Retirement Systems of Alabama Lowers Position in Independence Realty Trust, Inc. (NYSE:IRT)

Retirement Systems of Alabama lessened its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 1.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 272,977 shares of the real estate investment trust’s stock after selling 4,318 shares during the quarter. Retirement Systems of Alabama’s holdings in Independence Realty Trust were worth $5,596,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC purchased a new stake in Independence Realty Trust in the 2nd quarter valued at $25,000. Mattson Financial Services LLC bought a new stake in shares of Independence Realty Trust in the 2nd quarter worth $28,000. V Square Quantitative Management LLC purchased a new stake in shares of Independence Realty Trust in the third quarter valued at about $28,000. Blue Trust Inc. lifted its position in shares of Independence Realty Trust by 295.9% during the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 1,527 shares in the last quarter. Finally, Assetmark Inc. purchased a new position in Independence Realty Trust during the third quarter worth about $41,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Wall Street Analyst Weigh In

IRT has been the subject of several analyst reports. KeyCorp increased their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Deutsche Bank Aktiengesellschaft lifted their price target on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. JMP Securities raised their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Monday, September 9th. BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $19.00 to $21.00 in a report on Friday, November 15th. Finally, Barclays started coverage on shares of Independence Realty Trust in a report on Tuesday. They set an “equal weight” rating and a $23.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.14.

Independence Realty Trust Stock Performance

IRT stock opened at $20.26 on Thursday. The stock has a fifty day moving average of $20.63 and a 200-day moving average of $19.76. Independence Realty Trust, Inc. has a fifty-two week low of $14.07 and a fifty-two week high of $22.26. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of 75.04, a PEG ratio of 3.07 and a beta of 1.19.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st will be paid a $0.16 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.64 annualized dividend and a dividend yield of 3.16%. Independence Realty Trust’s payout ratio is 237.04%.

Independence Realty Trust Company 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.