The Manufacturers Life Insurance Company Sells 8,585 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

The Manufacturers Life Insurance Company reduced its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 3.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 262,108 shares of the real estate investment trust’s stock after selling 8,585 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.12% of Independence Realty Trust worth $5,373,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of IRT. Hilton Capital Management LLC bought a new position in Independence Realty Trust in the third quarter valued at about $7,573,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Independence Realty Trust in the 3rd quarter valued at $1,594,000. Federated Hermes Inc. boosted its position in shares of Independence Realty Trust by 327.6% during the second quarter. Federated Hermes Inc. now owns 113,985 shares of the real estate investment trust’s stock worth $2,136,000 after buying an additional 87,329 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Independence Realty Trust by 159.6% in the second quarter. Victory Capital Management Inc. now owns 123,159 shares of the real estate investment trust’s stock valued at $2,308,000 after purchasing an additional 75,715 shares during the last quarter. Finally, Pathstone Holdings LLC lifted its position in Independence Realty Trust by 140.5% during the 3rd quarter. Pathstone Holdings LLC now owns 101,272 shares of the real estate investment trust’s stock worth $2,076,000 after buying an additional 59,157 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Price Performance

Shares of IRT opened at $21.03 on Friday. The business has a 50-day moving average of $20.36 and a 200-day moving average of $19.45. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 3.06 and a beta of 1.19. Independence Realty Trust, Inc. has a 1 year low of $14.06 and a 1 year high of $22.26.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 annualized dividend and a yield of 3.04%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their price target for the company from $19.00 to $21.00 in a research note on Friday, November 15th. JMP Securities raised their price objective 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. BTIG Research upped their price target on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted their price target on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, 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. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and an average target price of $20.43.

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.