Piedmont Investment Advisors Inc. raised its stake in shares of Independence Realty Trust Inc (NYSE:IRT) by 6.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,490 shares of the real estate investment trust’s stock after purchasing an additional 1,359 shares during the quarter. Piedmont Investment Advisors Inc.’s holdings in Independence Realty Trust were worth $243,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of IRT. Ruggie Capital Group acquired a new position in Independence Realty Trust during the fourth quarter worth $28,000. Oregon Public Employees Retirement Fund acquired a new position in shares of Independence Realty Trust in the 4th quarter valued at $34,000. Bronfman E.L. Rothschild L.P. acquired a new position in shares of Independence Realty Trust in the 4th quarter valued at $37,000. Bessemer Group Inc. acquired a new position in shares of Independence Realty Trust in the 4th quarter valued at $42,000. Finally, Sandy Spring Bank acquired a new position in shares of Independence Realty Trust in the 1st quarter valued at $42,000. Institutional investors and hedge funds own 85.68% of the company’s stock.
Shares of IRT traded up $0.08 during midday trading on Friday, reaching $11.57. 994,900 shares of the stock were exchanged, compared to its average volume of 451,865. Independence Realty Trust Inc has a 12-month low of $8.75 and a 12-month high of $12.17. The business has a 50 day simple moving average of $11.30. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.48 and a current ratio of 0.48. The firm has a market cap of $1.04 billion, a P/E ratio of 15.64 and a beta of 0.79.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Friday, June 28th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.22%. The ex-dividend date of this dividend is Thursday, June 27th. Independence Realty Trust’s payout ratio is 97.30%.
A number of equities research analysts have commented on the company. Zacks Investment Research upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, March 12th. ValuEngine lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Friday, April 5th. Stifel Nicolaus initiated coverage on Independence Realty Trust in a research report on Monday, April 8th. They set a “hold” rating and a $11.00 price objective for the company. TheStreet downgraded Independence Realty Trust from a “b-” rating to a “c+” rating in a research note on Monday, April 8th. Finally, Boenning Scattergood set a $11.00 price target on Independence Realty Trust and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Independence Realty Trust has a consensus rating of “Hold” and an average price target of $10.95.
Independence Realty Trust Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
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