchased a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,456,162 shares of the real estate investment trust’s stock, valued at approximately $51,462,000. Independence Realty Trust accounts for about 3.5% of Rush Island Management LP’s holdings, making the stock its 10th largest holding. Rush Island Management LP owned approximately 1.47% of Independence Realty Trust at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Danske Bank A S bought a new position in Independence Realty Trust during the third quarter valued at $26,000. SHP Wealth Management purchased a new position in shares of Independence Realty Trust during the 4th quarter worth about $30,000. Farther Finance Advisors LLC boosted its stake in shares of Independence Realty Trust by 70.3% during the 4th quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 747 shares during the period. Smartleaf Asset Management LLC grew its holdings in Independence Realty Trust by 97.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,875 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 1,422 shares during the last quarter. Finally, Assetmark Inc. grew its holdings in Independence Realty Trust by 73.2% during the 1st quarter. Assetmark Inc. now owns 3,630 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 1,534 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Weiss Ratings raised shares of Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, July 6th. Wells Fargo & Company upped their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Barclays raised shares of Independence Realty Trust from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $19.00 to $20.00 in a research report on Tuesday, July 14th. Wall Street Zen downgraded shares of Independence Realty Trust from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 2nd. Finally, UBS Group reduced their price target on Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Independence Realty Trust currently has an average rating of “Moderate Buy” and an average target price of $20.19.

Independence Realty Trust Trading Up 1.5%

Shares of IRT opened at $16.67 on Wednesday. Independence Realty Trust, Inc. has a 12 month low of $14.60 and a 12 month high of $18.18. The stock has a fifty day moving average price of $16.61 and a 200-day moving average price of $16.34. The firm has a market cap of $3.93 billion, a PE ratio of 83.37 and a beta of 0.95.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.23. Independence Realty Trust had a return on equity of 1.35% and a net margin of 7.27%.The firm had revenue of $165.32 million during the quarter, compared to analysts’ expectations of $166.35 million. During the same quarter last year, the firm earned $0.27 EPS. The business’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, research analysts forecast that Independence Realty Trust, Inc. will post 1.14 EPS for the current year.

Independence Realty Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.3%. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.17. The ex-dividend date was Friday, June 26th. Independence Realty Trust’s dividend payout ratio (DPR) is 360.00%.

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.