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

Principal Financial Group Inc. trimmed its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 6.9% in the third quarter, according to the company in its most recent filing with the SEC. The firm 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 about 0.31% of Independence Realty Trust worth $14,377,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its position in Independence Realty Trust by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 2,468,193 shares of the real estate investment trust’s stock worth $46,254,000 after purchasing an additional 68,117 shares during the period. Allspring Global Investments Holdings LLC raised its position in Independence Realty Trust by 2,295.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 35,255 shares of the real estate investment trust’s stock valued at $661,000 after purchasing an additional 33,783 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Independence Realty Trust by 14.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,458 shares of the real estate investment trust’s stock worth $1,864,000 after purchasing an additional 12,180 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Independence Realty Trust by 38.0% in the 2nd quarter. Signaturefd LLC now owns 17,667 shares of the real estate investment trust’s stock valued at $331,000 after purchasing an additional 4,864 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Independence Realty Trust by 15.3% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 42,537 shares of the real estate investment trust’s stock valued at $797,000 after purchasing an additional 5,644 shares during the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Stock Down 2.0 %

Shares of Independence Realty Trust stock opened at $19.96 on Friday. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of 18.77, a P/E/G ratio of 3.07 and a beta of 1.19. Independence Realty Trust, Inc. has a twelve month low of $14.07 and a twelve month high of $22.26. The company’s fifty day moving average is $20.71 and its 200 day moving average is $19.90.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st will be paid a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.64 annualized dividend and a dividend yield of 3.21%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on IRT shares. 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 report on Monday, September 9th. KeyCorp upped their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their target price for the company from $19.00 to $21.00 in a research report on Friday, November 15th. Deutsche Bank Aktiengesellschaft upped 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. Finally, Barclays initiated coverage on Independence Realty Trust in a report on Tuesday, December 17th. They set an “equal weight” rating and a $23.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Independence Realty Trust has an average rating of “Moderate Buy” and an average target price of $21.14.

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.