Fisher Asset Management LLC Reduces Stake in Independence Realty Trust, Inc. $IRT

Key Points

• Fisher Asset Management cut its stake in Independence Realty Trust by 8.5% in Q3, selling 111,739 shares and ending the quarter with 1,202,187 shares (about 0.50% ownership) worth $19.7 million.
• Independence Realty Trust reported quarterly EPS of $0.32 (meeting estimates) but revenue of $167.13 million slightly missed the $170.26 million consensus, with revenue up 3.8% year-over-year.
• The company pays a quarterly dividend of $0.17 (annualized $0.68) for a 4.1% yield, though the dividend payout ratio is notably high at 283.33%.

Fisher Asset Management LLC lowered its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 8.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,202,187 shares of the real estate investment trust's stock after selling 111,739 shares during the quarter. Fisher Asset Management LLC owned approximately 0.50% of Independence Realty Trust worth $19,704,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alliancebernstein L.P. boosted its position in shares of Independence Realty Trust by 0.3% in the second quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust's stock valued at $161,678,000 after acquiring an additional 30,701 shares during the period. Geode Capital Management LLC increased its holdings in Independence Realty Trust by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust's stock worth $109,524,000 after acquiring an additional 138,817 shares during the period. Long Pond Capital LP lifted its stake in Independence Realty Trust by 564.5% in the 2nd quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust's stock worth $97,304,000 after purchasing an additional 4,672,690 shares in the last quarter. Frontier Capital Management Co. LLC boosted its holdings in Independence Realty Trust by 2.8% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 3,483,911 shares of the real estate investment trust's stock valued at $61,630,000 after purchasing an additional 94,258 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC boosted its holdings in Independence Realty Trust by 32.8% in the 2nd quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,966,540 shares of the real estate investment trust's stock valued at $52,478,000 after purchasing an additional 732,689 shares during the period. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Trading Up 1.2%

IRT opened at $16.73 on Thursday. The stock has a market capitalization of $3.97 billion, a P/E ratio of 69.71, a PEG ratio of 2.09 and a beta of 0.99. The stock has a 50-day moving average price of $16.89 and a 200-day moving average price of $16.83. Independence Realty Trust, Inc. has a 12-month low of $15.06 and a 12-month high of $21.67.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, meeting analysts' consensus estimates of $0.32. The company had revenue of $167.13 million for the quarter, compared to analysts' expectations of $170.26 million. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.Independence Realty Trust's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. On average, equities research analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st were paid a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. Independence Realty Trust's dividend payout ratio is 283.33%.

Analyst Upgrades and Downgrades

IRT has been the topic of several research analyst reports. Barclays upped their price target on shares of Independence Realty Trust from $20.00 to $21.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft cut Independence Realty Trust from a "buy" rating to a "hold" rating and set a $18.00 target price for the company. in a research report on Tuesday, January 20th. UBS Group raised their price target on Independence Realty Trust from $19.00 to $20.00 and gave the company a "buy" rating in a report on Thursday, January 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of Independence Realty Trust in a research report on Monday, December 29th. Finally, Citigroup reissued an "outperform" rating on shares of Independence Realty Trust in a report on Friday, January 9th. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $21.35.

Independence Realty Trust 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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