201,737 Shares in Independence Realty Trust, Inc. (NYSE:IRT) Purchased by Vestcor Inc

Key Points

• Vestcor Inc recently acquired 201,737 shares of Independence Realty Trust, Inc. (IRT), valued at approximately $4.28 million, representing 0.09% of the company's total shares.
• Independence Realty Trust has recently increased its quarterly dividend to $0.17 per share, translating to an annualized dividend of $0.68 and a yield of 3.97%.
• Analysts have a consensus rating of "Moderate Buy" for IRT shares, with an average price target of $22.40, following various adjustments by firms such as JMP Securities and UBS Group.

Vestcor Inc bought a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 201,737 shares of the real estate investment trust's stock, valued at approximately $4,283,000. Vestcor Inc owned approximately 0.09% of Independence Realty Trust as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. GF Fund Management CO. LTD. bought a new position in shares of Independence Realty Trust in the 4th quarter valued at about $83,000. Wealthquest Corp bought a new position in Independence Realty Trust during the first quarter worth about $85,000. State of Wyoming increased its position in Independence Realty Trust by 49.2% during the fourth quarter. State of Wyoming now owns 4,355 shares of the real estate investment trust's stock worth $86,000 after buying an additional 1,437 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new stake in Independence Realty Trust in the first quarter valued at approximately $90,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Independence Realty Trust in the first quarter valued at approximately $107,000. Institutional investors own 88.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Compass Point raised Independence Realty Trust from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $22.00 to $24.00 in a report on Thursday. UBS Group decreased their price objective on shares of Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. JMP Securities reissued a "market outperform" rating and issued a $25.00 price objective on shares of Independence Realty Trust in a research report on Monday, May 5th. Finally, Barclays lifted their target price on shares of Independence Realty Trust from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $22.60.

Independence Realty Trust Stock Down 0.0%

Shares of Independence Realty Trust stock traded down $0.01 during trading on Monday, reaching $16.76. The company's stock had a trading volume of 828,330 shares, compared to its average volume of 2,144,109. The business's 50-day moving average price is $17.76 and its 200-day moving average price is $19.09. Independence Realty Trust, Inc. has a 52 week low of $16.59 and a 52 week high of $22.26. The firm has a market cap of $3.92 billion, a PE ratio of 139.71, a P/E/G ratio of 2.31 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The firm had revenue of $161.89 million during the quarter, compared to the consensus estimate of $164.78 million. During the same quarter in the previous year, the firm posted $0.28 EPS. Equities analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Friday, June 27th were paid a dividend of $0.17 per share. This is a boost from Independence Realty Trust's previous quarterly dividend of $0.16. The ex-dividend date was Friday, June 27th. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. Independence Realty Trust's dividend payout ratio is 566.67%.

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.