Charles Schwab Investment Management Inc. Acquires 60,919 Shares of Independence Realty Trust, Inc. (NYSE:IRT)
Charles Schwab Investment Management Inc. raised its position in Independence Realty Trust, Inc. (NYSE:IRT – Free Report) by 1.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,561,615 shares of the real estate investment trust’s stock after purchasing an additional 60,919 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Independence Realty Trust were worth $70,662,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Independence Realty Trust by 24.4% in the 3rd quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust’s stock valued at $232,900,000 after purchasing an additional 2,225,371 shares during the period. Jennison Associates LLC raised its stake in shares of Independence Realty Trust by 4.8% in the 4th quarter. Jennison Associates LLC now owns 6,139,652 shares of the real estate investment trust’s stock valued at $121,811,000 after purchasing an additional 278,959 shares during the period. Geode Capital Management LLC raised its stake in shares of Independence Realty Trust by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 5,857,943 shares of the real estate investment trust’s stock valued at $120,108,000 after purchasing an additional 50,788 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Independence Realty Trust by 236.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,027,943 shares of the real estate investment trust’s stock valued at $82,573,000 after purchasing an additional 2,829,247 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Independence Realty Trust by 38.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock valued at $51,150,000 after purchasing an additional 686,630 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.
Analysts Set New Price Targets
Several research firms have issued reports on IRT. JMP Securities reissued a “market outperform” rating and issued a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Jefferies Financial Group raised Independence Realty Trust from a “hold” rating to a “buy” rating and lifted their target price for the company from $20.00 to $24.00 in a research report on Monday. Barclays lowered their target price on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 19th. Finally, BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their target price for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.71.
Read Our Latest Research Report on IRT
Independence Realty Trust Stock Performance
NYSE:IRT opened at $20.84 on Wednesday. The stock’s 50-day simple moving average is $19.88 and its 200 day simple moving average is $20.27. The company has a market cap of $4.81 billion, a P/E ratio of 115.75, a P/E/G ratio of 2.91 and a beta of 1.19. Independence Realty Trust, Inc. has a 52-week low of $15.23 and a 52-week high of $22.26.
Independence Realty Trust (NYSE:IRT – Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. As a group, equities analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.
Independence Realty Trust Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Friday, March 28th. Independence Realty Trust’s dividend payout ratio (DPR) is presently 355.56%.
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.
Further Reading
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