Alliancebernstein L.P. Sells 711 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Alliancebernstein L.P. trimmed its position in Independence Realty Trust, Inc. (NYSE:IRT) by 0.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,570,167 shares of the real estate investment trust’s stock after selling 711 shares during the quarter. Alliancebernstein L.P.’s holdings in Independence Realty Trust were worth $189,872,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in IRT. Global Retirement Partners LLC grew its holdings in Independence Realty Trust by 66.0% during the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 521 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Independence Realty Trust by 0.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,984 shares of the real estate investment trust’s stock valued at $2,050,000 after purchasing an additional 526 shares in the last quarter. Amundi increased its position in Independence Realty Trust by 0.5% in the fourth quarter. Amundi now owns 122,544 shares of the real estate investment trust’s stock worth $2,304,000 after purchasing an additional 597 shares during the last quarter. State of Alaska Department of Revenue raised its stake in Independence Realty Trust by 0.5% during the fourth quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust’s stock valued at $2,654,000 after purchasing an additional 643 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in Independence Realty Trust by 33.9% during the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 692 shares during the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Up 0.7 %

Shares of Independence Realty Trust stock opened at $21.38 on Wednesday. Independence Realty Trust, Inc. has a 52 week low of $15.25 and a 52 week high of $22.26. The company has a market capitalization of $4.94 billion, a PE ratio of 118.80, a price-to-earnings-growth ratio of 2.91 and a beta of 1.19. The stock’s fifty day moving average is $20.44 and its two-hundred day moving average is $20.33.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, topping the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. As a group, research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Friday, March 28th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 annualized dividend and a yield of 2.99%. Independence Realty Trust’s dividend payout ratio (DPR) is currently 355.56%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IRT. Jefferies Financial Group upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and upped their target price for the company from $20.00 to $24.00 in a research report on Monday, March 10th. Wells Fargo & Company assumed coverage on Independence Realty Trust in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 price objective for the company. JMP Securities reissued a “market outperform” rating and set a $22.00 target price on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Finally, Barclays lowered their price target on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.00.

Independence Realty Trust Profile

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.