Verition Fund Management LLC purchased a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 45,137 shares of the real estate investment trust’s stock, valued at approximately $755,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in IRT. Oregon Public Employees Retirement Fund lifted its position in Independence Realty Trust by 4.9% during the third quarter. Oregon Public Employees Retirement Fund now owns 64,627 shares of the real estate investment trust’s stock valued at $1,081,000 after buying an additional 3,027 shares during the period. Strategic Wealth Advisors Group LLC bought a new stake in shares of Independence Realty Trust during the 3rd quarter valued at about $306,000. New York State Common Retirement Fund grew its stake in shares of Independence Realty Trust by 3.2% during the 3rd quarter. New York State Common Retirement Fund now owns 184,644 shares of the real estate investment trust’s stock valued at $3,089,000 after purchasing an additional 5,642 shares during the period. Jennison Associates LLC grew its stake in shares of Independence Realty Trust by 4.1% during the 3rd quarter. Jennison Associates LLC now owns 3,445,975 shares of the real estate investment trust’s stock valued at $57,651,000 after acquiring an additional 137,043 shares during the period. Finally, Moors & Cabot Inc. grew its stake in shares of Independence Realty Trust by 78.4% during the 3rd quarter. Moors & Cabot Inc. now owns 21,139 shares of the real estate investment trust’s stock valued at $354,000 after acquiring an additional 9,288 shares during the period. Institutional investors own 81.01% of the company’s stock.
Insider Activity at Independence Realty Trust
In other Independence Realty Trust news, CEO Scott Schaeffer sold 155,830 shares of the company’s stock in a transaction dated Tuesday, December 6th. The shares were sold at an average price of $17.24, for a total value of $2,686,509.20. Following the transaction, the chief executive officer now owns 583,865 shares of the company’s stock, valued at $10,065,832.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.58% of the stock is currently owned by insiders.
Independence Realty Trust Trading Up 1.5 %
Independence Realty Trust Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 20th. Investors of record on Friday, December 30th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend was Thursday, December 29th. Independence Realty Trust’s dividend payout ratio is currently 105.66%.
Analysts Set New Price Targets
IRT has been the subject of several research analyst reports. Citigroup raised their target price on shares of Independence Realty Trust from $18.50 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, February 23rd. Deutsche Bank Aktiengesellschaft lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating and lowered their target price for the stock from $22.00 to $19.00 in a report on Wednesday, January 4th. Jefferies Financial Group lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating and decreased their price objective for the company from $20.00 to $17.00 in a report on Monday, January 2nd. Barclays raised their target price on shares of Independence Realty Trust from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, KeyCorp cut their target price on shares of Independence Realty Trust from $25.00 to $20.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $20.81.
Independence Realty Trust Profile
Independence Realty Trust, Inc is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It aims to provide stockholders risk-adjusted returns through diligent portfolio management, operational performance and consistent return of capital through distributions and capital appreciation.
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