Cetera Investment Advisers Decreases Position in Independence Realty Trust, Inc. (NYSE:IRT)

Cetera Investment Advisers trimmed its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 18.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 333,423 shares of the real estate investment trust’s stock after selling 76,301 shares during the period. Cetera Investment Advisers’ holdings in Independence Realty Trust were worth $6,248,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Taylor Frigon Capital Management LLC boosted its holdings in Independence Realty Trust by 0.7% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 79,217 shares of the real estate investment trust’s stock valued at $1,485,000 after acquiring an additional 571 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Independence Realty Trust by 0.5% in the first 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 purchasing an additional 671 shares during the last quarter. State of Michigan Retirement System increased its stake in shares of Independence Realty Trust by 2.2% in the first 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 during the period. Arizona State Retirement System raised its holdings in Independence Realty Trust by 2.0% during 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 buying an additional 1,255 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Independence Realty Trust during the 2nd quarter valued at $25,000. 88.25% of the stock is owned by institutional investors.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT opened at $19.22 on Tuesday. The firm has a market capitalization of $4.33 billion, a P/E ratio of -640.67, a P/E/G ratio of 3.10 and a beta of 1.17. The stock has a 50 day moving average price of $20.07 and a 200-day moving average price of $18.16. Independence Realty Trust, Inc. has a 52-week low of $11.61 and a 52-week high of $21.20.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend is Monday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -2,133.33%.

Analysts Set New Price Targets

IRT has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. JMP Securities increased their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Monday, September 9th. KeyCorp boosted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, 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 report on Monday, August 12th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus target price 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.