State of New Jersey Common Pension Fund D boosted its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 2.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 898,100 shares of the real estate investment trust’s stock after buying an additional 20,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Independence Realty Trust were worth $8,864,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in IRT. Dimensional Fund Advisors LP boosted its stake in Independence Realty Trust by 67.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 403,300 shares of the real estate investment trust’s stock worth $3,597,000 after buying an additional 162,998 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in Independence Realty Trust by 37.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 43,649 shares of the real estate investment trust’s stock worth $389,000 after buying an additional 11,898 shares in the last quarter. UBS Asset Management Americas Inc. bought a new stake in shares of Independence Realty Trust during the fourth quarter worth $103,000. Teachers Advisors LLC boosted its stake in shares of Independence Realty Trust by 51.3% in the fourth quarter. Teachers Advisors LLC now owns 104,770 shares of the real estate investment trust’s stock worth $935,000 after buying an additional 35,543 shares during the period. Finally, Macquarie Group Ltd. bought a new stake in shares of Independence Realty Trust during the fourth quarter worth $734,000. Institutional investors and hedge funds own 71.86% of the company’s stock.

Independence Realty Trust, Inc. (NYSE:IRT) opened at 10.16 on Friday. The firm has a 50-day moving average price of $10.02 and a 200-day moving average price of $9.49. Independence Realty Trust, Inc. has a 1-year low of $7.74 and a 1-year high of $10.70. The firm’s market cap is $699.49 million.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The company had revenue of $39.43 million for the quarter, compared to analyst estimates of $39.43 million. During the same quarter last year, the company posted $0.22 EPS. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, analysts expect that Independence Realty Trust, Inc. will post $0.46 earnings per share for the current fiscal year.

The firm also recently declared a monthly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be paid a $0.06 dividend. The ex-dividend date is Thursday, July 27th. This represents a $0.72 annualized dividend and a dividend yield of 7.09%. Independence Realty Trust’s payout ratio is -313.03%.

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A number of brokerages have weighed in on IRT. Zacks Investment Research upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Tuesday, July 18th. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, August 2nd. ValuEngine cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. JMP Securities reiterated an “outperform” rating and issued a $11.50 price target (up from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. Finally, FBR & Co upgraded Independence Realty Trust from a “market perform” rating to an “outperform” rating and upped their price target for the company from $9.75 to $11.50 in a research report on Thursday, June 15th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $10.45.

In other Independence Realty Trust news, CEO Scott Schaeffer purchased 35,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were bought at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the purchase, the chief executive officer now owns 155,306 shares in the company, valued at approximately $1,571,696.72. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.58% of the company’s stock.

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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Institutional Ownership by Quarter for Independence Realty Trust (NYSE:IRT)

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