State of New Jersey Common Pension Fund D Purchases 30,753 Shares of Independence Realty Trust, Inc. $IRT

State of New Jersey Common Pension Fund D raised its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 10.0% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 338,099 shares of the real estate investment trust’s stock after acquiring an additional 30,753 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.14% of Independence Realty Trust worth $5,541,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. purchased a new stake in Independence Realty Trust in the third quarter valued at $857,000. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Independence Realty Trust by 4.7% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 338,253 shares of the real estate investment trust’s stock valued at $5,984,000 after buying an additional 15,200 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Independence Realty Trust by 329.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 268,335 shares of the real estate investment trust’s stock valued at $4,398,000 after buying an additional 205,869 shares during the period. Thrivent Financial for Lutherans grew its holdings in Independence Realty Trust by 92.6% during the second quarter. Thrivent Financial for Lutherans now owns 360,215 shares of the real estate investment trust’s stock worth $6,372,000 after acquiring an additional 173,165 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in Independence Realty Trust during the second quarter valued at approximately $581,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on IRT shares. Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research note on Tuesday, January 20th. Colliers Securities lowered Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research note on Thursday, December 4th. UBS Group increased their price target on Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Wall Street Zen upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, Barclays increased their target price on Independence Realty Trust from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 25th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $21.05.

Independence Realty Trust Stock Up 0.8%

Shares of IRT opened at $16.54 on Thursday. Independence Realty Trust, Inc. has a 52-week low of $15.06 and a 52-week high of $21.86. The stock has a market cap of $3.95 billion, a PE ratio of 68.90, a price-to-earnings-growth ratio of 2.07 and a beta of 1.00. The firm’s fifty day moving average is $16.97 and its two-hundred day moving average is $16.87.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, hitting the consensus estimate of $0.32. The firm had revenue of $167.13 million for the quarter, compared to the consensus estimate of $170.26 million. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $0.32 earnings per share. As a group, research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were given a dividend of $0.17 per share. The ex-dividend date was Wednesday, December 31st. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 283.33%.

Independence Realty Trust 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.