TD Asset Management Inc Sells 32,842 Shares of Independence Realty Trust, Inc. $IRT

TD Asset Management Inc cut its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 16.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 169,072 shares of the real estate investment trust’s stock after selling 32,842 shares during the period. TD Asset Management Inc’s holdings in Independence Realty Trust were worth $2,771,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Greenland Capital Management LP bought a new stake in shares of Independence Realty Trust in the 3rd quarter valued at about $451,000. Aurora Investment Managers LLC. lifted its position in Independence Realty Trust by 6.0% in the third quarter. Aurora Investment Managers LLC. now owns 194,239 shares of the real estate investment trust’s stock valued at $3,184,000 after purchasing an additional 11,054 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Independence Realty Trust by 6.2% during the third quarter. JPMorgan Chase & Co. now owns 2,106,225 shares of the real estate investment trust’s stock valued at $34,521,000 after purchasing an additional 123,274 shares during the period. State of New Jersey Common Pension Fund D boosted its stake in shares of Independence Realty Trust by 10.0% during the third quarter. State of New Jersey Common Pension Fund D now owns 338,099 shares of the real estate investment trust’s stock valued at $5,541,000 after purchasing an additional 30,753 shares during the period. Finally, Aberdeen Group plc grew its holdings in shares of Independence Realty Trust by 5.7% in the third quarter. Aberdeen Group plc now owns 77,519 shares of the real estate investment trust’s stock worth $1,267,000 after purchasing an additional 4,158 shares during the last quarter. 88.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on IRT shares. Colliers Securities lowered shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. UBS Group upped their price objective on shares of Independence Realty Trust from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. BMO Capital Markets upgraded shares of 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 report on Friday, January 9th. Barclays raised their target price on Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $21.35.

Independence Realty Trust Stock Up 1.2%

Shares of IRT stock opened at $16.73 on Thursday. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of 69.71, a PEG ratio of 2.09 and a beta of 0.99. The business’s fifty day moving average is $16.89 and its 200 day moving average is $16.83. Independence Realty Trust, Inc. has a twelve month low of $15.06 and a twelve month high of $21.67.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The business had revenue of $167.13 million during the quarter, compared to analyst estimates of $170.26 million. During the same quarter last year, the firm posted $0.32 earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. Equities research analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.68 annualized dividend and a yield of 4.1%. Independence Realty Trust’s payout ratio is presently 283.33%.

About Independence Realty Trust

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.