Corebridge Financial Inc. Sells 19,824 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Corebridge Financial Inc. lowered its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 5.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 365,087 shares of the real estate investment trust’s stock after selling 19,824 shares during the period. Corebridge Financial Inc.’s holdings in Independence Realty Trust were worth $7,243,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in IRT. SMART Wealth LLC acquired a new position in Independence Realty Trust during the 3rd quarter worth approximately $873,000. Barclays PLC increased its holdings in shares of Independence Realty Trust by 182.3% during the third quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust’s stock valued at $8,208,000 after acquiring an additional 258,549 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Independence Realty Trust by 12.3% during the third quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust’s stock worth $4,981,000 after purchasing an additional 28,059 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Independence Realty Trust by 38.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust’s stock worth $51,150,000 after purchasing an additional 686,630 shares in the last quarter. Finally, Perigon Wealth Management LLC acquired a new stake in Independence Realty Trust in the 4th quarter valued at $222,000. Institutional investors own 88.25% of the company’s stock.

Wall Street Analysts Forecast Growth

IRT has been the topic of several research reports. Jefferies Financial Group upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and upped their price objective for the stock from $20.00 to $24.00 in a report on Monday, March 10th. JMP Securities reissued a “market outperform” rating and set a $22.00 target price on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Wells Fargo & Company assumed coverage on shares of Independence Realty Trust in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 price target on the stock. Finally, Barclays decreased their price objective on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 19th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

Independence Realty Trust Stock Performance

NYSE:IRT opened at $20.85 on Friday. Independence Realty Trust, Inc. has a 52 week low of $15.25 and a 52 week high of $22.26. The firm has a 50-day moving average price of $20.35 and a two-hundred day moving average price of $20.32. The firm has a market cap of $4.81 billion, a price-to-earnings ratio of 115.81, a price-to-earnings-growth ratio of 2.91 and a beta of 1.19.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. As a group, sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Friday, March 28th. Independence Realty Trust’s payout ratio is 355.56%.

Independence Realty Trust 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.