Grove Bank & Trust Takes $7.64 Million Position in Independence Realty Trust, Inc. (NYSE:IRT)

Grove Bank & Trust bought a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 384,900 shares of the real estate investment trust’s stock, valued at approximately $7,636,000. Independence Realty Trust comprises 1.1% of Grove Bank & Trust’s investment portfolio, making the stock its 20th biggest holding.

Other large investors also recently modified their holdings of the company. HB Wealth Management LLC bought a new stake in Independence Realty Trust in the 4th quarter valued at about $242,000. Fulton Bank N.A. bought a new position in shares of Independence Realty Trust in the fourth quarter worth about $288,000. JPMorgan Chase & Co. grew its position in Independence Realty Trust by 38.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock worth $51,150,000 after acquiring an additional 686,630 shares during the last quarter. SMART Wealth LLC acquired a new position in shares of Independence Realty Trust in the third quarter valued at approximately $873,000. Finally, Franklin Resources Inc. boosted its position in Independence Realty Trust by 12.3% during the 3rd quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust’s stock worth $4,981,000 after buying an additional 28,059 shares during the period. 88.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

IRT has been the topic of a number of recent research reports. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $19.00 to $21.00 in a report on Friday, November 15th. Barclays started coverage on Independence Realty Trust in a report on Tuesday, December 17th. They set an “equal weight” rating and a $23.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and an average target price of $21.14.

Independence Realty Trust Stock Down 0.3 %

Shares of NYSE IRT opened at $18.96 on Friday. The company has a market capitalization of $4.27 billion, a PE ratio of 15.99, a P/E/G ratio of 2.55 and a beta of 1.21. The firm has a fifty day simple moving average of $20.51 and a 200 day simple moving average of $19.99. Independence Realty Trust, Inc. has a twelve month low of $14.07 and a twelve month high of $22.26.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were issued a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.64 dividend on an annualized basis and a yield of 3.37%.

Independence Realty Trust Company 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.