Focus Financial Network Inc. Lowers Stock Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Focus Financial Network Inc. lessened its position in Independence Realty Trust, Inc. (NYSE:IRT) by 7.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 65,477 shares of the real estate investment trust’s stock after selling 5,281 shares during the quarter. Focus Financial Network Inc.’s holdings in Independence Realty Trust were worth $1,353,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Independence Realty Trust by 1.1% during the first quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock worth $528,165,000 after purchasing an additional 343,334 shares during the period. Long Pond Capital LP increased its stake in Independence Realty Trust by 204.7% during 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 buying an additional 6,996,365 shares during the period. Jennison Associates LLC lifted its holdings in Independence Realty Trust by 7.3% during the 1st quarter. Jennison Associates LLC now owns 4,429,594 shares of the real estate investment trust’s stock worth $71,449,000 after buying an additional 300,281 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Independence Realty Trust by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,308,557 shares of the real estate investment trust’s stock worth $62,001,000 after buying an additional 176,119 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Independence Realty Trust by 2.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,468,193 shares of the real estate investment trust’s stock valued at $46,254,000 after buying an additional 68,117 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Shares of NYSE:IRT opened at $19.06 on Friday. The stock has a market cap of $4.29 billion, a P/E ratio of 17.33, a P/E/G ratio of 2.88 and a beta of 1.17. Independence Realty Trust, Inc. has a 1-year low of $12.50 and a 1-year high of $21.20. The firm has a fifty day moving average price of $20.11 and a 200 day moving average price of $18.63.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Monday, September 30th.

Wall Street Analysts Forecast Growth

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