Allianz Asset Management GmbH Invests $2.76 Million in Independence Realty Trust, Inc. (NYSE:IRT)

Allianz Asset Management GmbH purchased 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 and Exchange Commission. The firm purchased 130,137 shares of the real estate investment trust's stock, valued at approximately $2,763,000. Allianz Asset Management GmbH owned about 0.06% of Independence Realty Trust at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Wellington Management Group LLP increased its holdings in shares of Independence Realty Trust by 17.9% in the fourth quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust's stock worth $265,835,000 after purchasing an additional 2,037,968 shares during the last quarter. Bamco Inc. NY raised its holdings in Independence Realty Trust by 592.0% during the 4th quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust's stock valued at $33,961,000 after buying an additional 1,464,400 shares during the period. Deutsche Bank AG boosted its stake in Independence Realty Trust by 72.5% during the fourth quarter. Deutsche Bank AG now owns 3,381,684 shares of the real estate investment trust's stock worth $67,093,000 after buying an additional 1,421,377 shares during the period. Millennium Management LLC lifted its holdings in shares of Independence Realty Trust by 2,601.9% in the 4th quarter. Millennium Management LLC now owns 837,787 shares of the real estate investment trust's stock worth $16,622,000 after acquiring an additional 806,780 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Independence Realty Trust by 28.8% during the fourth quarter. Northern Trust Corp now owns 3,551,247 shares of the real estate investment trust's stock valued at $70,457,000 after buying an additional 793,403 shares during the last quarter. Institutional investors own 88.25% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on IRT shares. Barclays lifted their price objective on Independence Realty Trust from $21.00 to $22.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. UBS Group reduced their price objective on shares of Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, July 15th. JMP Securities reiterated a "market outperform" rating and issued a $25.00 price target on shares of Independence Realty Trust in a report on Monday, May 5th. Finally, Compass Point upgraded Independence Realty Trust from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $22.00 to $24.00 in a research note on Thursday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $22.60.

Independence Realty Trust Trading Down 0.1%

Shares of NYSE:IRT traded down $0.02 on Friday, hitting $16.75. 3,113,170 shares of the company were exchanged, compared to its average volume of 2,417,875. The firm has a market capitalization of $3.92 billion, a P/E ratio of 139.58, a price-to-earnings-growth ratio of 2.31 and a beta of 0.94. The stock'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 1-year low of $16.59 and a 1-year high of $22.26.

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

Independence Realty Trust Increases Dividend

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

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.