Deutsche Bank AG Increases Position in Independence Realty Trust, Inc. (NYSE:IRT)

Key Points

• Deutsche Bank AG increased its stake in Independence Realty Trust, Inc. by 44.2%, owning 4,876,816 shares worth approximately $103.54 million at the end of the first quarter.
• Independence Realty Trust announced an increase in its quarterly dividend from $0.16 to $0.17, providing a 3.9% yield for shareholders.
• Analysts set varying price targets for Independence Realty Trust, with a consensus target of approximately $22.60 and ratings ranging from "hold" to "buy."

Deutsche Bank AG increased its position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 44.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,876,816 shares of the real estate investment trust's stock after purchasing an additional 1,495,132 shares during the period. Deutsche Bank AG owned approximately 2.09% of Independence Realty Trust worth $103,535,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Independence Realty Trust by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust's stock worth $696,482,000 after buying an additional 554,729 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Independence Realty Trust by 1.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust's stock worth $76,825,000 after acquiring an additional 57,108 shares during the period. Northern Trust Corp lifted its stake in 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 worth $70,457,000 after purchasing an additional 793,403 shares during the last quarter. Bamco Inc. NY increased its holdings in shares of Independence Realty Trust by 592.0% in the fourth quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust's stock worth $33,961,000 after buying an additional 1,464,400 shares during the period. Finally, Millennium Management LLC increased its holdings in Independence Realty Trust by 2,601.9% during the 4th quarter. Millennium Management LLC now owns 837,787 shares of the real estate investment trust's stock valued at $16,622,000 after purchasing an additional 806,780 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Stock Performance

NYSE IRT traded down $0.28 during trading on Thursday, hitting $17.33. The stock had a trading volume of 1,915,485 shares, compared to its average volume of 2,202,598. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of 144.42, a P/E/G ratio of 2.40 and a beta of 0.94. Independence Realty Trust, Inc. has a one year low of $16.59 and a one year high of $22.26. The stock has a 50 day simple moving average of $17.57 and a 200 day simple moving average of $19.00.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings results 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 business had revenue of $161.89 million for the quarter, compared to analyst estimates of $164.78 million. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. During the same period in the previous year, the company earned $0.28 earnings per share. On average, sell-side analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IRT. Wall Street Zen raised Independence Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. JMP Securities reaffirmed a "market outperform" rating and set a $25.00 price objective on shares of Independence Realty Trust in a research report on Monday, May 5th. UBS Group cut their price objective on 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. Compass Point raised Independence Realty Trust from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $22.00 to $24.00 in a research report on Thursday, July 31st. Finally, Barclays cut their price objective on Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Independence Realty Trust currently has an average rating of "Moderate Buy" and a consensus price target of $22.56.

About Independence Realty Trust

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.