Teachers Retirement System of The State of Kentucky Has $1.25 Million Position in Independence Realty Trust, Inc. $IRT

Teachers Retirement System of The State of Kentucky trimmed its position in Independence Realty Trust, Inc. (NYSE:IRT) by 60.5% during the third quarter, Holdings Channel reports. The institutional investor owned 76,022 shares of the real estate investment trust’s stock after selling 116,510 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Independence Realty Trust were worth $1,246,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in IRT. NewEdge Advisors LLC bought a new position in Independence Realty Trust in the first quarter valued at about $209,000. Goldman Sachs Group Inc. boosted its stake in shares of Independence Realty Trust by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust’s stock valued at $62,320,000 after purchasing an additional 420,682 shares during the last quarter. Teacher Retirement System of Texas grew its position in shares of Independence Realty Trust by 6.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 35,099 shares of the real estate investment trust’s stock worth $621,000 after buying an additional 2,135 shares during the period. Hantz Financial Services Inc. raised its stake in shares of Independence Realty Trust by 551.2% during the second quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,582 shares during the last quarter. Finally, Atria Investments Inc lifted its holdings in Independence Realty Trust by 17.8% in the second quarter. Atria Investments Inc now owns 54,381 shares of the real estate investment trust’s stock valued at $962,000 after buying an additional 8,228 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Price Performance

NYSE IRT opened at $16.66 on Friday. Independence Realty Trust, Inc. has a one year low of $15.06 and a one year high of $21.67. The firm has a market cap of $3.95 billion, a P/E ratio of 69.42, a P/E/G ratio of 2.12 and a beta of 0.99. The stock’s 50-day moving average is $16.87 and its 200-day moving average is $16.83.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The firm had revenue of $167.13 million for the quarter, compared to the consensus estimate of $170.26 million. During the same period last year, the company posted $0.32 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Equities analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Independence Realty Trust’s payout ratio is currently 283.33%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research report on Tuesday, January 20th. Wall Street Zen downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Sunday, February 22nd. Colliers Securities cut Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. BMO Capital Markets raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and upped their price target for the company from $20.00 to $22.00 in a research note on Friday, January 9th. Finally, Zacks Research lowered shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $21.25.

About Independence Realty Trust

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.