Truist Financial Corp Raises Stock Position in Independence Realty Trust, Inc. (NYSE:IRT)

Truist Financial Corp increased its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 5.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,714 shares of the real estate investment trust’s stock after purchasing an additional 1,499 shares during the period. Truist Financial Corp’s holdings in Independence Realty Trust were worth $530,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in IRT. Assetmark Inc. purchased a new position in shares of Independence Realty Trust during the 3rd quarter worth about $41,000. Blue Trust Inc. boosted its stake in shares of Independence Realty Trust by 33.9% during the 4th quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 692 shares during the period. Avior Wealth Management LLC boosted its stake in shares of Independence Realty Trust by 437.8% during the 3rd quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 2,443 shares during the period. Sunbelt Securities Inc. purchased a new position in shares of Independence Realty Trust during the 3rd quarter worth about $64,000. Finally, Sound Income Strategies LLC boosted its stake in shares of Independence Realty Trust by 20.5% during the 4th quarter. Sound Income Strategies LLC now owns 4,295 shares of the real estate investment trust’s stock worth $85,000 after purchasing an additional 732 shares during the period. 88.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Barclays decreased their price objective on shares of Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 19th. Finally, BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $19.00 to $21.00 in a report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Independence Realty Trust Price Performance

Shares of IRT opened at $21.66 on Tuesday. Independence Realty Trust, Inc. has a 1-year low of $15.23 and a 1-year high of $22.26. The company has a 50-day moving average of $19.76 and a 200 day moving average of $20.21. The firm has a market capitalization of $5.00 billion, a price-to-earnings ratio of 120.36, a PEG ratio of 2.91 and a beta of 1.21.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. On average, equities analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were given a $0.16 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.64 annualized dividend and a dividend yield of 2.95%. Independence Realty Trust’s payout ratio is presently 355.56%.

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.