JPMorgan Chase & Co. Has $34.52 Million Holdings in Independence Realty Trust, Inc. $IRT

JPMorgan Chase & Co. increased its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 6.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,106,225 shares of the real estate investment trust’s stock after acquiring an additional 123,274 shares during the period. JPMorgan Chase & Co.’s holdings in Independence Realty Trust were worth $34,521,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Alliancebernstein L.P. lifted its holdings in shares of Independence Realty Trust by 0.3% during the second quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock valued at $161,678,000 after acquiring an additional 30,701 shares during the period. Long Pond Capital LP grew its holdings in shares of Independence Realty Trust by 564.5% in the 2nd quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock worth $97,304,000 after purchasing an additional 4,672,690 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Independence Realty Trust by 1,435.4% during 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. Frontier Capital Management Co. LLC increased its position in shares of Independence Realty Trust by 2.8% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 3,483,911 shares of the real estate investment trust’s stock worth $61,630,000 after purchasing an additional 94,258 shares in the last quarter. Finally, Citadel Advisors LLC lifted its holdings in Independence Realty Trust by 50.8% during the 3rd quarter. Citadel Advisors LLC now owns 3,473,040 shares of the real estate investment trust’s stock valued at $56,923,000 after purchasing an additional 1,170,633 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on IRT shares. Zacks Research lowered shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. BMO Capital Markets upgraded shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $20.00 to $22.00 in a research note on Friday, January 9th. Colliers Securities downgraded Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. KeyCorp decreased their price target on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, December 4th. Finally, Wells Fargo & Company dropped their price target on Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, March 5th. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.61.

Independence Realty Trust Stock Performance

NYSE IRT opened at $15.10 on Monday. The stock has a fifty day moving average of $16.53 and a 200-day moving average of $16.69. The stock has a market capitalization of $3.56 billion, a P/E ratio of 62.90, a price-to-earnings-growth ratio of 1.68 and a beta of 0.99. Independence Realty Trust, Inc. has a 52 week low of $14.98 and a 52 week high of $21.56.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data 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. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The firm had revenue of $167.13 million during the quarter, compared to analysts’ expectations of $170.26 million. During the same period in the previous year, the business posted $0.32 EPS. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 17th. Investors of record on Friday, March 27th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, March 27th. Independence Realty Trust’s payout ratio is 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.