Independence Realty Trust, Inc. (NYSE:IRT) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 0.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 244,927 shares of the real estate investment trust’s stock after selling 787 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Independence Realty Trust were worth $5,021,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IRT. Long Pond Capital LP grew its holdings in Independence Realty Trust by 204.7% during the first quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock worth $167,986,000 after acquiring an additional 6,996,365 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in Independence Realty Trust during the second quarter worth about $22,464,000. B&I Capital AG acquired a new stake in Independence Realty Trust during the second quarter worth about $10,900,000. Easterly Investment Partners LLC acquired a new stake in Independence Realty Trust in the third quarter valued at approximately $11,132,000. Finally, Makena Capital Management LLC acquired a new stake in Independence Realty Trust in the second quarter valued at approximately $10,039,000. 88.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on IRT shares. JMP Securities raised 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. KeyCorp raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 6th. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $19.00 to $21.00 in a report on Friday. Deutsche Bank Aktiengesellschaft raised their price objective on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, BTIG Research raised their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

Independence Realty Trust Price Performance

NYSE IRT opened at $21.25 on Tuesday. The company has a market cap of $4.78 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 3.00 and a beta of 1.17. The stock’s 50 day simple moving average is $20.17 and its 200-day simple moving average is $19.05. Independence Realty Trust, Inc. has a 1-year low of $12.99 and a 1-year high of $21.29.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were given a $0.16 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.01%.

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.