Bank of New York Mellon Corp Lowers Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Bank of New York Mellon Corp cut its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,909,354 shares of the real estate investment trust's stock after selling 45,187 shares during the quarter. Bank of New York Mellon Corp owned about 0.83% of Independence Realty Trust worth $40,536,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in IRT. Lightrock Netherlands B.V. raised its stake in shares of Independence Realty Trust by 32.3% during the 1st quarter. Lightrock Netherlands B.V. now owns 190,034 shares of the real estate investment trust's stock valued at $4,041,000 after purchasing an additional 46,385 shares during the period. SMART Wealth LLC raised its stake in shares of Independence Realty Trust by 4.9% during the 1st quarter. SMART Wealth LLC now owns 38,505 shares of the real estate investment trust's stock valued at $817,000 after purchasing an additional 1,791 shares during the period. Principal Financial Group Inc. grew its position in Independence Realty Trust by 3.5% during the first quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust's stock worth $15,864,000 after buying an additional 25,124 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in Independence Realty Trust by 2.2% during the first quarter. Oregon Public Employees Retirement Fund now owns 46,763 shares of the real estate investment trust's stock worth $993,000 after buying an additional 1,000 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in Independence Realty Trust during the first quarter worth about $700,000. 88.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IRT has been the subject of several recent analyst reports. JMP Securities restated a "market outperform" rating and set a $25.00 target price on shares of Independence Realty Trust in a research report on Monday, May 5th. UBS Group reduced their target price on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating for the company in a research report on Tuesday. Compass Point restated a "neutral" rating and set a $22.00 target price on shares of Independence Realty Trust in a research report on Tuesday, May 13th. Finally, Barclays upped their price objective on Independence Realty Trust from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $22.40.

Independence Realty Trust Price Performance

IRT traded down $0.04 during midday trading on Friday, reaching $17.24. 561,405 shares of the company's stock traded hands, compared to its average volume of 2,034,909. The firm has a fifty day moving average of $18.13 and a two-hundred day moving average of $19.24. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 123.11, a P/E/G ratio of 2.45 and a beta of 0.93. Independence Realty Trust, Inc. has a 52 week low of $17.05 and a 52 week high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). The business had revenue of $160.91 million for the quarter, compared to the consensus estimate of $164.08 million. Independence Realty Trust had a net margin of 4.70% and a return on equity of 0.85%. The company's revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 EPS. Sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Friday, June 27th will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $0.68 annualized dividend and a dividend yield of 3.95%. This is a positive change from Independence Realty Trust's previous quarterly dividend of $0.16. Independence Realty Trust's dividend payout ratio is currently 485.71%.

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.