Pensionfund PDN Makes New $778,000 Investment in Independence Realty Trust, Inc. $IRT

Pensionfund PDN purchased a new stake in Independence Realty Trust, Inc. (NYSE:IRT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 44,500 shares of the real estate investment trust’s stock, valued at approximately $778,000.

A number of other large investors have also recently modified their holdings of the business. Long Pond Capital LP raised its stake in Independence Realty Trust by 564.5% in the second quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock valued at $97,304,000 after purchasing an additional 4,672,690 shares in the last quarter. Franklin Resources Inc. lifted its stake in Independence Realty Trust by 1,435.4% during the third quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock worth $62,733,000 after purchasing an additional 3,578,221 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Independence Realty Trust in the 2nd quarter worth about $30,368,000. Freestone Grove Partners LP purchased a new position in shares of Independence Realty Trust in the 3rd quarter worth about $21,965,000. Finally, Citadel Advisors LLC increased its position in shares of Independence Realty Trust by 50.8% during the 3rd quarter. Citadel Advisors LLC now owns 3,473,040 shares of the real estate investment trust’s stock valued at $56,923,000 after purchasing an additional 1,170,633 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Down 0.0%

Shares of Independence Realty Trust stock opened at $15.12 on Tuesday. The company’s fifty day simple moving average is $16.49 and its two-hundred day simple moving average is $16.67. Independence Realty Trust, Inc. has a 12-month low of $14.98 and a 12-month high of $21.56. The firm has a market cap of $3.56 billion, a PE ratio of 62.98, a price-to-earnings-growth ratio of 1.68 and a beta of 0.99.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. As a group, 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Friday, March 27th will be issued a $0.17 dividend. The ex-dividend date is Friday, March 27th. This represents a $0.68 annualized dividend and a yield of 4.5%. Independence Realty Trust’s dividend payout ratio (DPR) is 283.33%.

Wall Street Analyst Weigh In

IRT has been the topic of a number of research reports. Barclays decreased their price objective on Independence Realty Trust from $21.00 to $18.00 and set an “equal weight” rating on the stock in a report on Friday, March 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research report on Monday, December 29th. Wells Fargo & Company decreased their price target on shares of Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 5th. KeyCorp lowered their price objective on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 4th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Independence Realty Trust in a research note on Friday, January 9th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.61.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.