Taylor Frigon Capital Management LLC Sells 1,506 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Taylor Frigon Capital Management LLC lessened its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 77,733 shares of the real estate investment trust’s stock after selling 1,506 shares during the quarter. Taylor Frigon Capital Management LLC’s holdings in Independence Realty Trust were worth $1,542,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Global Retirement Partners LLC increased its holdings in Independence Realty Trust by 66.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 521 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Independence Realty Trust by 295.9% during the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 1,527 shares during the last quarter. Assetmark Inc. acquired a new position in shares of Independence Realty Trust in the third quarter valued at approximately $41,000. Avior Wealth Management LLC raised its holdings in Independence Realty Trust by 437.8% in the 3rd quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 2,443 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in Independence Realty Trust during the 3rd quarter worth approximately $64,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $20.85 on Thursday. The stock’s 50-day moving average is $19.67 and its 200 day moving average is $20.16. Independence Realty Trust, Inc. has a one year low of $14.35 and a one year high of $22.26. The firm has a market cap of $4.82 billion, a price-to-earnings ratio of 115.84, a PEG ratio of 2.91 and a beta of 1.21.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share 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, sell-side analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.64 annualized dividend and a dividend yield of 3.07%. Independence Realty Trust’s dividend payout ratio is 355.56%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their price target for the company from $19.00 to $21.00 in a research report on Friday, November 15th. JMP Securities restated a “market outperform” rating and issued a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th. Finally, Barclays lowered their target price on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

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.