Massachusetts Financial Services Co. MA Buys Shares of 1,198,696 Independence Realty Trust, Inc. (NYSE:IRT)

Massachusetts Financial Services Co. MA purchased a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 1,198,696 shares of the real estate investment trust’s stock, valued at approximately $22,464,000.

A number of other institutional investors and hedge funds have also modified their holdings of IRT. Taylor Frigon Capital Management LLC raised its holdings in Independence Realty Trust by 0.7% during the second quarter. Taylor Frigon Capital Management LLC now owns 79,217 shares of the real estate investment trust’s stock worth $1,485,000 after purchasing an additional 571 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Independence Realty Trust by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 131,019 shares of the real estate investment trust’s stock worth $2,112,000 after buying an additional 671 shares during the last quarter. State of Michigan Retirement System boosted its position in shares of Independence Realty Trust by 2.2% in the 1st quarter. State of Michigan Retirement System now owns 55,100 shares of the real estate investment trust’s stock worth $889,000 after buying an additional 1,200 shares in the last quarter. Arizona State Retirement System grew its stake in Independence Realty Trust by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 63,011 shares of the real estate investment trust’s stock valued at $1,181,000 after acquiring an additional 1,255 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Independence Realty Trust during the 2nd quarter valued at about $25,000. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Stock Down 0.9 %

Shares of Independence Realty Trust stock opened at $20.93 on Friday. Independence Realty Trust, Inc. has a fifty-two week low of $11.61 and a fifty-two week high of $21.20. The business’s fifty day moving average is $19.78 and its two-hundred day moving average is $17.81. The firm has a market cap of $4.71 billion, a PE ratio of -697.50, a P/E/G ratio of 3.00 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Monday, September 30th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Monday, September 30th. Independence Realty Trust’s payout ratio is -2,133.33%.

Analyst Ratings Changes

Several analysts have issued reports on IRT shares. KeyCorp upped their price target 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. BTIG Research upped their target price on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 12th. JMP Securities increased their target price 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. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the company. According to data from MarketBeat, Independence Realty Trust has an average rating of “Moderate Buy” and a consensus price target of $19.57.

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.