Pictet Asset Management Holding SA Raises Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Pictet Asset Management Holding SA grew its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,170 shares of the real estate investment trust’s stock after purchasing an additional 1,652 shares during the period. Pictet Asset Management Holding SA’s holdings in Independence Realty Trust were worth $1,412,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC raised its position in Independence Realty Trust by 758.8% in the 3rd quarter. FMR LLC now owns 285,193 shares of the real estate investment trust’s stock worth $5,846,000 after buying an additional 251,984 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Independence Realty Trust by 9.4% during the third quarter. BNP Paribas Financial Markets now owns 55,102 shares of the real estate investment trust’s stock valued at $1,130,000 after purchasing an additional 4,755 shares during the period. Captrust Financial Advisors bought a new position in Independence Realty Trust during the third quarter valued at approximately $306,000. Benjamin Edwards Inc. bought a new stake in Independence Realty Trust in the 3rd quarter worth approximately $392,000. Finally, Stifel Financial Corp bought a new stake in Independence Realty Trust in the 3rd quarter worth approximately $576,000. 88.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Independence Realty Trust

In related news, CEO Scott Schaeffer sold 10,000 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total value of $212,100.00. Following the sale, the chief executive officer now directly owns 873,365 shares in the company, valued at approximately $18,524,071.65. The trade was a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.58% of the company’s stock.

Independence Realty Trust Stock Performance

IRT opened at $19.00 on Friday. Independence Realty Trust, Inc. has a fifty-two week low of $15.27 and a fifty-two week high of $22.26. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 105.56, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The firm’s fifty day moving average is $20.54 and its 200 day moving average is $20.32.

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

Independence Realty Trust Dividend Announcement

The business also recently disclosed 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. This represents a $0.64 annualized dividend and a dividend yield of 3.37%. The ex-dividend date is Friday, March 28th. 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.