Dimensional Fund Advisors LP Boosts Position in Independence Realty Trust, Inc. $IRT

Key Points

• Dimensional Fund Advisors increased its Independence Realty Trust stake by 4% in the first quarter, adding 134,364 shares to own 3.47 million shares, or about 1.47% of the REIT. Institutional investors collectively own 88.25% of the company.
• Independence Realty Trust shares opened at $16.63, within a 52-week range of $14.60 to $18.18. The company raised its quarterly dividend to $0.18 per share, equivalent to a 4.3% annualized yield.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $19.64, although individual ratings range from “Strong Buy” to “Strong Sell.”

Dimensional Fund Advisors LP lifted its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,473,797 shares of the real estate investment trust's stock after buying an additional 134,364 shares during the quarter. Dimensional Fund Advisors LP owned approximately 1.47% of Independence Realty Trust worth $51,725,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. NewEdge Advisors LLC bought a new stake in Independence Realty Trust during the 1st quarter worth approximately $209,000. Goldman Sachs Group Inc. boosted its holdings in Independence Realty Trust by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust's stock valued at $62,320,000 after purchasing an additional 420,682 shares during the period. American Century Companies Inc. boosted its holdings in Independence Realty Trust by 1.1% in the 2nd quarter. American Century Companies Inc. now owns 70,678 shares of the real estate investment trust's stock valued at $1,250,000 after purchasing an additional 789 shares during the period. Invesco Ltd. boosted its holdings in Independence Realty Trust by 13.0% in the 2nd quarter. Invesco Ltd. now owns 1,139,216 shares of the real estate investment trust's stock valued at $20,153,000 after purchasing an additional 131,444 shares during the period. Finally, First Trust Advisors LP grew its position in shares of Independence Realty Trust by 63.3% during the 2nd quarter. First Trust Advisors LP now owns 196,463 shares of the real estate investment trust's stock valued at $3,475,000 after purchasing an additional 76,147 shares in the last quarter. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT opened at $16.63 on Monday. The firm has a market capitalization of $3.92 billion, a PE ratio of 83.14 and a beta of 0.94. Independence Realty Trust, Inc. has a 52-week low of $14.60 and a 52-week high of $18.18. The firm has a fifty day moving average of $16.61 and a 200 day moving average of $16.33.

Independence Realty Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 4.3%. This is an increase from Independence Realty Trust's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Friday, June 26th. Independence Realty Trust's dividend payout ratio is presently 360.00%.

Analysts Set New Price Targets

IRT has been the topic of several research analyst reports. Jefferies Financial Group raised shares of Independence Realty Trust to a "strong-buy" rating in a report on Wednesday, July 22nd. UBS Group dropped their price objective on Independence Realty Trust from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 14th. Barclays upgraded Independence Realty Trust from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $19.00 to $20.00 in a research note on Tuesday, July 14th. Wall Street Zen cut Independence Realty Trust from a "sell" rating to a "strong sell" rating in a report on Saturday, May 2nd. Finally, Wells Fargo & Company lifted their price target on Independence Realty Trust from $18.00 to $19.00 and gave the company an "overweight" rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $19.64.

Independence Realty Trust Company Profile

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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