V Square Quantitative Management LLC Invests $28,000 in Independence Realty Trust, Inc. (NYSE:IRT)

V Square Quantitative Management LLC purchased a new position in Independence Realty Trust, Inc. (NYSE:IRT) during the third quarter, HoldingsChannel reports. The firm purchased 1,390 shares of the real estate investment trust’s stock, valued at approximately $28,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Taylor Frigon Capital Management LLC boosted its stake in shares of Independence Realty Trust by 0.7% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 79,217 shares of the real estate investment trust’s stock worth $1,485,000 after buying an additional 571 shares during the last quarter. State of Alaska Department of Revenue lifted its position in Independence Realty Trust by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 131,019 shares of the real estate investment trust’s stock valued at $2,112,000 after purchasing an additional 671 shares in the last quarter. Handelsbanken Fonder AB lifted its position in Independence Realty Trust by 1.3% during the third quarter. Handelsbanken Fonder AB now owns 69,961 shares of the real estate investment trust’s stock valued at $1,434,000 after purchasing an additional 900 shares in the last quarter. State of Michigan Retirement System lifted its position in Independence Realty Trust by 2.2% during the first quarter. State of Michigan Retirement System now owns 55,100 shares of the real estate investment trust’s stock valued at $889,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in Independence Realty Trust by 2.0% during the second quarter. Arizona State Retirement System now owns 63,011 shares of the real estate investment trust’s stock valued at $1,181,000 after purchasing an additional 1,255 shares in the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on IRT shares. KeyCorp lifted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. BTIG Research lifted their target price on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft raised their price target on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, JMP Securities raised their price target on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $19.57.

Independence Realty Trust Price Performance

Shares of NYSE:IRT opened at $19.47 on Tuesday. Independence Realty Trust, Inc. has a 1 year low of $11.61 and a 1 year high of $21.20. The business has a 50 day simple moving average of $20.11 and a two-hundred day simple moving average of $18.44. The firm has a market capitalization of $4.38 billion, a PE ratio of -648.83, a price-to-earnings-growth ratio of 2.79 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.29%. Independence Realty Trust’s dividend payout ratio (DPR) is presently -2,133.33%.

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.