Phocas Financial Corp. Reduces Position in Independence Realty Trust, Inc. (NYSE:IRT)

Phocas Financial Corp. decreased its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 6.0% during the third quarter, HoldingsChannel.com reports. The firm owned 379,876 shares of the real estate investment trust’s stock after selling 24,122 shares during the quarter. Phocas Financial Corp.’s holdings in Independence Realty Trust were worth $7,787,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in IRT. Taylor Frigon Capital Management LLC increased its stake in Independence Realty Trust by 0.7% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 79,217 shares of the real estate investment trust’s stock worth $1,485,000 after buying an additional 571 shares during the period. Handelsbanken Fonder AB increased its position in shares of Independence Realty Trust by 1.3% during the third quarter. Handelsbanken Fonder AB now owns 69,961 shares of the real estate investment trust’s stock worth $1,434,000 after acquiring an additional 900 shares during the period. Arizona State Retirement System raised its stake in shares of Independence Realty Trust by 2.0% during the second quarter. Arizona State Retirement System now owns 63,011 shares of the real estate investment trust’s stock valued at $1,181,000 after acquiring an additional 1,255 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Independence Realty Trust in the second quarter valued at approximately $25,000. Finally, V Square Quantitative Management LLC bought a new position in Independence Realty Trust in the third quarter worth approximately $28,000. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Stock Up 1.2 %

Shares of Independence Realty Trust stock opened at $21.25 on Tuesday. The company has a market cap of $4.78 billion, a P/E ratio of 18.41, a PEG ratio of 3.00 and a beta of 1.17. The firm’s 50 day moving average price is $20.17 and its 200-day moving average price is $19.05. Independence Realty Trust, Inc. has a 52-week low of $12.99 and a 52-week high of $21.29.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date was Monday, September 30th.

Analyst Ratings Changes

A number of brokerages have weighed in on IRT. BMO Capital Markets raised Independence Realty Trust from an “underperform” rating to a “market perform” rating and lifted their target price for the company from $19.00 to $21.00 in a research report on Friday. KeyCorp upped their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. JMP Securities increased their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Monday, September 9th. BTIG Research upped their price target on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.43.

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.