Wealth Enhancement Advisory Services LLC Trims Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Wealth Enhancement Advisory Services LLC trimmed its position in Independence Realty Trust, Inc. (NYSE:IRT) by 11.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,804 shares of the real estate investment trust’s stock after selling 2,784 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Independence Realty Trust were worth $447,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in IRT. Vanguard Group Inc. lifted its stake in Independence Realty Trust by 1.1% in the first quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock worth $528,165,000 after acquiring an additional 343,334 shares during the period. Long Pond Capital LP boosted its stake in shares of Independence Realty Trust by 204.7% during the first quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock valued at $167,986,000 after purchasing an additional 6,996,365 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Independence Realty Trust by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,308,557 shares of the real estate investment trust’s stock valued at $62,001,000 after buying an additional 176,119 shares during the period. Bank of New York Mellon Corp increased its holdings 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 valued at $46,254,000 after buying an additional 68,117 shares during the period. Finally, Massachusetts Financial Services Co. MA bought a new position in Independence Realty Trust in the second quarter worth approximately $22,464,000. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Trading Up 1.8 %

NYSE IRT opened at $20.90 on Friday. Independence Realty Trust, Inc. has a 12-month low of $12.50 and a 12-month high of $21.20. The company has a fifty day simple moving average of $20.08 and a two-hundred day simple moving average of $18.79. The stock has a market cap of $4.70 billion, a P/E ratio of 17.75, a P/E/G ratio of 2.90 and a beta of 1.17.

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 given a dividend of $0.16 per share. The ex-dividend date was Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a yield of 3.06%.

Wall Street Analyst Weigh In

IRT has been the topic of a number of analyst reports. 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 report on Tuesday, September 10th. BTIG Research boosted their target price 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. KeyCorp raised their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, JMP Securities boosted their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Monday, September 9th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat.com, Independence Realty Trust presently has an average rating of “Moderate Buy” and a consensus price target of $19.57.

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.