Peregrine Capital Management LLC Cuts Stock Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Peregrine Capital Management LLC lessened its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 3.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 345,824 shares of the real estate investment trust’s stock after selling 12,682 shares during the quarter. Peregrine Capital Management LLC’s holdings in Independence Realty Trust were worth $6,861,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new position in Independence Realty Trust in the third quarter worth approximately $28,000. Assetmark Inc. purchased a new stake in shares of Independence Realty Trust during the 3rd quarter worth $41,000. Blue Trust Inc. lifted its stake in shares of Independence Realty Trust by 295.9% during the 3rd quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 1,527 shares during the last quarter. Avior Wealth Management LLC boosted its position in Independence Realty Trust by 437.8% during the third quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 2,443 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Independence Realty Trust in the third quarter valued at about $64,000. 88.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on IRT. JMP Securities restated a “market outperform” rating and issued a $22.00 price target on shares of Independence Realty Trust in a report on Tuesday, February 11th. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their target price for the company from $19.00 to $21.00 in a research note on Friday, November 15th. Finally, Barclays reduced their price target on Independence Realty Trust from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.50.

Independence Realty Trust Stock Up 1.4 %

IRT opened at $20.81 on Wednesday. The firm’s 50-day moving average price is $19.73 and its 200-day moving average price is $20.11. The company has a market cap of $4.68 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 2.77 and a beta of 1.21. Independence Realty Trust, Inc. has a 52-week low of $14.35 and a 52-week high of $22.26.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a negative net margin of 0.03% and a negative return on equity of 0.01%. On average, research analysts anticipate that Independence Realty Trust, Inc. will post 1.15 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.16 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.64 annualized dividend and a yield of 3.08%.

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.