Cramer Rosenthal Mcglynn LLC Boosts Stake in Independence Realty Trust, Inc. $IRT

Cramer Rosenthal Mcglynn LLC increased its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 8.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 393,210 shares of the real estate investment trust’s stock after buying an additional 31,729 shares during the quarter. Cramer Rosenthal Mcglynn LLC’s holdings in Independence Realty Trust were worth $6,445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Alliancebernstein L.P. raised its stake in shares of Independence Realty Trust by 0.3% in the second quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock worth $161,678,000 after purchasing an additional 30,701 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Independence Realty Trust by 2.3% during the second quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust’s stock worth $109,524,000 after purchasing an additional 138,817 shares during the last quarter. Long Pond Capital LP lifted its position in Independence Realty Trust by 564.5% during the second quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock valued at $97,304,000 after purchasing an additional 4,672,690 shares during the period. Frontier Capital Management Co. LLC boosted its holdings in Independence Realty Trust by 2.8% in the second quarter. Frontier Capital Management Co. LLC now owns 3,483,911 shares of the real estate investment trust’s stock valued at $61,630,000 after purchasing an additional 94,258 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its position in Independence Realty Trust by 32.8% during the 2nd quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,966,540 shares of the real estate investment trust’s stock worth $52,478,000 after purchasing an additional 732,689 shares during the period. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on IRT. Deutsche Bank Aktiengesellschaft lowered Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a report on Tuesday, January 20th. Zacks Research downgraded shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Citigroup restated an “outperform” rating on shares of Independence Realty Trust in a research report on Friday, January 9th. Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Monday, December 29th. Finally, KeyCorp lowered their price target on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, December 4th. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.25.

Independence Realty Trust Stock Down 0.5%

Shares of IRT opened at $16.66 on Friday. The firm’s fifty day moving average is $16.87 and its two-hundred day moving average is $16.83. The stock has a market cap of $3.95 billion, a PE ratio of 69.42, a price-to-earnings-growth ratio of 2.12 and a beta of 0.99. Independence Realty Trust, Inc. has a 52-week low of $15.06 and a 52-week high of $21.67.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.32. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The business had revenue of $167.13 million during the quarter, compared to analyst estimates of $170.26 million. During the same period in the prior year, the business earned $0.32 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. As a group, research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Wednesday, December 31st. Independence Realty Trust’s payout ratio is currently 283.33%.

Independence Realty Trust Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.