New York State Teachers Retirement System Sells 31,305 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

New York State Teachers Retirement System lessened its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 8.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 346,526 shares of the real estate investment trust's stock after selling 31,305 shares during the period. New York State Teachers Retirement System owned approximately 0.15% of Independence Realty Trust worth $7,357,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of Independence Realty Trust by 17.9% during the fourth quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust's stock worth $265,835,000 after acquiring an additional 2,037,968 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Independence Realty Trust by 8.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,380,250 shares of the real estate investment trust's stock valued at $86,904,000 after purchasing an additional 352,307 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Independence Realty Trust by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust's stock valued at $70,662,000 after purchasing an additional 60,919 shares in the last quarter. Northern Trust Corp grew its position in Independence Realty Trust by 28.8% in the fourth quarter. Northern Trust Corp now owns 3,551,247 shares of the real estate investment trust's stock valued at $70,457,000 after purchasing an additional 793,403 shares in the last quarter. Finally, Deutsche Bank AG grew its position in Independence Realty Trust by 72.5% in the fourth quarter. Deutsche Bank AG now owns 3,381,684 shares of the real estate investment trust's stock valued at $67,093,000 after purchasing an additional 1,421,377 shares in the last quarter. Institutional investors own 88.25% of the company's stock.

Independence Realty Trust Trading Down 1.7%

IRT stock traded down $0.31 during mid-day trading on Monday, hitting $17.48. The stock had a trading volume of 1,056,870 shares, compared to its average volume of 2,077,993. Independence Realty Trust, Inc. has a 52 week low of $17.10 and a 52 week high of $22.26. The firm has a market capitalization of $4.09 billion, a P/E ratio of 124.82, a P/E/G ratio of 2.51 and a beta of 0.93. The firm has a fifty day simple moving average of $18.48 and a 200 day simple moving average of $19.39.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.01). Independence Realty Trust had a net margin of 4.70% and a return on equity of 0.85%. The company had revenue of $160.91 million for the quarter, compared to the consensus estimate of $164.08 million. During the same period last year, the firm posted $0.27 earnings per share. The company's revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Friday, June 27th will be given a $0.17 dividend. The ex-dividend date is Friday, June 27th. This represents a $0.68 dividend on an annualized basis and a yield of 3.89%. This is a positive change from Independence Realty Trust's previous quarterly dividend of $0.16. Independence Realty Trust's dividend payout ratio (DPR) is currently 485.71%.

Analyst Ratings Changes

A number of research firms recently weighed in on IRT. Compass Point reaffirmed a "neutral" rating and issued a $22.00 target price on shares of Independence Realty Trust in a research report on Tuesday, May 13th. Barclays increased their price target on shares of Independence Realty Trust from $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Wells Fargo & Company began coverage on shares of Independence Realty Trust in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $24.00 price target for the company. Jefferies Financial Group upgraded shares of Independence Realty Trust from a "hold" rating to a "buy" rating and raised their target price for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. Finally, JMP Securities restated a "market outperform" rating and set a $25.00 target price on shares of Independence Realty Trust in a research note on Monday, May 5th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Independence Realty Trust presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.70.

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.