PNC Financial Services Group Inc. Reduces Stock Position in Independence Realty Trust, Inc. (NYSE:IRT)

PNC Financial Services Group Inc. trimmed its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 15.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,771 shares of the real estate investment trust’s stock after selling 1,935 shares during the period. PNC Financial Services Group Inc.’s holdings in Independence Realty Trust were worth $165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Fifth Third Bancorp boosted its holdings in Independence Realty Trust by 83.9% in the fourth quarter. Fifth Third Bancorp now owns 2,593 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 1,183 shares in the last quarter. EdgeRock Capital LLC purchased a new position in shares of Independence Realty Trust in the 4th quarter valued at $60,000. Allworth Financial LP raised its stake in Independence Realty Trust by 37.0% during the 4th quarter. Allworth Financial LP now owns 4,237 shares of the real estate investment trust’s stock worth $65,000 after acquiring an additional 1,145 shares in the last quarter. Sound Income Strategies LLC lifted its position 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 last quarter. Finally, Lindbrook Capital LLC boosted its stake in Independence Realty Trust by 19.8% in the fourth quarter. Lindbrook Capital LLC now owns 6,379 shares of the real estate investment trust’s stock valued at $98,000 after acquiring an additional 1,054 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Stock Performance

Shares of IRT opened at $18.65 on Thursday. Independence Realty Trust, Inc. has a fifty-two week low of $11.61 and a fifty-two week high of $18.96. The firm has a 50-day simple moving average of $17.13 and a 200-day simple moving average of $16.01. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of -624.46, a price-to-earnings-growth ratio of 2.75 and a beta of 1.14.

Independence Realty Trust Announces Dividend

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

Analyst Ratings Changes

Separately, JMP Securities boosted their target price on Independence Realty Trust from $15.00 to $17.00 and gave the company 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 given a buy rating to the stock. According to MarketBeat.com, Independence Realty Trust currently has an average rating of “Hold” and a consensus price target of $17.00.

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.