Sequoia Financial Advisors LLC Takes $374,000 Position in Independence Realty Trust, Inc. (NYSE:IRT)

Sequoia Financial Advisors LLC acquired a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 24,421 shares of the real estate investment trust’s stock, valued at approximately $374,000.

Other large investors have also recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. grew its stake in shares of Independence Realty Trust by 58.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 59,048 shares of the real estate investment trust’s stock worth $1,561,000 after purchasing an additional 21,858 shares during the period. PNC Financial Services Group Inc. grew its position in Independence Realty Trust by 174.1% during the first quarter. PNC Financial Services Group Inc. now owns 19,091 shares of the real estate investment trust’s stock worth $504,000 after buying an additional 12,126 shares during the period. Bank of Montreal Can lifted its position in shares of Independence Realty Trust by 104.2% during the 1st quarter. Bank of Montreal Can now owns 190,015 shares of the real estate investment trust’s stock valued at $5,102,000 after acquiring an additional 96,945 shares during the period. MetLife Investment Management LLC boosted its stake in shares of Independence Realty Trust by 219.8% during the 1st quarter. MetLife Investment Management LLC now owns 116,831 shares of the real estate investment trust’s stock worth $3,089,000 after acquiring an additional 80,293 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Independence Realty Trust by 105.9% in the 1st quarter. Rhumbline Advisers now owns 621,639 shares of the real estate investment trust’s stock worth $16,436,000 after acquiring an additional 319,772 shares during the period. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Trading Down 0.7 %

Independence Realty Trust stock opened at $15.57 on Thursday. The firm has a market capitalization of $3.50 billion, a P/E ratio of -222.33, a PEG ratio of 2.32 and a beta of 1.07. The stock has a fifty day moving average price of $15.55 and a 200 day moving average price of $14.70. Independence Realty Trust, Inc. has a 52 week low of $11.61 and a 52 week high of $18.77.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 19th. Shareholders of record on Friday, March 29th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date of this dividend is Wednesday, March 27th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -914.16%.

Analyst Upgrades and Downgrades

IRT has been the subject of several research reports. JMP Securities lifted their price objective on Independence Realty Trust from $15.00 to $17.00 and gave the stock a “market outperform” rating in a report on Wednesday, March 6th. 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 objective for the company. Barclays reduced their price objective 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 cut Independence Realty Trust from a “c” rating to a “d+” rating in a report on Friday, March 1st. Finally, Royal Bank of Canada lifted their price objective on Independence Realty Trust from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. Two investment analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Independence Realty Trust currently has an average rating of “Hold” and an average target price of $17.00.

Independence Realty Trust Company Profile

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.