Jennison Associates LLC Acquires 941,676 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Jennison Associates LLC raised its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 29.5% during the 4th quarter, HoldingsChannel reports. The fund owned 4,129,313 shares of the real estate investment trust’s stock after acquiring an additional 941,676 shares during the quarter. Jennison Associates LLC’s holdings in Independence Realty Trust were worth $63,178,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of IRT. Peregrine Capital Management LLC bought a new stake in shares of Independence Realty Trust during the 4th quarter valued at $7,728,000. Ranger Global Real Estate Advisors LLC grew its position in shares of Independence Realty Trust by 15.0% during the 3rd quarter. Ranger Global Real Estate Advisors LLC now owns 3,539,156 shares of the real estate investment trust’s stock valued at $49,796,000 after acquiring an additional 461,572 shares during the period. Van Lanschot Kempen Investment Management N.V. grew its position in shares of Independence Realty Trust by 25.5% during the 3rd quarter. Van Lanschot Kempen Investment Management N.V. now owns 853,747 shares of the real estate investment trust’s stock valued at $12,012,000 after acquiring an additional 173,700 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Independence Realty Trust during the 4th quarter valued at $2,230,000. Finally, Hsbc Holdings PLC grew its position in shares of Independence Realty Trust by 48.4% during the 3rd quarter. Hsbc Holdings PLC now owns 351,518 shares of the real estate investment trust’s stock valued at $4,929,000 after acquiring an additional 114,613 shares during the period. Institutional investors own 88.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on IRT shares. JMP Securities upped their target price on shares of Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a report on Wednesday, March 6th. Deutsche Bank Aktiengesellschaft started coverage on shares of Independence Realty Trust in a report on Tuesday, January 30th. They issued a “buy” rating and a $18.00 target price for the company. Royal Bank of Canada upped their target price on shares of Independence Realty Trust from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. TheStreet downgraded shares of Independence Realty Trust from a “c” rating to a “d+” rating in a report on Friday, March 1st. Finally, Barclays dropped their target price on shares of Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $17.00.

Independence Realty Trust Stock Up 1.3 %

IRT opened at $15.83 on Tuesday. The firm has a 50-day simple moving average of $15.60 and a two-hundred day simple moving average of $14.75. Independence Realty Trust, Inc. has a 52 week low of $11.61 and a 52 week high of $18.77. The company has a market capitalization of $3.56 billion, a PE ratio of -226.11, a price-to-earnings-growth ratio of 2.28 and a beta of 1.07.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Shareholders of record on Friday, March 29th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Wednesday, March 27th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -914.16%.

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.