Fisher Asset Management LLC Sells 43,990 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Fisher Asset Management LLC reduced its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 2.2% in the fourth quarter, Holdings Channel reports. The fund owned 1,941,952 shares of the real estate investment trust’s stock after selling 43,990 shares during the quarter. Fisher Asset Management LLC’s holdings in Independence Realty Trust were worth $38,528,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its position in Independence Realty Trust by 236.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 4,027,943 shares of the real estate investment trust’s stock valued at $82,573,000 after purchasing an additional 2,829,247 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Independence Realty Trust by 24.4% during the 3rd quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust’s stock valued at $232,900,000 after buying an additional 2,225,371 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Independence Realty Trust by 419.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust’s stock valued at $29,378,000 after acquiring an additional 1,157,052 shares during the last quarter. JPMorgan Chase & Co. grew its position in Independence Realty Trust by 38.0% in the third 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 in the last quarter. Finally, Easterly Investment Partners LLC bought a new stake in Independence Realty Trust during the third quarter worth approximately $11,132,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

Shares of NYSE IRT opened at $21.77 on Monday. Independence Realty Trust, Inc. has a fifty-two week low of $14.55 and a fifty-two week high of $22.26. The company has a market cap of $5.03 billion, a price-to-earnings ratio of 120.94, a PEG ratio of 2.91 and a beta of 1.21. The business’s 50 day moving average price is $19.73 and its 200-day moving average price is $20.20.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. Sell-side analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Tuesday, December 31st were issued a dividend of $0.16 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.64 dividend on an annualized basis and a yield of 2.94%. Independence Realty Trust’s payout ratio is 355.56%.

Analyst Upgrades and Downgrades

IRT has been the subject of a number of recent research reports. Barclays dropped their target price on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 19th. JMP Securities restated a “market outperform” rating and issued a $22.00 price target on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Finally, BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

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.