Northwestern Mutual Wealth Management Co. grew its position in shares of Independence Realty Trust, Inc. (NYSE:IRT – Free Report) by 4,565.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 537,403 shares of the real estate investment trust’s stock after acquiring an additional 525,884 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Independence Realty Trust were worth $9,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Independence Realty Trust by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 33,235,002 shares of the real estate investment trust’s stock valued at $580,948,000 after buying an additional 250,549 shares during the period. Alliancebernstein L.P. increased its stake in shares of Independence Realty Trust by 0.3% in the 2nd quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock worth $161,678,000 after purchasing an additional 30,701 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Independence Realty Trust by 1,435.4% in the 3rd 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 in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Independence Realty Trust by 1.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,756,821 shares of the real estate investment trust’s stock worth $65,669,000 after purchasing an additional 45,089 shares in the last quarter. Finally, Citadel Advisors LLC increased its stake in shares of Independence Realty Trust by 50.8% in the 3rd quarter. Citadel Advisors LLC now owns 3,473,040 shares of the real estate investment trust’s stock worth $56,923,000 after purchasing an additional 1,170,633 shares in the last quarter. 88.25% of the stock is owned by institutional investors.
Independence Realty Trust Stock Up 0.7%
Shares of Independence Realty Trust stock opened at $16.81 on Friday. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of 84.07, a PEG ratio of 1.86 and a beta of 0.98. Independence Realty Trust, Inc. has a twelve month low of $14.60 and a twelve month high of $18.74. The business has a 50-day moving average price of $15.76 and a 200-day moving average price of $16.44.
Independence Realty Trust Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Friday, June 26th. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 4.3%. Independence Realty Trust’s payout ratio is 340.00%.
Wall Street Analysts Forecast Growth
IRT has been the subject of several analyst reports. Wells Fargo & Company reduced their price objective on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, April 23rd. Zacks Research upgraded Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research note on Monday, March 23rd. Barclays upped their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. Wall Street Zen lowered Independence Realty Trust from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings upgraded Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.94.
Get Our Latest Stock Report on IRT
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.
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