Independence Realty Trust, Inc. (NYSE:IRT) Shares Sold by Texas Permanent School Fund

Posted by on May 10th, 2023

Texas Permanent School Fund lessened its stake in Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 5.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 150,486 shares of the real estate investment trust’s stock after selling 9,044 shares during the quarter. Texas Permanent School Fund owned 0.07% of Independence Realty Trust worth $2,537,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. State Board of Administration of Florida Retirement System acquired a new position in shares of Independence Realty Trust in the 4th quarter valued at about $227,000. IFP Advisors Inc lifted its holdings in shares of Independence Realty Trust by 462.2% in the 4th quarter. IFP Advisors Inc now owns 47,884 shares of the real estate investment trust’s stock valued at $468,000 after buying an additional 39,366 shares during the period. LDR Capital Management LLC lifted its holdings in shares of Independence Realty Trust by 2.4% in the 4th quarter. LDR Capital Management LLC now owns 63,289 shares of the real estate investment trust’s stock valued at $1,067,000 after buying an additional 1,478 shares during the period. TD Asset Management Inc acquired a new position in shares of Independence Realty Trust in the 4th quarter valued at about $2,032,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of Independence Realty Trust by 5.9% in the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 114,378 shares of the real estate investment trust’s stock valued at $1,902,000 after buying an additional 6,403 shares during the period. Institutional investors and hedge funds own 81.01% of the company’s stock.

Independence Realty Trust Trading Down 0.8 %

NYSE:IRT opened at $16.93 on Wednesday. Independence Realty Trust, Inc. has a 12 month low of $14.55 and a 12 month high of $24.17. The stock has a 50 day moving average of $16.31 and a two-hundred day moving average of $17.18. The firm has a market cap of $3.80 billion, a P/E ratio of 73.61, a price-to-earnings-growth ratio of 7.30 and a beta of 1.00.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 21st. Shareholders of record on Friday, March 31st were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, March 30th. This represents a $0.56 annualized dividend and a yield of 3.31%. Independence Realty Trust’s dividend payout ratio (DPR) is currently 243.49%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. BTIG Research reduced their price target on Independence Realty Trust from $27.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 11th. Barclays upped their price target on Independence Realty Trust from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, March 1st. Citigroup upped their price target on Independence Realty Trust from $18.50 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, February 23rd. JMP Securities raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and set a $20.00 price target for the company in a report on Monday. Finally, TheStreet cut Independence Realty Trust from a “b-” rating to a “c” rating in a report on Wednesday, April 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $20.72.

Independence Realty Trust Profile

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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.

Further Reading

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

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