International Assets Investment Management LLC Takes Position in Independence Realty Trust, Inc. (NYSE:IRT)

International Assets Investment Management LLC purchased a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 145,748 shares of the real estate investment trust's stock, valued at approximately $2,230,000. International Assets Investment Management LLC owned approximately 0.06% of Independence Realty Trust as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Independence Realty Trust by 98.9% in the first quarter. Vanguard Group Inc. now owns 24,329,328 shares of the real estate investment trust's stock worth $643,267,000 after buying an additional 12,099,993 shares during the period. State Street Corp boosted its holdings in Independence Realty Trust by 121.7% in the first quarter. State Street Corp now owns 12,302,671 shares of the real estate investment trust's stock valued at $326,733,000 after acquiring an additional 6,753,959 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in Independence Realty Trust by 835.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,124,268 shares of the real estate investment trust's stock valued at $86,396,000 after acquiring an additional 4,576,456 shares in the last quarter. Macquarie Group Ltd. boosted its holdings in Independence Realty Trust by 151.8% in the second quarter. Macquarie Group Ltd. now owns 5,042,952 shares of the real estate investment trust's stock valued at $104,585,000 after acquiring an additional 3,040,046 shares in the last quarter. Finally, Norges Bank bought a new stake in Independence Realty Trust in the fourth quarter valued at $38,207,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IRT. Royal Bank of Canada lifted their price target on shares of Independence Realty Trust from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Friday, February 16th. TheStreet cut shares of Independence Realty Trust from a "c" rating to a "d+" rating in a report on Friday, March 1st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Independence Realty Trust in a report on Tuesday, January 30th. They set a "buy" rating and a $18.00 target price on the stock. JMP Securities boosted their target price on shares of Independence Realty Trust from $15.00 to $17.00 and gave the company a "market outperform" rating in a report on Wednesday, March 6th. Finally, Barclays dropped their target price on shares of Independence Realty Trust from $22.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $17.00.

Independence Realty Trust Price Performance

Independence Realty Trust stock traded up $0.08 during mid-day trading on Friday, reaching $15.62. The stock had a trading volume of 3,708,563 shares, compared to its average volume of 1,968,431. The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of -223.14, a PEG ratio of 2.27 and a beta of 1.07. The company has a 50-day moving average price of $15.58 and a two-hundred day moving average price of $14.72. Independence Realty Trust, Inc. has a one year low of $11.61 and a one year high of $18.77.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, March 29th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date of this dividend was Wednesday, March 27th. Independence Realty Trust's payout ratio is -914.29%.

About Independence Realty Trust

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.