Sumitomo Mitsui Trust Holdings Inc. Reduces Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in Independence Realty Trust, Inc. (NYSE:IRT) by 3.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 245,714 shares of the real estate investment trust’s stock after selling 7,933 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.11% of Independence Realty Trust worth $4,605,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Raymond James & Associates bought a new position in shares of Independence Realty Trust in the fourth quarter valued at approximately $158,000. International Assets Investment Management LLC purchased a new stake in shares of Independence Realty Trust during the 4th quarter valued at $2,230,000. Louisiana State Employees Retirement System bought a new stake in shares of Independence Realty Trust during the 4th quarter worth $965,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Independence Realty Trust by 17.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 92,914 shares of the real estate investment trust’s stock worth $1,422,000 after acquiring an additional 13,663 shares in the last quarter. Finally, Lindbrook Capital LLC increased its stake in Independence Realty Trust by 19.8% in the fourth quarter. Lindbrook Capital LLC now owns 6,379 shares of the real estate investment trust’s stock valued at $98,000 after acquiring an additional 1,054 shares during the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IRT. JMP Securities upped their price objective on Independence Realty Trust from $17.00 to $20.00 and gave the stock a “market outperform” rating in a report on Friday, August 2nd. BTIG Research upped their target price on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat, Independence Realty Trust has a consensus rating of “Hold” and a consensus target price of $18.17.

Independence Realty Trust Stock Performance

NYSE:IRT opened at $19.74 on Thursday. Independence Realty Trust, Inc. has a fifty-two week low of $11.61 and a fifty-two week high of $20.08. The firm has a market cap of $4.44 billion, a PE ratio of -658.00, a price-to-earnings-growth ratio of 2.81 and a beta of 1.14. The business has a 50 day moving average price of $18.87 and a 200-day moving average price of $16.98.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, June 28th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.64 annualized dividend and a yield of 3.24%. Independence Realty Trust’s payout ratio is currently -2,133.33%.

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.