New York Life Investment Management LLC Makes New Investment in Independence Realty Trust, Inc. (NYSE:IRT)

New York Life Investment Management LLC bought a new stake in Independence Realty Trust, Inc. (NYSE:IRT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 33,046 shares of the real estate investment trust’s stock, valued at approximately $506,000.

Several other institutional investors and hedge funds also recently made changes to their positions in IRT. Victory Capital Management Inc. increased its position in shares of Independence Realty Trust by 26.2% in the fourth quarter. Victory Capital Management Inc. now owns 151,112 shares of the real estate investment trust’s stock worth $2,312,000 after purchasing an additional 31,339 shares during the period. Kestra Private Wealth Services LLC bought a new position in shares of Independence Realty Trust in the 4th quarter valued at $994,000. Van ECK Associates Corp boosted its holdings in shares of Independence Realty Trust by 19.7% during the 4th quarter. Van ECK Associates Corp now owns 31,627 shares of the real estate investment trust’s stock valued at $484,000 after acquiring an additional 5,200 shares in the last quarter. Silver Oak Securities Incorporated boosted its holdings in shares of Independence Realty Trust by 20.4% during the 4th quarter. Silver Oak Securities Incorporated now owns 49,463 shares of the real estate investment trust’s stock valued at $757,000 after acquiring an additional 8,367 shares in the last quarter. Finally, Retirement Systems of Alabama grew its position in Independence Realty Trust by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 281,438 shares of the real estate investment trust’s stock worth $4,306,000 after acquiring an additional 1,232 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

NYSE IRT opened at $16.92 on Friday. The company has a fifty day moving average price of $15.90 and a 200-day moving average price of $14.94. Independence Realty Trust, Inc. has a 1 year low of $11.61 and a 1 year high of $18.77. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of -564.00, a PEG ratio of 2.39 and a beta of 1.07.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, March 29th were paid a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.78%. Independence Realty Trust’s payout ratio is presently -2,133.33%.

Wall Street Analysts Forecast Growth

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

Independence Realty Trust Profile

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.