Citigroup Inc. Has $42.68 Million Stock Position in Independence Realty Trust, Inc. (NYSE:IRT)

Key Points

• Citigroup Inc. reduced its stake in Independence Realty Trust by 15.3%, holding approximately 2,010,285 shares valued at $42.68 million as of the latest SEC filing.
• Several institutional investors recently increased their positions in Independence Realty Trust, with Deutsche Bank AG boosting its stake by 44.2%, now owning 4,876,816 shares worth over $103 million.
• Independence Realty Trust has announced a quarterly dividend increase to $0.17 per share, reflecting a dividend yield of 3.9% and a payout ratio of 566.67%.

Citigroup Inc. decreased its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 15.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,010,285 shares of the real estate investment trust's stock after selling 362,252 shares during the period. Citigroup Inc. owned 0.86% of Independence Realty Trust worth $42,678,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in Independence Realty Trust during the 1st quarter worth about $53,000. Wealthquest Corp acquired a new position in Independence Realty Trust during the 1st quarter valued at about $85,000. GF Fund Management CO. LTD. acquired a new position in Independence Realty Trust during the 4th quarter valued at about $83,000. Financial Gravity Asset Management Inc. acquired a new position in Independence Realty Trust during the 1st quarter valued at about $90,000. Finally, State of Wyoming lifted its position in Independence Realty Trust by 49.2% during the 4th quarter. State of Wyoming now owns 4,355 shares of the real estate investment trust's stock valued at $86,000 after purchasing an additional 1,437 shares during the period. Institutional investors and hedge funds own 88.25% of the company's stock.

Independence Realty Trust Stock Performance

NYSE IRT traded up $0.04 during trading hours on Friday, reaching $17.36. 644,979 shares of the company's stock were exchanged, compared to its average volume of 2,192,187. The company's 50-day moving average is $17.55 and its two-hundred day moving average is $18.99. Independence Realty Trust, Inc. has a one year low of $16.59 and a one year high of $22.26. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 144.54, a price-to-earnings-growth ratio of 2.43 and a beta of 0.94.

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

Analyst Upgrades and Downgrades

IRT has been the topic of a number of research 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. Wall Street Zen upgraded shares of Independence Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. UBS Group cut their target price on shares of Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a research report on Tuesday, July 15th. Barclays cut their target price on shares of Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Finally, Compass Point upgraded shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and upped their target price for the company from $22.00 to $24.00 in a research report on Thursday, July 31st. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $22.56.

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.