Lighthouse Investment Partners LLC Sells 650,000 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Lighthouse Investment Partners LLC reduced its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 86.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 100,000 shares of the real estate investment trust’s stock after selling 650,000 shares during the period. Lighthouse Investment Partners LLC’s holdings in Independence Realty Trust were worth $1,874,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IRT. Long Pond Capital LP boosted its holdings in shares of Independence Realty Trust by 204.7% in the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock worth $167,986,000 after purchasing an additional 6,996,365 shares during the period. Centersquare Investment Management LLC boosted its stake in Independence Realty Trust by 164.5% during the fourth quarter. Centersquare Investment Management LLC now owns 2,205,569 shares of the real estate investment trust’s stock worth $33,745,000 after buying an additional 1,371,851 shares during the period. Massachusetts Financial Services Co. MA bought a new position in Independence Realty Trust during the second quarter valued at $22,464,000. B&I Capital AG purchased a new stake in shares of Independence Realty Trust in the second quarter valued at $10,900,000. Finally, Mesirow Institutional Investment Management Inc. purchased a new stake in shares of Independence Realty Trust in the first quarter valued at $8,867,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

Independence Realty Trust stock opened at $20.49 on Friday. The company has a market capitalization of $4.61 billion, a PE ratio of -683.00, a P/E/G ratio of 3.10 and a beta of 1.17. The company has a 50 day moving average price of $19.96 and a 200-day moving average price of $17.99. Independence Realty Trust, Inc. has a fifty-two week low of $11.61 and a fifty-two week high of $21.20.

Independence Realty Trust Dividend Announcement

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

Analysts Set New Price Targets

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

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.