Orion Portfolio Solutions LLC Takes Position in Independence Realty Trust, Inc. (NYSE:IRT)

Orion Portfolio Solutions LLC purchased a new stake in Independence Realty Trust, Inc. (NYSE:IRT) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 26,460 shares of the real estate investment trust’s stock, valued at approximately $542,000.

Other hedge funds also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC bought a new stake in Independence Realty Trust during the second quarter valued at $25,000. V Square Quantitative Management LLC bought a new stake in Independence Realty Trust during the third quarter valued at $28,000. Mattson Financial Services LLC bought a new stake in Independence Realty Trust during the second quarter valued at $28,000. Assetmark Inc. bought a new stake in Independence Realty Trust during the third quarter valued at $41,000. Finally, Blue Trust Inc. boosted its stake in Independence Realty Trust by 295.9% during the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 1,527 shares during the period. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Down 1.7 %

Shares of IRT stock opened at $21.18 on Wednesday. The business has a 50-day moving average price of $20.60 and a two-hundred day moving average price of $19.76. Independence Realty Trust, Inc. has a 12-month low of $14.07 and a 12-month high of $22.26. The firm has a market cap of $4.77 billion, a P/E ratio of 78.44, a price-to-earnings-growth ratio of 3.07 and a beta of 1.19.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Tuesday, December 31st. Independence Realty Trust’s dividend payout ratio (DPR) is presently 237.04%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on IRT shares. Deutsche Bank Aktiengesellschaft lifted their price objective on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $19.00 to $21.00 in a research note on Friday, November 15th. JMP Securities lifted their price target 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. Barclays began coverage on Independence Realty Trust in a research note on Tuesday. They set an “equal weight” rating and a $23.00 price target for the company. Finally, KeyCorp lifted their price target 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. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.14.

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.