abrdn plc Lowers Stake in Independence Realty Trust, Inc. (NYSE:IRT)

abrdn plc trimmed its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 13.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 41,790 shares of the real estate investment trust’s stock after selling 6,355 shares during the period. abrdn plc’s holdings in Independence Realty Trust were worth $639,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Peregrine Capital Management LLC purchased a new stake in shares of Independence Realty Trust in the fourth quarter valued at about $7,728,000. Aurora Investment Managers LLC. lifted its holdings in shares of Independence Realty Trust by 62.8% in the 4th quarter. Aurora Investment Managers LLC. now owns 33,382 shares of the real estate investment trust’s stock valued at $511,000 after buying an additional 12,876 shares during the period. Jennison Associates LLC grew its holdings in Independence Realty Trust by 2.4% during the third quarter. Jennison Associates LLC now owns 3,187,637 shares of the real estate investment trust’s stock worth $44,850,000 after acquiring an additional 75,700 shares during the period. Teachers Retirement System of The State of Kentucky raised its position in Independence Realty Trust by 27.7% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 170,844 shares of the real estate investment trust’s stock worth $2,404,000 after acquiring an additional 37,034 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its holdings in Independence Realty Trust by 36.1% in the fourth quarter. Sound Income Strategies LLC now owns 4,850 shares of the real estate investment trust’s stock valued at $74,000 after acquiring an additional 1,287 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on IRT shares. Barclays reduced their price objective on shares of Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, February 20th. JMP Securities lifted their price objective on Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a report on Wednesday, March 6th. TheStreet cut Independence Realty Trust from a “c” rating to a “d+” rating in a research report on Friday, March 1st. Deutsche Bank Aktiengesellschaft began coverage on shares of Independence Realty Trust in a research report on Tuesday, January 30th. They issued a “buy” rating and a $18.00 price objective on the stock. Finally, Royal Bank of Canada upped their price target on shares of Independence Realty Trust from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, February 16th. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.00.

Independence Realty Trust Price Performance

Shares of NYSE IRT opened at $15.96 on Tuesday. The company has a market cap of $3.59 billion, a PE ratio of -531.83, a price-to-earnings-growth ratio of 2.32 and a beta of 1.07. The company has a 50-day simple moving average of $15.67 and a 200-day simple moving average of $14.81. Independence Realty Trust, Inc. has a 12 month low of $11.61 and a 12 month high of $18.77.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 19th. Shareholders of record on Friday, March 29th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend was Wednesday, March 27th. Independence Realty Trust’s dividend payout ratio is presently -2,133.33%.

About Independence Realty Trust

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.