Grove Bank & Trust Makes New $7.64 Million Investment in Independence Realty Trust, Inc. (NYSE:IRT)

Grove Bank & Trust purchased a new stake in Independence Realty Trust, Inc. (NYSE:IRT) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 384,900 shares of the real estate investment trust’s stock, valued at approximately $7,636,000. Independence Realty Trust makes up 1.1% of Grove Bank & Trust’s holdings, making the stock its 20th largest holding. Grove Bank & Trust owned 0.17% of Independence Realty Trust as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Hilton Capital Management LLC acquired a new stake in Independence Realty Trust in the 3rd quarter valued at about $7,573,000. SMART Wealth LLC bought a new stake in Independence Realty Trust during the 3rd quarter worth about $873,000. Barclays PLC lifted its position in Independence Realty Trust by 182.3% during the 3rd quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust’s stock valued at $8,208,000 after purchasing an additional 258,549 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Independence Realty Trust in the 3rd quarter valued at about $1,594,000. Finally, JPMorgan Chase & Co. grew its position in shares of Independence Realty Trust by 38.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock worth $51,150,000 after buying an additional 686,630 shares during the period. 88.25% of the stock is owned by institutional investors.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $18.96 on Friday. The business has a 50-day moving average of $20.51 and a two-hundred day moving average of $19.99. Independence Realty Trust, Inc. has a 1 year low of $14.07 and a 1 year high of $22.26. The company has a market capitalization of $4.27 billion, a P/E ratio of 15.99, a price-to-earnings-growth ratio of 2.55 and a beta of 1.21.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Tuesday, December 31st.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. BMO Capital Markets raised shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $19.00 to $21.00 in a research note on Friday, November 15th. Barclays initiated coverage on Independence Realty Trust in a research report on Tuesday, December 17th. They set an “equal weight” rating and a $23.00 target price for the company. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Independence Realty Trust has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

About Independence Realty Trust

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.