Independence Realty Trust, Inc. (NYSE:IRT) Stake Boosted by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 47.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,182 shares of the real estate investment trust’s stock after purchasing an additional 47,198 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.07% of Independence Realty Trust worth $2,920,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Global Retirement Partners LLC increased its stake in Independence Realty Trust by 66.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 521 shares in the last quarter. Amundi grew its stake in Independence Realty Trust by 0.5% during the 4th quarter. Amundi now owns 122,544 shares of the real estate investment trust’s stock valued at $2,304,000 after acquiring an additional 597 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Independence Realty Trust by 0.5% during the 4th quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust’s stock valued at $2,654,000 after acquiring an additional 643 shares in the last quarter. Blue Trust Inc. grew its stake in Independence Realty Trust by 33.9% during the 4th quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 692 shares in the last quarter. Finally, Sound Income Strategies LLC grew its stake in Independence Realty Trust by 20.5% during the 4th quarter. Sound Income Strategies LLC now owns 4,295 shares of the real estate investment trust’s stock valued at $85,000 after acquiring an additional 732 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Wall Street Analyst Weigh In

IRT has been the topic of several research analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 target price on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and lifted their price target for the company from $20.00 to $24.00 in a report on Monday, March 10th. Finally, Barclays reduced their price target on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and an average price target of $21.71.

Independence Realty Trust Stock Performance

IRT opened at $20.97 on Friday. The business has a 50 day moving average price of $19.93 and a 200 day moving average price of $20.28. Independence Realty Trust, Inc. has a twelve month low of $15.23 and a twelve month high of $22.26. The firm has a market cap of $4.84 billion, a P/E ratio of 116.49, a price-to-earnings-growth ratio of 2.91 and a beta of 1.19.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. As a group, analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.05%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 355.56%.

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.