Geode Capital Management LLC Increases Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Geode Capital Management LLC increased its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 0.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,857,943 shares of the real estate investment trust’s stock after acquiring an additional 50,788 shares during the period. Geode Capital Management LLC’s holdings in Independence Realty Trust were worth $120,108,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC bought a new position in Independence Realty Trust in the 2nd quarter worth approximately $25,000. Mattson Financial Services LLC bought a new position in shares of Independence Realty Trust during the second quarter worth $28,000. V Square Quantitative Management LLC bought a new position in shares of Independence Realty Trust during the third quarter worth $28,000. Blue Trust Inc. grew its stake in Independence Realty Trust by 295.9% during the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 1,527 shares in the last quarter. Finally, Assetmark Inc. bought a new stake in Independence Realty Trust in the 3rd quarter valued at $41,000. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Down 1.7 %

Shares of IRT opened at $21.18 on Wednesday. The business has a fifty day moving average of $20.60 and a 200 day moving average of $19.76. The company has a market cap of $4.77 billion, a PE ratio of 78.44, a P/E/G ratio of 3.07 and a beta of 1.19. Independence Realty Trust, Inc. has a 52-week low of $14.07 and a 52-week high of $22.26.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.02%. Independence Realty Trust’s dividend payout ratio is presently 237.04%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IRT. BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Barclays assumed coverage on Independence Realty Trust in a report on Tuesday. They set an “equal weight” rating and a $23.00 price target for the company. Deutsche Bank Aktiengesellschaft upped their price objective on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. KeyCorp raised their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, JMP Securities upped their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Monday, September 9th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.14.

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.