Macquarie Group Ltd. boosted its holdings in Independence Realty Trust Inc (NYSE:IRT) by 91.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,972 shares of the real estate investment trust’s stock after purchasing an additional 13,390 shares during the quarter. Macquarie Group Ltd.’s holdings in Independence Realty Trust were worth $288,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. WINTON GROUP Ltd acquired a new position in Independence Realty Trust in the first quarter valued at $631,000. Legal & General Group Plc grew its position in Independence Realty Trust by 5.0% during the first quarter. Legal & General Group Plc now owns 158,297 shares of the real estate investment trust’s stock valued at $1,451,000 after acquiring an additional 7,484 shares during the period. SG Americas Securities LLC purchased a new stake in Independence Realty Trust during the second quarter valued at about $893,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in Independence Realty Trust by 16.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 90,603 shares of the real estate investment trust’s stock valued at $934,000 after acquiring an additional 12,859 shares during the period. Finally, BlackRock Inc. grew its position in Independence Realty Trust by 17.1% during the second quarter. BlackRock Inc. now owns 14,596,051 shares of the real estate investment trust’s stock valued at $150,484,000 after acquiring an additional 2,128,304 shares during the period. Hedge funds and other institutional investors own 83.88% of the company’s stock.
IRT stock opened at $10.10 on Tuesday. Independence Realty Trust Inc has a 12-month low of $8.26 and a 12-month high of $10.63. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 1.45. The stock has a market cap of $923.02 million, a price-to-earnings ratio of 13.70 and a beta of 0.84.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Thursday, August 2nd. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.01). Independence Realty Trust had a net margin of 8.19% and a return on equity of 2.24%. The firm had revenue of $46.73 million for the quarter, compared to analysts’ expectations of $47.47 million. On average, research analysts anticipate that Independence Realty Trust Inc will post 0.75 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 19th. Shareholders of record on Friday, October 5th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 7.13%. The ex-dividend date of this dividend is Thursday, October 4th. Independence Realty Trust’s dividend payout ratio (DPR) is presently 98.63%.
A number of research firms have issued reports on IRT. Zacks Investment Research downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Boenning Scattergood began coverage on Independence Realty Trust in a research report on Monday, September 17th. They set an “outperform” rating and a $11.00 price target for the company. Finally, Compass Point reissued a “buy” rating on shares of Independence Realty Trust in a research report on Friday, August 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $11.00.
Independence Realty Trust Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 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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