Congress Asset Management Co. Decreases Stock Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Congress Asset Management Co. lowered its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 1.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 128,878 shares of the real estate investment trust’s stock after selling 1,237 shares during the period. Congress Asset Management Co.’s holdings in Independence Realty Trust were worth $2,642,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. State of Michigan Retirement System grew its position in Independence Realty Trust by 2.2% during the first quarter. State of Michigan Retirement System now owns 55,100 shares of the real estate investment trust’s stock valued at $889,000 after buying an additional 1,200 shares during the period. State of Alaska Department of Revenue grew its position in shares of Independence Realty Trust by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 131,019 shares of the real estate investment trust’s stock valued at $2,112,000 after acquiring an additional 671 shares during the period. Diversify Advisory Services LLC purchased a new stake in shares of Independence Realty Trust during the 1st quarter worth approximately $157,000. Sequoia Financial Advisors LLC raised its holdings in shares of Independence Realty Trust by 37.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 33,677 shares of the real estate investment trust’s stock worth $543,000 after purchasing an additional 9,256 shares during the period. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Independence Realty Trust by 6.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 72,876 shares of the real estate investment trust’s stock worth $1,175,000 after purchasing an additional 4,695 shares during the period. Institutional investors own 88.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on IRT shares. KeyCorp increased their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Deutsche Bank Aktiengesellschaft lifted their price objective on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. BTIG Research upped their price objective on shares of Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, JMP Securities lifted their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Monday, September 9th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.57.

Independence Realty Trust Trading Down 2.9 %

Shares of Independence Realty Trust stock opened at $19.06 on Friday. The company’s 50-day moving average price is $20.11 and its 200-day moving average price is $18.63. Independence Realty Trust, Inc. has a 12-month low of $12.50 and a 12-month high of $21.20. The company has a market cap of $4.29 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 2.88 and a beta of 1.17.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Monday, September 30th.

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.