Independence Realty Trust, Inc. (NYSE:IRT) Position Lessened by Phocas Financial Corp.

Phocas Financial Corp. cut its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 85.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,596 shares of the real estate investment trust’s stock after selling 324,280 shares during the quarter. Phocas Financial Corp.’s holdings in Independence Realty Trust were worth $1,103,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. boosted its holdings 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 buying an additional 1,527 shares during the period. Private Advisor Group LLC acquired a new stake in shares of Independence Realty Trust during the 3rd quarter worth approximately $257,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Independence Realty Trust by 259.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,297 shares of the real estate investment trust’s stock valued at $477,000 after purchasing an additional 16,814 shares during the period. PFG Investments LLC acquired a new position in shares of Independence Realty Trust in the third quarter valued at $228,000. Finally, abrdn plc lifted its position in Independence Realty Trust by 10.0% in the third quarter. abrdn plc now owns 45,170 shares of the real estate investment trust’s stock worth $926,000 after purchasing an additional 4,102 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Trading Up 1.5 %

IRT opened at $20.92 on Wednesday. Independence Realty Trust, Inc. has a 1-year low of $14.35 and a 1-year high of $22.26. The stock has a market capitalization of $4.83 billion, a PE ratio of 116.22, a PEG ratio of 2.91 and a beta of 1.21. The firm has a 50-day moving average price of $19.66 and a two-hundred day moving average price of $20.16.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate 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, research analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date was Tuesday, December 31st. Independence Realty Trust’s dividend payout ratio (DPR) is currently 355.56%.

Analyst Upgrades and Downgrades

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