Canada Pension Plan Investment Board Sells 115,100 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Canada Pension Plan Investment Board lessened its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 48.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,600 shares of the real estate investment trust’s stock after selling 115,100 shares during the period. Canada Pension Plan Investment Board owned approximately 0.13% of Independence Realty Trust worth $1,647,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd bought a new position in Independence Realty Trust during the 4th quarter valued at approximately $157,000. Hill Winds Capital LP increased its position in Independence Realty Trust by 8.6% during the 4th quarter. Hill Winds Capital LP now owns 505,000 shares of the real estate investment trust’s stock valued at $6,782,000 after buying an additional 40,000 shares in the last quarter. Morgan Stanley increased its position in Independence Realty Trust by 0.3% during the 3rd quarter. Morgan Stanley now owns 326,125 shares of the real estate investment trust’s stock valued at $3,778,000 after buying an additional 1,101 shares in the last quarter. Veriti Management LLC bought a new position in Independence Realty Trust during the 4th quarter valued at approximately $64,000. Finally, Credit Suisse AG increased its position in Independence Realty Trust by 20.6% during the 4th quarter. Credit Suisse AG now owns 204,323 shares of the real estate investment trust’s stock valued at $2,743,000 after buying an additional 34,931 shares in the last quarter. 95.30% of the stock is owned by institutional investors.

Several analysts have commented on the company. Deutsche Bank Aktiengesellschaft increased their target price on Independence Realty Trust from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, March 24th. Zacks Investment Research downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Monday, March 8th. BTIG Research assumed coverage on Independence Realty Trust in a research note on Monday, January 11th. They set a “buy” rating and a $15.00 target price on the stock. Smith Barney Citigroup increased their target price on Independence Realty Trust from $12.25 to $13.25 in a research note on Tuesday, December 15th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their target price on Independence Realty Trust from $12.25 to $13.25 in a research note on Tuesday, December 15th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $14.93.

IRT stock opened at $15.46 on Thursday. The company has a market cap of $1.58 billion, a P/E ratio of 55.21 and a beta of 0.96. Independence Realty Trust, Inc. has a 1 year low of $7.96 and a 1 year high of $15.76. The stock’s fifty day moving average price is $14.76 and its 200-day moving average price is $13.39.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, February 10th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.06). Independence Realty Trust had a return on equity of 4.09% and a net margin of 12.11%. Sell-side analysts expect that Independence Realty Trust, Inc. will post 0.74 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 23rd. Investors of record on Friday, April 2nd will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, March 31st. This represents a $0.48 annualized dividend and a yield of 3.10%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 63.16%.

About Independence Realty Trust

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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