Renaissance Technologies LLC boosted its position in shares of Independence Realty Trust (NYSE:IRT) by 121.7% during the 4th quarter, Holdings Channel reports. The firm owned 994,095 shares of the real estate investment trust’s stock after purchasing an additional 545,700 shares during the period. Renaissance Technologies LLC’s holdings in Independence Realty Trust were worth $10,030,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in IRT. BlackRock Inc. grew its position in Independence Realty Trust by 11.0% during the 4th quarter. BlackRock Inc. now owns 12,188,828 shares of the real estate investment trust’s stock valued at $122,984,000 after purchasing an additional 1,206,269 shares during the last quarter. Centaurus Financial Inc. purchased a new stake in Independence Realty Trust during the 4th quarter valued at about $8,736,000. Schwab Charles Investment Management Inc. grew its position in Independence Realty Trust by 101.6% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 856,633 shares of the real estate investment trust’s stock valued at $8,712,000 after purchasing an additional 431,762 shares during the last quarter. LDR Capital Management LLC purchased a new stake in Independence Realty Trust during the 4th quarter valued at about $4,338,000. Finally, Jennison Associates LLC grew its position in Independence Realty Trust by 25.9% during the 4th quarter. Jennison Associates LLC now owns 1,573,435 shares of the real estate investment trust’s stock valued at $15,876,000 after purchasing an additional 323,435 shares during the last quarter. 79.85% of the stock is currently owned by institutional investors.
Shares of NYSE IRT opened at $9.31 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 1.20. The stock has a market cap of $783.35, a PE ratio of 12.75 and a beta of 0.86. Independence Realty Trust has a 52-week low of $8.26 and a 52-week high of $10.63.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Wednesday, April 4th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.73%. The ex-dividend date of this dividend is Tuesday, April 3rd. Independence Realty Trust’s payout ratio is presently 295.89%.
IRT has been the topic of several recent analyst reports. ValuEngine raised shares of Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 31st. Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, January 9th. B. Riley set a $12.00 price objective on shares of Independence Realty Trust and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Robert W. Baird set a $10.00 price objective on shares of Independence Realty Trust and gave the company a “buy” rating in a research report on Friday, March 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $11.29.
In related news, CEO Scott Schaeffer purchased 15,000 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were purchased at an average price of $8.33 per share, with a total value of $124,950.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.58% of the company’s stock.
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Independence Realty Trust Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 55 multifamily apartment properties, totaling 15,045 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
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