Makena Capital Management LLC Acquires Shares of 535,697 Independence Realty Trust, Inc. (NYSE:IRT)

Makena Capital Management LLC acquired a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 535,697 shares of the real estate investment trust’s stock, valued at approximately $10,039,000. Independence Realty Trust accounts for 2.3% of Makena Capital Management LLC’s investment portfolio, making the stock its 20th biggest holding.

A number of other large investors have also recently bought and sold shares of IRT. Advisor Resource Council acquired a new position in Independence Realty Trust during the first quarter worth $936,000. Bayesian Capital Management LP bought a new position in shares of Independence Realty Trust in the first quarter worth approximately $499,000. Vanguard Group Inc. increased 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 valued at $528,165,000 after purchasing an additional 343,334 shares during the period. Boston Partners bought a new stake in Independence Realty Trust in the first quarter valued at $892,000. Finally, Lighthouse Investment Partners LLC raised its stake in 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 buying an additional 135,000 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Price Performance

Shares of IRT stock opened at $20.52 on Friday. Independence Realty Trust, Inc. has a 1-year low of $11.61 and a 1-year high of $21.20. The stock’s 50-day moving average is $19.90 and its 200 day moving average is $17.93. The company has a market cap of $4.62 billion, a P/E ratio of -684.00, a PEG ratio of 3.10 and a beta of 1.17.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Monday, September 30th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Monday, September 30th. Independence Realty Trust’s dividend payout ratio is presently -2,133.33%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IRT. Deutsche Bank Aktiengesellschaft boosted their price target on Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. JMP Securities raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Monday, September 9th. KeyCorp upped their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, BTIG Research increased their price target on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.57.

Independence Realty Trust 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.