Renaissance Technologies LLC raised its stake in Independence Realty Trust Inc (NYSE:IRT) by 68.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 1,885,000 shares of the real estate investment trust’s stock after buying an additional 763,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Independence Realty Trust were worth $19,434,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of IRT. Aperio Group LLC acquired a new stake in Independence Realty Trust in the 1st quarter valued at about $104,000. Royal Bank of Canada increased its position in Independence Realty Trust by 70.9% in the 1st quarter. Royal Bank of Canada now owns 14,522 shares of the real estate investment trust’s stock valued at $133,000 after acquiring an additional 6,027 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Independence Realty Trust in the 2nd quarter valued at about $171,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Independence Realty Trust in the 2nd quarter valued at about $190,000. Finally, Koch Industries Inc. increased its position in Independence Realty Trust by 88.6% in the 1st quarter. Koch Industries Inc. now owns 21,955 shares of the real estate investment trust’s stock valued at $202,000 after acquiring an additional 10,313 shares in the last quarter. Hedge funds and other institutional investors own 83.88% of the company’s stock.
Shares of NYSE:IRT opened at $10.36 on Wednesday. Independence Realty Trust Inc has a one year low of $8.26 and a one year high of $10.63. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 1.45. The company has a market cap of $903.74 million, a PE ratio of 13.93 and a beta of 0.83.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Friday, October 5th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 6.95%. The ex-dividend date of this dividend is Thursday, October 4th. Independence Realty Trust’s dividend payout ratio is 98.63%.
IRT has been the subject of several research reports. Zacks Investment Research cut shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, September 19th. Boenning Scattergood began coverage on shares of Independence Realty Trust in a research report on Monday, September 17th. They issued an “outperform” rating and a $11.00 price objective for the company. Finally, Compass Point reiterated a “buy” rating on shares of Independence Realty Trust in a research report on Friday, August 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $11.00.
Independence Realty Trust Company Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
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