Charles Schwab Investment Management Inc. Increases Position in Independence Realty Trust, Inc. (NYSE:IRT)

Charles Schwab Investment Management Inc. grew its position in Independence Realty Trust, Inc. (NYSE:IRT) by 4.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,500,696 shares of the real estate investment trust’s stock after purchasing an additional 137,464 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.56% of Independence Realty Trust worth $71,764,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of IRT. Ashton Thomas Private Wealth LLC purchased a new stake in Independence Realty Trust during the second quarter worth approximately $25,000. Mattson Financial Services LLC acquired a new stake in Independence Realty Trust during the second quarter worth approximately $28,000. V Square Quantitative Management LLC purchased a new stake in shares of Independence Realty Trust during the 3rd quarter worth approximately $28,000. Pathway Financial Advisers LLC acquired a new position in shares of Independence Realty Trust in the 1st quarter valued at $31,000. Finally, Blue Trust Inc. grew its position in shares of Independence Realty Trust by 295.9% in the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 1,527 shares during the last quarter. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

Shares of NYSE IRT opened at $22.01 on Friday. Independence Realty Trust, Inc. has a one year low of $13.24 and a one year high of $22.26. The firm has a market capitalization of $4.95 billion, a P/E ratio of 81.52, a PEG ratio of 3.11 and a beta of 1.17. The company’s fifty day moving average is $20.31 and its two-hundred day moving average is $19.30.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 annualized dividend and a yield of 2.91%. Independence Realty Trust’s payout ratio is currently 237.04%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. JMP Securities boosted 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. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $19.00 to $21.00 in a report on Friday, November 15th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. 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 research report on Friday, September 6th. Finally, BTIG Research raised their price objective on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.43.

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.