Profund Advisors LLC Cuts Stock Position in Independence Realty Trust, Inc. (NYSE:IRT)

Profund Advisors LLC lessened its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 9.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,327 shares of the real estate investment trust’s stock after selling 1,101 shares during the quarter. Profund Advisors LLC’s holdings in Independence Realty Trust were worth $194,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Franklin Resources Inc. boosted its position in Independence Realty Trust by 10.0% in the 4th quarter. Franklin Resources Inc. now owns 235,507 shares of the real estate investment trust’s stock valued at $3,603,000 after buying an additional 21,488 shares during the period. Evoke Wealth LLC acquired a new position in Independence Realty Trust during the 4th quarter worth $859,000. Belpointe Asset Management LLC grew its stake in Independence Realty Trust by 7.8% during the 4th quarter. Belpointe Asset Management LLC now owns 22,872 shares of the real estate investment trust’s stock worth $350,000 after purchasing an additional 1,655 shares in the last quarter. Centersquare Investment Management LLC increased its holdings in Independence Realty Trust by 164.5% during the 4th quarter. Centersquare Investment Management LLC now owns 2,205,569 shares of the real estate investment trust’s stock worth $33,745,000 after purchasing an additional 1,371,851 shares during the period. Finally, Verition Fund Management LLC raised its position in Independence Realty Trust by 707.1% in the 4th quarter. Verition Fund Management LLC now owns 479,916 shares of the real estate investment trust’s stock valued at $7,343,000 after purchasing an additional 420,451 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IRT. KeyCorp upped their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. JMP Securities raised their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Finally, BTIG Research raised their price target 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. Two equities research analysts have rated the stock with a sell rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.57.

Independence Realty Trust Price Performance

Shares of IRT opened at $20.49 on Monday. The firm has a fifty day moving average price of $19.96 and a 200 day moving average price of $18.01. The stock has a market cap of $4.61 billion, a PE ratio of -683.00, a price-to-earnings-growth ratio of 3.10 and a beta of 1.17. Independence Realty Trust, Inc. has a 1-year low of $11.61 and a 1-year 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 given a dividend of $0.16 per share. The ex-dividend date is Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.12%. Independence Realty Trust’s dividend payout ratio (DPR) is presently -2,133.33%.

Independence Realty Trust 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.