Massachusetts Financial Services Co. MA Makes New $22.46 Million Investment in Independence Realty Trust, Inc. (NYSE:IRT)

Massachusetts Financial Services Co. MA bought a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,198,696 shares of the real estate investment trust’s stock, valued at approximately $22,464,000. Massachusetts Financial Services Co. MA owned approximately 0.53% of Independence Realty Trust as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in IRT. Ashton Thomas Private Wealth LLC acquired a new position in Independence Realty Trust during the second quarter worth approximately $25,000. Pathway Financial Advisers LLC acquired a new stake in shares of Independence Realty Trust in the first quarter valued at approximately $31,000. Lazard Asset Management LLC purchased a new position in shares of Independence Realty Trust during the first quarter worth approximately $40,000. Advisors Asset Management Inc. increased its holdings in shares of Independence Realty Trust by 146.6% in the 1st quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 1,684 shares during the period. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Independence Realty Trust in the 2nd quarter valued at $64,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Trading Down 0.9 %

Shares of IRT stock opened at $20.93 on Friday. The stock has a 50 day simple moving average of $19.78 and a 200-day simple moving average of $17.81. The company has a market cap of $4.71 billion, a price-to-earnings ratio of -697.50, a price-to-earnings-growth ratio of 3.00 and a beta of 1.17. Independence Realty Trust, Inc. has a 12-month low of $11.61 and a 12-month high of $21.20.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Monday, September 30th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Monday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is currently -2,133.33%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. KeyCorp upped their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. JMP Securities lifted their target price 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. Finally, BTIG Research upped their price target on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.