Retirement Systems of Alabama Sells 4,318 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Retirement Systems of Alabama trimmed its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 272,977 shares of the real estate investment trust’s stock after selling 4,318 shares during the quarter. Retirement Systems of Alabama owned 0.12% of Independence Realty Trust worth $5,596,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Independence Realty Trust by 0.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,984 shares of the real estate investment trust’s stock worth $2,050,000 after purchasing an additional 526 shares during the last quarter. Taylor Frigon Capital Management LLC lifted its holdings in Independence Realty Trust by 0.7% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 79,217 shares of the real estate investment trust’s stock worth $1,485,000 after buying an additional 571 shares during the period. Handelsbanken Fonder AB grew its position in shares of Independence Realty Trust by 1.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 69,961 shares of the real estate investment trust’s stock valued at $1,434,000 after buying an additional 900 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its stake in shares of Independence Realty Trust by 0.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 281,800 shares of the real estate investment trust’s stock valued at $5,777,000 after buying an additional 900 shares during the period. Finally, Arizona State Retirement System raised its position in shares of Independence Realty Trust by 2.0% during the second quarter. Arizona State Retirement System now owns 63,011 shares of the real estate investment trust’s stock worth $1,181,000 after acquiring an additional 1,255 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Trading Down 4.3 %

Shares of NYSE IRT opened at $20.26 on Thursday. The firm has a market capitalization of $4.56 billion, a P/E ratio of 75.04, a P/E/G ratio of 3.07 and a beta of 1.19. The firm’s 50-day moving average price is $20.63 and its 200-day moving average price is $19.76. Independence Realty Trust, Inc. has a 1-year low of $14.07 and a 1-year high of $22.26.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Tuesday, December 31st. Independence Realty Trust’s dividend payout ratio (DPR) is currently 237.04%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IRT. KeyCorp increased their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Barclays started coverage on shares of Independence Realty Trust in a research report on Tuesday. They set an “equal weight” rating and a $23.00 price target on the stock. JMP Securities lifted their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Monday, September 9th. Finally, BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their target price for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus price target 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.