Independence Realty Trust, Inc. (NYSE:IRT) Shares Sold by Bank of Montreal Can

Bank of Montreal Can reduced its position in Independence Realty Trust, Inc. (NYSE:IRT) by 15.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 34,930 shares of the real estate investment trust’s stock after selling 6,584 shares during the period. Bank of Montreal Can’s holdings in Independence Realty Trust were worth $657,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IRT. Sei Investments Co. increased its position in shares of Independence Realty Trust by 241.3% in the second quarter. Sei Investments Co. now owns 735,304 shares of the real estate investment trust’s stock valued at $13,780,000 after buying an additional 519,841 shares in the last quarter. AE Wealth Management LLC grew its stake in Independence Realty Trust by 44.6% in the 2nd quarter. AE Wealth Management LLC now owns 31,621 shares of the real estate investment trust’s stock valued at $593,000 after acquiring an additional 9,754 shares during the last quarter. Intech Investment Management LLC purchased a new position in Independence Realty Trust during the 2nd quarter valued at about $226,000. Concorde Asset Management LLC raised its position in Independence Realty Trust by 23.5% during the second quarter. Concorde Asset Management LLC now owns 30,176 shares of the real estate investment trust’s stock worth $565,000 after acquiring an additional 5,747 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Independence Realty Trust by 6.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 42,970 shares of the real estate investment trust’s stock valued at $804,000 after purchasing an additional 2,624 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Trading Down 0.1 %

Shares of IRT opened at $19.19 on Wednesday. Independence Realty Trust, Inc. has a twelve month low of $11.61 and a twelve month high of $21.20. The firm has a market capitalization of $4.32 billion, a P/E ratio of -639.67, a price-to-earnings-growth ratio of 3.10 and a beta of 1.17. The stock’s fifty day simple moving average is $20.08 and its 200 day simple moving average is $18.19.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Monday, September 30th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.34%. Independence Realty Trust’s dividend payout ratio (DPR) is -2,133.33%.

Analyst Upgrades and Downgrades

IRT has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. JMP Securities lifted their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Monday, September 9th. BTIG Research upped their target price on shares of Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, KeyCorp lifted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus 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.