Advisor Resource Council Makes New $936,000 Investment in Independence Realty Trust, Inc. (NYSE:IRT)

Advisor Resource Council purchased a new stake in Independence Realty Trust, Inc. (NYSE:IRT) in the first quarter, according to its most recent filing with the SEC. The fund purchased 61,172 shares of the real estate investment trust’s stock, valued at approximately $936,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Taylor Frigon Capital Management LLC raised its stake in Independence Realty Trust by 1.0% during the first quarter. Taylor Frigon Capital Management LLC now owns 78,646 shares of the real estate investment trust’s stock worth $1,269,000 after acquiring an additional 750 shares during the period. State of Alaska Department of Revenue lifted its holdings in Independence Realty Trust by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 131,019 shares of the real estate investment trust’s stock worth $2,112,000 after acquiring an additional 671 shares during the last quarter. State of Michigan Retirement System lifted its holdings in Independence Realty Trust by 2.2% in the first quarter. State of Michigan Retirement System now owns 55,100 shares of the real estate investment trust’s stock worth $889,000 after acquiring an additional 1,200 shares during the last quarter. Global Assets Advisory LLC bought a new position in Independence Realty Trust in the first quarter worth about $405,000. Finally, Congress Asset Management Co. MA lifted its holdings in Independence Realty Trust by 1.3% in the first quarter. Congress Asset Management Co. MA now owns 131,737 shares of the real estate investment trust’s stock worth $2,125,000 after acquiring an additional 1,722 shares during the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Stock Performance

IRT traded down $0.25 on Thursday, reaching $18.65. The company had a trading volume of 2,035,734 shares, compared to its average volume of 3,370,803. The company has a fifty day moving average of $17.13 and a 200-day moving average of $16.01. Independence Realty Trust, Inc. has a one year low of $11.61 and a one year high of $18.96.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, June 28th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, June 28th. This represents a $0.64 annualized dividend and a yield of 3.43%. Independence Realty Trust’s payout ratio is -2,132.62%.

Wall Street Analysts Forecast Growth

Separately, JMP Securities raised their target price on shares of Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a report on Wednesday, March 6th. Two equities research analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $17.00.

Independence Realty Trust Company 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.