Independence Realty Trust, Inc. (NYSE:IRT) Holdings Trimmed by Harbour Investments Inc.

Harbour Investments Inc. cut its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 8.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 26,188 shares of the real estate investment trust’s stock after selling 2,567 shares during the quarter. Harbour Investments Inc.’s holdings in Independence Realty Trust were worth $556,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GF Fund Management CO. LTD. acquired a new position in shares of Independence Realty Trust in the 4th quarter worth approximately $83,000. Wealthquest Corp acquired a new stake in Independence Realty Trust during the first quarter valued at approximately $85,000. State of Wyoming lifted its stake in Independence Realty Trust by 49.2% during the fourth quarter. State of Wyoming now owns 4,355 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 1,437 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new stake in shares of Independence Realty Trust during the 1st quarter worth $90,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Independence Realty Trust during the 1st quarter worth $107,000. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Price Performance

NYSE:IRT opened at $16.70 on Tuesday. Independence Realty Trust, Inc. has a fifty-two week low of $16.59 and a fifty-two week high of $22.26. The stock’s 50-day moving average is $17.73 and its two-hundred day moving average is $19.08. The stock has a market cap of $3.90 billion, a PE ratio of 139.17, a price-to-earnings-growth ratio of 2.31 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting analysts’ consensus estimates of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The firm had revenue of $161.89 million for the quarter, compared to the consensus estimate of $164.78 million. During the same period in the previous year, the firm posted $0.28 earnings per share. On average, equities research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Increases Dividend

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

Analyst Upgrades and Downgrades

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

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.