4,005 Shares in Independence Realty Trust, Inc. (NYSE:IRT) Purchased by Wealthquest Corp

Wealthquest Corp bought a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,005 shares of the real estate investment trust’s stock, valued at approximately $85,000.

Several other large investors have also recently made changes to their positions in IRT. Wealth Enhancement Advisory Services LLC grew its stake in shares of Independence Realty Trust by 2.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust’s stock worth $442,000 after buying an additional 488 shares during the last quarter. Xponance Inc. grew its stake in shares of Independence Realty Trust by 2.1% in the first quarter. Xponance Inc. now owns 32,632 shares of the real estate investment trust’s stock worth $693,000 after acquiring an additional 678 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Independence Realty Trust by 0.3% during the first quarter. Envestnet Asset Management Inc. now owns 252,949 shares of the real estate investment trust’s stock valued at $5,370,000 after acquiring an additional 731 shares in the last quarter. Lindbrook Capital LLC increased its holdings in shares of Independence Realty Trust by 10.7% during the first quarter. Lindbrook Capital LLC now owns 8,730 shares of the real estate investment trust’s stock valued at $185,000 after acquiring an additional 841 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Independence Realty Trust by 2.2% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,763 shares of the real estate investment trust’s stock worth $993,000 after purchasing an additional 1,000 shares during the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on IRT shares. UBS Group reduced their price objective on shares of Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, July 15th. Barclays raised their price target on shares of Independence Realty Trust from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, May 9th. Compass Point raised Independence Realty Trust from a “neutral” rating to a “buy” rating and upped their price objective for the company from $22.00 to $24.00 in a research report on Thursday. Finally, JMP Securities reiterated a “market outperform” rating and set a $25.00 target price on shares of Independence Realty Trust in a research note on Monday, May 5th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Independence Realty Trust has an average rating of “Moderate Buy” and an average price target of $22.60.

Independence Realty Trust Stock Down 0.1%

Shares of Independence Realty Trust stock opened at $16.75 on Friday. Independence Realty Trust, Inc. has a twelve month low of $16.59 and a twelve month high of $22.26. The company’s 50 day moving average is $17.76 and its 200 day moving average is $19.09. The company has a market cap of $3.92 billion, a price-to-earnings ratio of 139.58, a price-to-earnings-growth ratio of 2.31 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, meeting the consensus estimate of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%. The firm had revenue of $161.89 million for the quarter, compared to analysts’ expectations of $164.78 million. During the same period in the prior year, the firm earned $0.28 EPS. Sell-side analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Friday, June 27th were paid a dividend of $0.17 per share. The ex-dividend date was Friday, June 27th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.16. Independence Realty Trust’s dividend payout ratio is presently 566.67%.

About Independence Realty Trust

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.