Jennison Associates LLC Buys New Holdings in Independence Realty Trust, Inc. (IRT)

Jennison Associates LLC bought a new position in Independence Realty Trust, Inc. (NYSE:IRT) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,250,000 shares of the real estate investment trust’s stock, valued at approximately $12,713,000. Jennison Associates LLC owned approximately 1.50% of Independence Realty Trust as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Independence Realty Trust by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 8,145,938 shares of the real estate investment trust’s stock valued at $80,401,000 after buying an additional 201,984 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Independence Realty Trust by 3.3% in the 2nd quarter. Alliancebernstein L.P. now owns 4,208,515 shares of the real estate investment trust’s stock valued at $41,538,000 after buying an additional 132,990 shares during the last quarter. State Street Corp grew its position in shares of Independence Realty Trust by 20.2% in the 2nd quarter. State Street Corp now owns 2,226,547 shares of the real estate investment trust’s stock valued at $21,979,000 after buying an additional 373,485 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Independence Realty Trust by 93.7% in the 3rd quarter. Principal Financial Group Inc. now owns 2,121,772 shares of the real estate investment trust’s stock valued at $21,578,000 after buying an additional 1,026,415 shares during the last quarter. Finally, LSV Asset Management grew its position in shares of Independence Realty Trust by 6.5% in the 2nd quarter. LSV Asset Management now owns 1,769,897 shares of the real estate investment trust’s stock valued at $17,468,000 after buying an additional 107,300 shares during the last quarter. 65.50% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts have commented on the company. B. Riley reiterated a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, November 1st. Robert W. Baird reiterated a “buy” rating and issued a $11.00 price target on shares of Independence Realty Trust in a research report on Tuesday, October 17th. Zacks Investment Research lowered Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. FBR & Co reiterated a “buy” rating and issued a $11.50 price target on shares of Independence Realty Trust in a research report on Tuesday, September 12th. Finally, ValuEngine upgraded Independence Realty Trust from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $11.00.

Shares of Independence Realty Trust, Inc. (IRT) opened at $10.21 on Friday. Independence Realty Trust, Inc. has a 52-week low of $8.06 and a 52-week high of $10.63. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.40 and a current ratio of 0.40. The company has a market capitalization of $856.07, a PE ratio of 14.08 and a beta of 1.08.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 EPS for the quarter, beating the consensus estimate of $0.08 by $0.11. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. The company had revenue of $39.86 million for the quarter, compared to analyst estimates of $40.38 million. During the same quarter in the prior year, the company earned $0.21 EPS. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. research analysts forecast that Independence Realty Trust, Inc. will post 0.74 earnings per share for the current year.

The firm also recently announced a monthly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, December 28th. This represents a $0.72 annualized dividend and a dividend yield of 7.05%. Independence Realty Trust’s payout ratio is -276.92%.

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Independence Realty Trust Profile

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.

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

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