Taylor Frigon Capital Management LLC Lowers Position in Independence Realty Trust, Inc. (NYSE:IRT)

Taylor Frigon Capital Management LLC lessened its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 1.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,733 shares of the real estate investment trust’s stock after selling 1,506 shares during the quarter. Taylor Frigon Capital Management LLC’s holdings in Independence Realty Trust were worth $1,542,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of IRT. Global Retirement Partners LLC raised its holdings in shares of Independence Realty Trust by 66.0% in the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 521 shares during the last quarter. Atria Wealth Solutions Inc. bought a new stake in Independence Realty Trust in the 4th quarter worth about $564,000. Venturi Wealth Management LLC bought a new stake in Independence Realty Trust in the 4th quarter worth about $70,000. Truist Financial Corp increased its stake in Independence Realty Trust by 5.9% in the 4th quarter. Truist Financial Corp now owns 26,714 shares of the real estate investment trust’s stock valued at $530,000 after buying an additional 1,499 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Independence Realty Trust by 3.0% during the 4th quarter. Principal Financial Group Inc. now owns 722,128 shares of the real estate investment trust’s stock worth $14,327,000 after buying an additional 20,826 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Down 0.2 %

IRT opened at $20.85 on Thursday. The company has a market capitalization of $4.82 billion, a price-to-earnings ratio of 115.84, a PEG ratio of 2.91 and a beta of 1.21. The firm has a 50-day moving average price of $19.67 and a 200-day moving average price of $20.16. Independence Realty Trust, Inc. has a twelve month low of $14.35 and a twelve month high of $22.26.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. On average, sell-side analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Tuesday, December 31st were issued a dividend of $0.16 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.64 dividend on an annualized basis and a yield of 3.07%. Independence Realty Trust’s dividend payout ratio (DPR) is 355.56%.

Analyst Ratings Changes

IRT has been the subject of a number of research analyst reports. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their price target for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Barclays decreased their target price on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. Finally, JMP Securities reissued a “market outperform” rating and issued a $22.00 price target on shares of Independence Realty Trust in a report on Tuesday, February 11th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

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.