Independence Realty Trust (NYSE:IRT) Sees Large Volume Increase Following Dividend Announcement

Independence Realty Trust, Inc. (NYSE:IRTGet Free Report) shares saw strong trading volume on Monday after the company announced a dividend. 4,006,105 shares traded hands during trading, an increase of 76% from the previous session’s volume of 2,275,693 shares.The stock last traded at $17.70 and had previously closed at $17.33.

The newly announced dividend which will be paid on Friday, July 19th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend is Friday, June 28th. Independence Realty Trust’s dividend payout ratio (DPR) is -2,133.33%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Barclays lowered their price target on Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating on the stock in a report on Tuesday, February 20th. Royal Bank of Canada lifted their target price on Independence Realty Trust from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. TheStreet lowered Independence Realty Trust from a “c” rating to a “d+” rating in a report on Friday, March 1st. Finally, JMP Securities lifted their target price on Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a report on Wednesday, March 6th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat, Independence Realty Trust currently has an average rating of “Hold” and a consensus target price of $17.00.

Check Out Our Latest Research Report on IRT

Independence Realty Trust Trading Up 1.1 %

The firm has a market cap of $4.00 billion, a price-to-earnings ratio of -602.67, a price-to-earnings-growth ratio of 2.59 and a beta of 1.12. The stock has a 50-day moving average of $16.41 and a two-hundred day moving average of $15.60.

Hedge Funds Weigh In On Independence Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Long Pond Capital LP boosted its position in Independence Realty Trust by 204.7% during the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock worth $167,986,000 after acquiring an additional 6,996,365 shares during the period. Norges Bank acquired a new stake in Independence Realty Trust during the 4th quarter worth about $52,048,000. Waterfront Capital Partners LLC boosted its position in Independence Realty Trust by 895.1% during the 4th quarter. Waterfront Capital Partners LLC now owns 1,988,154 shares of the real estate investment trust’s stock worth $30,419,000 after acquiring an additional 1,788,354 shares during the period. Centersquare Investment Management LLC boosted its position in Independence Realty Trust by 164.5% during the 4th quarter. Centersquare Investment Management LLC now owns 2,205,569 shares of the real estate investment trust’s stock worth $33,745,000 after acquiring an additional 1,371,851 shares during the period. Finally, Jennison Associates LLC boosted its position in Independence Realty Trust by 29.5% during the 4th quarter. Jennison Associates LLC now owns 4,129,313 shares of the real estate investment trust’s stock worth $63,178,000 after acquiring an additional 941,676 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.

About Independence Realty Trust

(Get Free Report)

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.

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