Independence Realty Trust, Inc. $IRT Shares Sold by Cbre Investment Management Listed Real Assets LLC

Cbre Investment Management Listed Real Assets LLC decreased its position in Independence Realty Trust, Inc. (NYSE:IRT) by 48.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,516,206 shares of the real estate investment trust’s stock after selling 1,450,334 shares during the period. Cbre Investment Management Listed Real Assets LLC’s holdings in Independence Realty Trust were worth $24,851,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Alliancebernstein L.P. boosted its stake in shares of Independence Realty Trust by 0.3% during the 2nd quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock worth $161,678,000 after acquiring an additional 30,701 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Independence Realty Trust by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust’s stock valued at $109,524,000 after purchasing an additional 138,817 shares in the last quarter. Long Pond Capital LP raised its holdings in Independence Realty Trust by 564.5% in the 2nd quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock worth $97,304,000 after purchasing an additional 4,672,690 shares during the period. Franklin Resources Inc. raised its holdings in Independence Realty Trust by 1,435.4% in the 3rd quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock worth $62,733,000 after purchasing an additional 3,578,221 shares during the period. Finally, Frontier Capital Management Co. LLC boosted its position in Independence Realty Trust by 2.8% during the second quarter. Frontier Capital Management Co. LLC now owns 3,483,911 shares of the real estate investment trust’s stock worth $61,630,000 after purchasing an additional 94,258 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $16.05 on Thursday. The stock has a market capitalization of $3.81 billion, a P/E ratio of 66.85, a PEG ratio of 2.05 and a beta of 0.99. The business has a 50 day simple moving average of $16.77 and a two-hundred day simple moving average of $16.80. Independence Realty Trust, Inc. has a 12 month low of $15.06 and a 12 month high of $21.56.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting 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 firm had revenue of $167.13 million for the quarter, compared to analyst estimates of $170.26 million. During the same period in the previous year, the company posted $0.32 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. As a group, research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Friday, March 27th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 27th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.2%. Independence Realty Trust’s dividend payout ratio is presently 283.33%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IRT. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a report on Monday, December 29th. Barclays decreased their target price on Independence Realty Trust from $21.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Friday, March 6th. Citigroup reissued an “outperform” rating on shares of Independence Realty Trust in a research note on Friday, January 9th. KeyCorp reduced their price objective on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, December 4th. Finally, UBS Group increased their price objective on shares of Independence Realty Trust from $19.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.61.

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.