505,068 Shares in Independence Realty Trust, Inc. (NYSE:IRT) Bought by Peregrine Capital Management LLC

Peregrine Capital Management LLC bought a new position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 505,068 shares of the real estate investment trust's stock, valued at approximately $7,728,000. Peregrine Capital Management LLC owned 0.22% of Independence Realty Trust at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Independence Realty Trust by 2.2% in the 1st quarter. BlackRock Inc. now owns 31,818,386 shares of the real estate investment trust's stock worth $510,049,000 after purchasing an additional 689,039 shares during the period. Vanguard Group Inc. boosted its stake in Independence Realty Trust by 98.9% in the 1st quarter. Vanguard Group Inc. now owns 24,329,328 shares of the real estate investment trust's stock worth $643,267,000 after purchasing an additional 12,099,993 shares during the period. State Street Corp lifted its position in Independence Realty Trust by 2.8% during the 1st quarter. State Street Corp now owns 13,744,998 shares of the real estate investment trust's stock worth $222,218,000 after buying an additional 376,694 shares in the last quarter. Macquarie Group Ltd. lifted its position in Independence Realty Trust by 11.4% during the 1st quarter. Macquarie Group Ltd. now owns 9,772,936 shares of the real estate investment trust's stock worth $156,661,000 after buying an additional 1,002,800 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in Independence Realty Trust by 1.4% during the 1st quarter. Wellington Management Group LLP now owns 7,494,895 shares of the real estate investment trust's stock worth $198,165,000 after buying an additional 101,479 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Independence Realty Trust in a research report on Tuesday, January 30th. They set a "buy" rating and a $18.00 price target on the stock. TheStreet cut shares of Independence Realty Trust from a "c" rating to a "d+" rating in a research report on Friday, March 1st. Royal Bank of Canada boosted their price target on shares of Independence Realty Trust from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Friday, February 16th. JMP Securities boosted their price target on shares of Independence Realty Trust from $15.00 to $17.00 and gave the stock a "market outperform" rating in a research report on Wednesday, March 6th. Finally, BMO Capital Markets reaffirmed an "underperform" rating and issued a $15.00 target price (up from $14.00) on shares of Independence Realty Trust in a report on Friday, December 15th. Two equities research analysts have rated the stock with a sell rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $17.00.

Independence Realty Trust Stock Down 2.4 %

Shares of IRT stock traded down $0.40 on Wednesday, reaching $16.29. The stock had a trading volume of 3,490,336 shares, compared to its average volume of 2,254,150. The firm's 50-day moving average is $15.45 and its two-hundred day moving average is $14.64. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of -232.71, a P/E/G ratio of 2.38 and a beta of 1.07. Independence Realty Trust, Inc. has a 12 month low of $11.61 and a 12 month high of $18.77.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 19th. Shareholders of record on Friday, March 29th will be issued a $0.16 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $0.64 annualized dividend and a yield of 3.93%. Independence Realty Trust's dividend payout ratio is currently -914.29%.

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.