Independence Realty Trust, Inc. $IRT Position Boosted by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd increased its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 22.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 312,203 shares of the real estate investment trust’s stock after buying an additional 58,226 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned about 0.13% of Independence Realty Trust worth $5,457,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in IRT. Franklin Resources Inc. grew its holdings in Independence Realty Trust by 1,435.4% in the 3rd quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock worth $62,733,000 after buying an additional 3,578,221 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in Independence Realty Trust in the 2nd quarter worth approximately $30,368,000. Freestone Grove Partners LP bought a new position in Independence Realty Trust in the 3rd quarter worth approximately $21,965,000. Citadel Advisors LLC grew its holdings in Independence Realty Trust by 50.8% in the 3rd quarter. Citadel Advisors LLC now owns 3,473,040 shares of the real estate investment trust’s stock worth $56,923,000 after buying an additional 1,170,633 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its holdings in Independence Realty Trust by 3,284.7% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,157,916 shares of the real estate investment trust’s stock worth $18,978,000 after buying an additional 1,123,706 shares in the last quarter. 88.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on IRT. Deutsche Bank Aktiengesellschaft lowered Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a report on Tuesday, January 20th. BMO Capital Markets raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $22.00 in a report on Friday, January 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a report on Friday, March 27th. UBS Group upped their target price on Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Finally, Zacks Research upgraded Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research report on Monday, March 23rd. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.61.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT opened at $15.91 on Wednesday. Independence Realty Trust, Inc. has a one year low of $14.60 and a one year high of $19.94. The stock has a fifty day moving average of $15.87 and a 200-day moving average of $16.42. The company has a market capitalization of $3.75 billion, a PE ratio of 66.30, a price-to-earnings-growth ratio of 1.81 and a beta of 1.00.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, meeting analysts’ consensus estimates of $0.32. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The company had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, research analysts forecast that Independence Realty Trust, Inc. will post 1.14 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Friday, March 27th. Independence Realty Trust’s dividend payout ratio is 283.33%.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.