Argosy Lionbridge Management LLC Purchases Shares of 744,935 Independence Realty Trust, Inc. $IRT

Key Points

• Argosy Lionbridge Management LLC purchased 744,935 shares of Independence Realty Trust (NYSE:IRT) in Q3 — a new position valued at about $12.21 million that makes up roughly 8.0% of Argosy’s holdings and is its sixth-largest holding; Argosy owned ~0.31% of IRT at period end.
• IRT declared a quarterly dividend of $0.17 per share (annualized $0.68) payable April 17 with a record date of March 27, implying a 4.3% yield, but the dividend payout ratio is an elevated 283.33%.
• Shares trade near $15.81 with a market cap of about $3.75 billion; the company reported $0.32 EPS last quarter (in line with estimates) and analysts have a consensus rating of "Moderate Buy" with an average target price of $20.61.

Argosy Lionbridge Management LLC purchased a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 744,935 shares of the real estate investment trust's stock, valued at approximately $12,209,000. Independence Realty Trust makes up about 8.0% of Argosy Lionbridge Management LLC's holdings, making the stock its 6th biggest position. Argosy Lionbridge Management LLC owned approximately 0.31% of Independence Realty Trust at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of IRT. IFM Investors Pty Ltd increased its position in shares of Independence Realty Trust by 1.7% in the third quarter. IFM Investors Pty Ltd now owns 37,925 shares of the real estate investment trust's stock valued at $627,000 after acquiring an additional 628 shares during the last quarter. Perigon Wealth Management LLC boosted its position in Independence Realty Trust by 5.6% during the third quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust's stock valued at $203,000 after purchasing an additional 658 shares during the last quarter. Huntington National Bank grew its stake in Independence Realty Trust by 46.4% in the third quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust's stock valued at $38,000 after purchasing an additional 725 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in Independence Realty Trust by 1.0% in the second quarter. Ameritas Investment Partners Inc. now owns 73,270 shares of the real estate investment trust's stock valued at $1,296,000 after purchasing an additional 759 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Independence Realty Trust by 1.1% during the 2nd quarter. American Century Companies Inc. now owns 70,678 shares of the real estate investment trust's stock worth $1,250,000 after purchasing an additional 789 shares during the last quarter. Institutional investors own 88.25% of the company's stock.

Independence Realty Trust Stock Down 1.7%

Shares of NYSE:IRT opened at $15.81 on Friday. Independence Realty Trust, Inc. has a 12-month low of $15.06 and a 12-month high of $21.56. The company's 50 day moving average price is $16.71 and its two-hundred day moving average price is $16.77. The firm has a market cap of $3.75 billion, a PE ratio of 65.89, a PEG ratio of 2.00 and a beta of 0.99.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, meeting analysts' consensus estimates of $0.32. The company had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The firm's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 earnings per share. On average, research analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Friday, March 27th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, March 27th. Independence Realty Trust's dividend payout ratio is presently 283.33%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Zacks Research cut Independence Realty Trust from a "hold" rating to a "strong sell" rating in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Independence Realty Trust from a "hold" rating to a "sell" rating in a research note on Sunday, February 22nd. UBS Group upped their price target on shares of Independence Realty Trust from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a "buy" rating to a "hold" rating and set a $18.00 price target for the company. in a research note on Tuesday, January 20th. Finally, Barclays reduced their target price on Independence Realty Trust from $21.00 to $18.00 and set an "equal weight" rating for the company in a research note on Friday, March 6th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Independence Realty Trust presently has a consensus rating of "Moderate Buy" and an average target price of $20.61.

About Independence Realty Trust

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.

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