Proficio Capital Partners LLC Invests $204,000 in Independence Realty Trust, Inc. (NYSE:IRT)

Proficio Capital Partners LLC acquired a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,277 shares of the real estate investment trust’s stock, valued at approximately $204,000.

A number of other hedge funds have also recently bought and sold shares of the company. SMART Wealth LLC purchased a new position in Independence Realty Trust in the third quarter worth $873,000. Barclays PLC grew its holdings in Independence Realty Trust by 182.3% during the third quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust’s stock valued at $8,208,000 after purchasing an additional 258,549 shares during the period. Franklin Resources Inc. lifted its holdings in Independence Realty Trust by 12.3% during the third quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust’s stock valued at $4,981,000 after purchasing an additional 28,059 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Independence Realty Trust by 38.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock valued at $51,150,000 after buying an additional 686,630 shares in the last quarter. Finally, Perigon Wealth Management LLC purchased a new stake in Independence Realty Trust during the 4th quarter worth about $222,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and increased their price objective for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Wells Fargo & Company initiated coverage on shares of Independence Realty Trust in a report on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 price objective for the company. JMP Securities reiterated a “market outperform” rating and set a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Finally, Barclays decreased their target price on 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. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.00.

Independence Realty Trust Trading Up 0.1 %

Shares of NYSE:IRT opened at $20.98 on Friday. The stock has a 50 day moving average of $20.31 and a 200 day moving average of $20.31. The company has a market cap of $4.84 billion, a PE ratio of 116.53, a price-to-earnings-growth ratio of 2.91 and a beta of 1.19. Independence Realty Trust, Inc. has a 12-month low of $15.25 and a 12-month high of $22.26.

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

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 annualized dividend and a yield of 3.05%. Independence Realty Trust’s payout ratio is currently 355.56%.

About Independence Realty Trust

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.