PNC Financial Services Group Inc. Reduces Position in Independence Realty Trust, Inc. (NYSE:IRT)

PNC Financial Services Group Inc. trimmed its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 4.8% during the fourth quarter, HoldingsChannel reports. The firm owned 14,542 shares of the real estate investment trust’s stock after selling 734 shares during the period. PNC Financial Services Group Inc.’s holdings in Independence Realty Trust were worth $289,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of IRT. Massachusetts Financial Services Co. MA increased its holdings in shares of Independence Realty Trust by 236.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,027,943 shares of the real estate investment trust’s stock valued at $82,573,000 after purchasing an additional 2,829,247 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Independence Realty Trust by 24.4% during the 3rd quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust’s stock worth $232,900,000 after acquiring an additional 2,225,371 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Independence Realty Trust by 419.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust’s stock worth $29,378,000 after acquiring an additional 1,157,052 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Independence Realty Trust by 38.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock worth $51,150,000 after acquiring an additional 686,630 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Independence Realty Trust during the 4th quarter valued at about $12,105,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Down 0.6 %

Shares of NYSE IRT opened at $20.74 on Friday. The business’s 50 day moving average is $20.14 and its two-hundred day moving average is $20.29. Independence Realty Trust, Inc. has a 52-week low of $15.25 and a 52-week high of $22.26. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of 115.19, a PEG ratio of 2.91 and a beta of 1.18.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. Analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, March 28th. This represents a $0.64 annualized dividend and a dividend yield of 3.09%. Independence Realty Trust’s dividend payout ratio is presently 355.56%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on IRT shares. Barclays cut their price objective on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. JMP Securities reiterated a “market outperform” rating and issued a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th. Wells Fargo & Company assumed coverage on Independence Realty Trust in a report on Wednesday. They issued an “overweight” rating and a $24.00 price objective on the stock. Finally, Jefferies Financial Group raised Independence Realty Trust from a “hold” rating to a “buy” rating and raised their target price for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

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.