Independence Realty Trust, Inc. (NYSE:IRT) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System reduced its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 1.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 54,100 shares of the real estate investment trust’s stock after selling 1,000 shares during the quarter. State of Michigan Retirement System’s holdings in Independence Realty Trust were worth $1,014,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Pathway Financial Advisers LLC acquired a new stake in Independence Realty Trust during the 1st quarter worth approximately $31,000. Lazard Asset Management LLC acquired a new stake in Independence Realty Trust during the 1st quarter worth approximately $40,000. Advisors Asset Management Inc. lifted its holdings in Independence Realty Trust by 146.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 1,684 shares in the last quarter. EdgeRock Capital LLC acquired a new stake in Independence Realty Trust during the 4th quarter worth approximately $60,000. Finally, Triad Wealth Partners LLC acquired a new stake in Independence Realty Trust during the 2nd quarter worth approximately $154,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IRT has been the topic of a number of research reports. BTIG Research increased their target price on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 12th. JMP Securities increased their target price on shares of Independence Realty Trust from $17.00 to $20.00 and gave the stock a “market outperform” rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Independence Realty Trust has an average rating of “Hold” and a consensus target price of $18.17.

Independence Realty Trust Trading Up 1.7 %

Shares of IRT opened at $20.78 on Friday. Independence Realty Trust, Inc. has a twelve month low of $11.61 and a twelve month high of $20.80. The firm’s fifty day simple moving average is $19.19 and its 200-day simple moving average is $17.24. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of -692.67, a PEG ratio of 2.81 and a beta of 1.14.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, June 28th were issued a $0.16 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.08%. Independence Realty Trust’s payout ratio is -2,133.33%.

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.