Bank of New York Mellon Corp Has $40.54 Million Stock Position in Independence Realty Trust, Inc. (NYSE:IRT)

Bank of New York Mellon Corp decreased its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 2.3% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,909,354 shares of the real estate investment trust's stock after selling 45,187 shares during the period. Bank of New York Mellon Corp owned about 0.83% of Independence Realty Trust worth $40,536,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of IRT. Jones Financial Companies Lllp lifted its stake in Independence Realty Trust by 67.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 1,000 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Independence Realty Trust during the 4th quarter worth approximately $204,000. Raymond James Financial Inc. bought a new stake in shares of Independence Realty Trust during the 4th quarter worth approximately $12,105,000. Amundi raised its stake in shares of Independence Realty Trust by 0.5% during the 4th quarter. Amundi now owns 122,544 shares of the real estate investment trust's stock worth $2,304,000 after purchasing an additional 597 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its stake in shares of Independence Realty Trust by 13.4% during the 4th quarter. Avantax Advisory Services Inc. now owns 15,654 shares of the real estate investment trust's stock worth $311,000 after purchasing an additional 1,846 shares in the last quarter. Institutional investors own 88.25% of the company's stock.

Independence Realty Trust Price Performance

NYSE IRT traded up $0.16 on Wednesday, reaching $17.26. The stock had a trading volume of 2,616,162 shares, compared to its average volume of 2,038,498. The firm has a fifty day moving average of $18.17 and a two-hundred day moving average of $19.25. Independence Realty Trust, Inc. has a 1-year low of $16.91 and a 1-year high of $22.26. The company has a market cap of $4.03 billion, a P/E ratio of 123.28, a price-to-earnings-growth ratio of 2.43 and a beta of 0.93.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings data 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). Independence Realty Trust had a net margin of 4.70% and a return on equity of 0.85%. The firm had revenue of $160.91 million during the quarter, compared to analyst estimates of $164.08 million. During the same period in the prior year, the company earned $0.27 earnings per share. The business's quarterly revenue was up .4% compared to the same quarter last year. Research analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Friday, June 27th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.94%. This is a positive change from Independence Realty Trust's previous quarterly dividend of $0.16. The ex-dividend date is Friday, June 27th. Independence Realty Trust's dividend payout ratio is currently 485.71%.

Analysts Set New Price Targets

IRT has been the topic of a number of analyst reports. Compass Point reiterated a "neutral" rating and set a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, May 13th. JMP Securities reiterated a "market outperform" rating and set a $25.00 price objective on shares of Independence Realty Trust in a research note on Monday, May 5th. UBS Group decreased their target price on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday. Wells Fargo & Company assumed coverage on Independence Realty Trust in a report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 target price on the stock. Finally, Barclays boosted their target price 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 assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.40.

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.