Geode Capital Management LLC Acquires 50,788 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Geode Capital Management LLC increased its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 0.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,857,943 shares of the real estate investment trust’s stock after purchasing an additional 50,788 shares during the quarter. Geode Capital Management LLC owned 2.60% of Independence Realty Trust worth $120,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its position in 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 worth $82,573,000 after buying an additional 2,829,247 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Independence Realty Trust by 24.4% during the third 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 last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Independence Realty Trust by 419.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust’s stock valued at $29,378,000 after purchasing an additional 1,157,052 shares during the period. B&I Capital AG purchased a new stake in Independence Realty Trust in the second quarter worth approximately $10,900,000. Finally, Easterly Investment Partners LLC bought a new stake in Independence Realty Trust in the 3rd quarter worth approximately $11,132,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Down 1.7 %

IRT stock opened at $21.18 on Wednesday. The business’s 50-day moving average price is $20.60 and its 200-day moving average price is $19.76. The stock has a market cap of $4.77 billion, a P/E ratio of 78.44, a PEG ratio of 3.07 and a beta of 1.19. Independence Realty Trust, Inc. has a twelve month low of $14.07 and a twelve month high of $22.26.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Tuesday, December 31st. Independence Realty Trust’s dividend payout ratio is currently 237.04%.

Analyst Ratings Changes

Several research firms have recently weighed in on IRT. KeyCorp increased their price target on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Barclays started coverage on Independence Realty Trust in a report on Tuesday. They issued an “equal weight” rating and a $23.00 target price on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. 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 stock from $19.00 to $21.00 in a report on Friday, November 15th. Finally, JMP Securities upped their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.14.

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.