Point72 Asset Management L.P. lowered its position in Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 55.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 244,016 shares of the real estate investment trust’s stock after selling 304,184 shares during the period. Point72 Asset Management L.P.’s holdings in Independence Realty Trust were worth $5,058,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. CoreCap Advisors LLC purchased a new stake in shares of Independence Realty Trust in the second quarter valued at $25,000. Insight Inv LLC purchased a new position in Independence Realty Trust in the 2nd quarter worth about $30,000. US Bancorp DE increased its stake in Independence Realty Trust by 348.9% in the 2nd quarter. US Bancorp DE now owns 1,486 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 1,155 shares during the period. Harbor Investment Advisory LLC purchased a new position in Independence Realty Trust in the 2nd quarter worth about $35,000. Finally, Quadrant Capital Group LLC increased its stake in Independence Realty Trust by 178.4% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,943 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 1,245 shares during the period. Hedge funds and other institutional investors own 83.09% of the company’s stock.
Analysts Set New Price Targets
Several research firms recently commented on IRT. Royal Bank of Canada reduced their price target on shares of Independence Realty Trust from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Friday, October 28th. Jefferies Financial Group reduced their price target on shares of Independence Realty Trust from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, October 19th. StockNews.com upgraded shares of Independence Realty Trust to a “sell” rating in a report on Monday, October 31st. Barclays dropped their target price on shares of Independence Realty Trust from $28.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, November 10th. Finally, KeyCorp dropped their target price on shares of Independence Realty Trust from $25.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Independence Realty Trust currently has an average rating of “Moderate Buy” and a consensus target price of $24.28.
Independence Realty Trust Stock Performance
NYSE:IRT opened at $17.84 on Friday. Independence Realty Trust, Inc. has a fifty-two week low of $15.04 and a fifty-two week high of $28.42. The stock has a market capitalization of $4.00 billion, a P/E ratio of 29.25, a P/E/G ratio of 8.35 and a beta of 0.95. The company’s 50-day simple moving average is $16.82 and its 200-day simple moving average is $19.39.
Independence Realty Trust Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, October 21st. Stockholders of record on Friday, September 30th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Thursday, September 29th. Independence Realty Trust’s dividend payout ratio is currently 91.80%.
Insider Activity
In other news, CEO Scott Schaeffer sold 155,830 shares of the firm’s stock in a transaction dated Tuesday, December 6th. The shares were sold at an average price of $17.24, for a total value of $2,686,509.20. Following the sale, the chief executive officer now directly owns 583,865 shares in the company, valued at approximately $10,065,832.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.58% of the company’s stock.
About Independence Realty Trust
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Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT’s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
See Also
Want to see what other hedge funds are holding IRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independence Realty Trust, Inc. (NYSE:IRT – Get Rating).
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