Connor Clark & Lunn Investment Management Ltd. Buys Shares of 57,099 Independence Realty Trust, Inc. (NYSE:IRT)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRTGet Rating) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 57,099 shares of the real estate investment trust’s stock, valued at approximately $1,475,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.05% of Independence Realty Trust at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Alliancebernstein L.P. lifted its holdings in shares of Independence Realty Trust by 7.1% in the 3rd quarter. Alliancebernstein L.P. now owns 5,155,562 shares of the real estate investment trust’s stock worth $104,916,000 after acquiring an additional 343,047 shares during the last quarter. Aew Capital Management L P raised its holdings in Independence Realty Trust by 24.4% during the 4th quarter. Aew Capital Management L P now owns 3,402,903 shares of the real estate investment trust’s stock valued at $87,897,000 after buying an additional 667,903 shares during the last quarter. Millennium Management LLC raised its holdings in Independence Realty Trust by 639.2% during the 3rd quarter. Millennium Management LLC now owns 2,177,456 shares of the real estate investment trust’s stock valued at $44,311,000 after buying an additional 1,882,894 shares during the last quarter. Geode Capital Management LLC raised its holdings in Independence Realty Trust by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,158,169 shares of the real estate investment trust’s stock valued at $43,918,000 after buying an additional 17,615 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Independence Realty Trust by 18.8% during the 4th quarter. Russell Investments Group Ltd. now owns 2,057,287 shares of the real estate investment trust’s stock valued at $53,008,000 after buying an additional 325,182 shares during the last quarter. Institutional investors and hedge funds own 82.42% of the company’s stock.

Independence Realty Trust stock opened at $22.69 on Friday. The firm has a 50 day moving average of $26.04 and a 200 day moving average of $24.89. The firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of 31.96, a P/E/G ratio of 10.88 and a beta of 0.87. Independence Realty Trust, Inc. has a 12-month low of $15.78 and a 12-month high of $28.42.

Independence Realty Trust (NYSE:IRTGet Rating) last released its earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.09. Independence Realty Trust had a net margin of 34.18% and a return on equity of 5.34%. During the same period last year, the business posted $0.18 earnings per share. As a group, analysts predict that Independence Realty Trust, Inc. will post 1.05 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 22nd. Shareholders of record on Friday, April 1st were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend was Thursday, March 31st. Independence Realty Trust’s dividend payout ratio (DPR) is currently 67.61%.

IRT has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on shares of Independence Realty Trust in a report on Thursday, March 31st. They set a “sell” rating for the company. Barclays lowered their price target on shares of Independence Realty Trust from $30.00 to $28.00 in a report on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Independence Realty Trust from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, March 24th. BTIG Research began coverage on shares of Independence Realty Trust in a research report on Monday, May 9th. They set a “buy” rating and a $27.00 price objective on the stock. Finally, Jefferies Financial Group began coverage on shares of Independence Realty Trust in a research report on Friday, April 22nd. They set a “buy” rating and a $32.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $27.25.

About Independence Realty Trust (Get Rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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Institutional Ownership by Quarter for Independence Realty Trust (NYSE:IRT)

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