Principal Financial Group Inc. Sells 52,303 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Principal Financial Group Inc. decreased its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 6.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 701,302 shares of the real estate investment trust’s stock after selling 52,303 shares during the quarter. Principal Financial Group Inc. owned approximately 0.31% of Independence Realty Trust worth $14,377,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Ironsides Asset Advisors LLC acquired a new position in Independence Realty Trust during the 3rd quarter worth about $212,000. Asset Management One Co. Ltd. increased its stake in shares of Independence Realty Trust by 1.6% in the third quarter. Asset Management One Co. Ltd. now owns 344,688 shares of the real estate investment trust’s stock valued at $7,066,000 after buying an additional 5,403 shares during the period. Van ECK Associates Corp lifted its stake in shares of Independence Realty Trust by 12.3% in the third quarter. Van ECK Associates Corp now owns 38,839 shares of the real estate investment trust’s stock worth $773,000 after acquiring an additional 4,263 shares during the period. US Bancorp DE boosted its holdings in Independence Realty Trust by 24.5% in the third quarter. US Bancorp DE now owns 25,318 shares of the real estate investment trust’s stock valued at $519,000 after acquiring an additional 4,989 shares during the last quarter. Finally, abrdn plc boosted its holdings in Independence Realty Trust by 10.0% in the third quarter. abrdn plc now owns 45,170 shares of the real estate investment trust’s stock valued at $926,000 after acquiring an additional 4,102 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

Wall Street Analyst Weigh In

IRT has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft raised their price target on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $19.00 to $21.00 in a report on Friday. BTIG Research upped their price target on shares of Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 12th. JMP Securities lifted their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Monday, September 9th. Finally, KeyCorp boosted 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. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.43.

Independence Realty Trust Trading Up 0.7 %

IRT opened at $20.99 on Friday. The company has a fifty day moving average price of $20.14 and a two-hundred day moving average price of $18.97. Independence Realty Trust, Inc. has a 1-year low of $12.99 and a 1-year high of $21.23. The company has a market cap of $4.72 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date was Monday, September 30th.

Independence Realty Trust Company 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.