State of New Jersey Common Pension Fund D Buys 37,882 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

State of New Jersey Common Pension Fund D raised its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 7.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 523,265 shares of the real estate investment trust’s stock after buying an additional 37,882 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.23% of Independence Realty Trust worth $8,006,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in IRT. Penserra Capital Management LLC increased its holdings in shares of Independence Realty Trust by 2.5% in the 3rd quarter. Penserra Capital Management LLC now owns 31,415 shares of the real estate investment trust’s stock worth $441,000 after purchasing an additional 774 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Independence Realty Trust by 1.4% in the third quarter. Arizona State Retirement System now owns 63,947 shares of the real estate investment trust’s stock worth $900,000 after acquiring an additional 910 shares during the period. Taylor Frigon Capital Management LLC grew its holdings in shares of Independence Realty Trust by 1.3% in the third quarter. Taylor Frigon Capital Management LLC now owns 78,256 shares of the real estate investment trust’s stock worth $1,101,000 after acquiring an additional 986 shares during the period. Investment Research & Advisory Group Inc. grew its holdings in shares of Independence Realty Trust by 2.7% in the third quarter. Investment Research & Advisory Group Inc. now owns 39,109 shares of the real estate investment trust’s stock worth $550,000 after acquiring an additional 1,011 shares during the period. Finally, Lindbrook Capital LLC grew its holdings in shares of Independence Realty Trust by 19.8% in the fourth quarter. Lindbrook Capital LLC now owns 6,379 shares of the real estate investment trust’s stock worth $98,000 after acquiring an additional 1,054 shares during the period. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Wall Street Analyst Weigh In

IRT has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Independence Realty Trust in a report on Tuesday, January 30th. They set a “buy” rating and a $18.00 price target for the company. Barclays cut their price target on Independence Realty Trust from $22.00 to $18.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. TheStreet lowered Independence Realty Trust from a “c” rating to a “d+” rating in a report on Friday, March 1st. JMP Securities boosted their price target on Independence Realty Trust from $15.00 to $17.00 and gave the company a “market outperform” rating in a report on Wednesday, March 6th. Finally, Royal Bank of Canada boosted their price target on Independence Realty Trust from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, February 16th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.00.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock traded up $0.19 during trading hours on Friday, hitting $15.85. The company’s stock had a trading volume of 1,768,704 shares, compared to its average volume of 2,309,607. Independence Realty Trust, Inc. has a 12-month low of $11.61 and a 12-month high of $18.77. The business has a 50 day moving average price of $15.66 and a two-hundred day moving average price of $14.77.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Shareholders of record on Friday, March 29th were given a dividend of $0.16 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.64 dividend on an annualized basis and a yield of 4.04%. Independence Realty Trust’s dividend payout ratio (DPR) is presently -2,132.62%.

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.