Principal Financial Group Inc. Sells 98,466 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Principal Financial Group Inc. lowered its position in Independence Realty Trust, Inc. (NYSE:IRT) by 11.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 753,605 shares of the real estate investment trust’s stock after selling 98,466 shares during the period. Principal Financial Group Inc. owned 0.33% of Independence Realty Trust worth $14,123,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Advisor Resource Council bought a new position in Independence Realty Trust in the 1st quarter valued at $936,000. Bayesian Capital Management LP acquired a new position in Independence Realty Trust during the 1st quarter worth about $499,000. Vanguard Group Inc. grew its holdings in Independence Realty Trust by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock worth $528,165,000 after acquiring an additional 343,334 shares during the last quarter. Boston Partners acquired a new stake in Independence Realty Trust in the 1st quarter valued at about $892,000. Finally, Lighthouse Investment Partners LLC raised its stake in shares of Independence Realty Trust by 22.9% in the fourth quarter. Lighthouse Investment Partners LLC now owns 725,000 shares of the real estate investment trust’s stock worth $11,092,000 after acquiring an additional 135,000 shares during the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Trading Down 0.2 %

Shares of Independence Realty Trust stock opened at $20.06 on Friday. Independence Realty Trust, Inc. has a 12 month low of $11.61 and a 12 month high of $20.86. The stock’s fifty day simple moving average is $19.36 and its 200 day simple moving average is $17.39. The company has a market capitalization of $4.52 billion, a PE ratio of -668.67, a PEG ratio of 3.05 and a beta of 1.14.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, June 28th were issued a dividend of $0.16 per share. The ex-dividend date was Friday, June 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.19%. Independence Realty Trust’s payout ratio is presently -2,133.33%.

Wall Street Analyst Weigh In

IRT has been the subject of a number of research reports. BTIG Research raised their price target on shares of Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 12th. JMP Securities boosted their target price on Independence Realty Trust from $17.00 to $20.00 and gave the stock a “market outperform” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.17.

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.