Independence Realty Trust, Inc. (NYSE:IRT) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. reduced its stake in Independence Realty Trust by 45.3%, now owning 18,310 shares valued at $389,000.
• Independence Realty Trust recently raised its quarterly dividend to $0.17 per share, up from $0.16, representing a yield of 4.1%.
• Analysts maintain a consensus rating of "Moderate Buy" for Independence Realty Trust, with price targets ranging from $21.00 to $25.00.

Pacer Advisors Inc. reduced its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 45.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,310 shares of the real estate investment trust's stock after selling 15,194 shares during the period. Pacer Advisors Inc.'s holdings in Independence Realty Trust were worth $389,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its position in Independence Realty Trust by 2.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust's stock worth $442,000 after purchasing an additional 488 shares during the last quarter. Xponance Inc. increased its holdings in shares of Independence Realty Trust by 2.1% in the 1st quarter. Xponance Inc. now owns 32,632 shares of the real estate investment trust's stock worth $693,000 after buying an additional 678 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Independence Realty Trust by 0.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 252,949 shares of the real estate investment trust's stock worth $5,370,000 after buying an additional 731 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of Independence Realty Trust by 10.7% in the 1st quarter. Lindbrook Capital LLC now owns 8,730 shares of the real estate investment trust's stock worth $185,000 after buying an additional 841 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in shares of Independence Realty Trust by 2.2% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,763 shares of the real estate investment trust's stock worth $993,000 after buying an additional 1,000 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IRT has been the topic of several analyst reports. Compass Point raised Independence Realty Trust from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $22.00 to $24.00 in a research note on Thursday. Barclays boosted their target price on Independence Realty Trust from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. UBS Group cut their price objective 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. Finally, JMP Securities reiterated 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. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $22.60.

Independence Realty Trust Trading Down 0.4%

Shares of NYSE:IRT traded down $0.06 during trading on Monday, reaching $16.70. The stock had a trading volume of 2,855,960 shares, compared to its average volume of 2,573,533. 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 $3.90 billion, a P/E ratio of 14.45, a PEG ratio of 2.31 and a beta of 0.94. The firm's 50-day simple moving average is $17.76 and its 200 day simple moving average is $19.09.

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

Independence Realty Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Friday, June 27th were given a dividend of $0.17 per share. This is a boost from Independence Realty Trust's previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, June 27th. Independence Realty Trust's payout ratio is presently 566.67%.

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.