Teachers Retirement System of The State of Kentucky Cuts Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Teachers Retirement System of The State of Kentucky cut its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 2.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 77,592 shares of the real estate investment trust’s stock after selling 2,280 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Independence Realty Trust were worth $1,591,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of IRT. Hilton Capital Management LLC acquired a new position in shares of Independence Realty Trust in the 3rd quarter valued at $7,573,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Independence Realty Trust in the 3rd quarter worth $1,594,000. Quantbot Technologies LP acquired a new position in Independence Realty Trust in the third quarter valued at $2,297,000. Federated Hermes Inc. boosted its holdings in Independence Realty Trust by 327.6% in the second quarter. Federated Hermes Inc. now owns 113,985 shares of the real estate investment trust’s stock valued at $2,136,000 after acquiring an additional 87,329 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Independence Realty Trust by 159.6% during the second quarter. Victory Capital Management Inc. now owns 123,159 shares of the real estate investment trust’s stock valued at $2,308,000 after acquiring an additional 75,715 shares during the period. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Down 1.7 %

NYSE:IRT opened at $21.18 on Wednesday. The company has a market cap of $4.77 billion, a PE ratio of 78.44, a P/E/G ratio of 3.07 and a beta of 1.19. The business’s 50 day moving average is $20.60 and its two-hundred day moving average is $19.76. Independence Realty Trust, Inc. has a 52 week low of $14.07 and a 52 week high of $22.26.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st will be given a $0.16 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.02%. Independence Realty Trust’s payout ratio is currently 237.04%.

Analyst Ratings Changes

A number of research firms have recently commented on IRT. BMO Capital Markets raised 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 research note on Friday, November 15th. KeyCorp lifted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Barclays initiated coverage on shares of Independence Realty Trust in a research report on Tuesday. They issued an “equal weight” rating and a $23.00 price objective for the company. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, JMP Securities increased their price target on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.14.

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.