Fortis Group Advisors LLC Has $275,000 Position in Independence Realty Trust, Inc. (NYSE:IRT)

Fortis Group Advisors LLC reduced its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 85.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,850 shares of the real estate investment trust’s stock after selling 81,956 shares during the quarter. Fortis Group Advisors LLC’s holdings in Independence Realty Trust were worth $275,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in shares of Independence Realty Trust during the third quarter worth approximately $28,000. Assetmark Inc. acquired a new stake in shares of Independence Realty Trust during the third quarter worth approximately $41,000. Blue Trust Inc. boosted its holdings in shares of Independence Realty Trust by 295.9% during the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 1,527 shares during the period. Avior Wealth Management LLC boosted its holdings in shares of Independence Realty Trust by 437.8% during the third quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 2,443 shares during the period. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Independence Realty Trust during the third quarter worth approximately $64,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IRT has been the subject of several research reports. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $19.00 to $21.00 in a report on Friday, November 15th. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Finally, Barclays cut their price objective on shares of Independence Realty Trust from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.50.

Independence Realty Trust Stock Performance

Shares of IRT opened at $20.81 on Wednesday. Independence Realty Trust, Inc. has a twelve month low of $14.35 and a twelve month high of $22.26. The firm has a market cap of $4.68 billion, a PE ratio of 17.43, a PEG ratio of 2.77 and a beta of 1.21. The firm’s 50 day moving average price is $19.73 and its 200 day moving average price is $20.11.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a negative net margin of 0.03% and a negative return on equity of 0.01%. On average, sell-side analysts anticipate that Independence Realty Trust, Inc. will post 1.15 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend was Tuesday, December 31st.

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.