Focus Financial Network Inc. Sells 2,716 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Focus Financial Network Inc. trimmed its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 3.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,758 shares of the real estate investment trust’s stock after selling 2,716 shares during the quarter. Focus Financial Network Inc.’s holdings in Independence Realty Trust were worth $1,363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pathway Financial Advisers LLC acquired a new position in shares of Independence Realty Trust in the 1st quarter valued at about $31,000. Lazard Asset Management LLC acquired a new position in Independence Realty Trust during the 1st quarter worth approximately $40,000. Advisors Asset Management Inc. raised its stake in Independence Realty Trust by 146.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 1,684 shares during the period. EdgeRock Capital LLC acquired a new position in Independence Realty Trust during the 4th quarter worth approximately $60,000. Finally, Lindbrook Capital LLC raised its stake in Independence Realty Trust by 19.8% during the 4th quarter. Lindbrook Capital LLC now owns 6,379 shares of the real estate investment trust’s stock worth $98,000 after buying an additional 1,054 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. JMP Securities upped their price target on Independence Realty Trust from $17.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Friday, August 2nd. BTIG Research upped their price target on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Two analysts have rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, Independence Realty Trust has an average rating of “Hold” and an average target price of $18.17.

Independence Realty Trust Stock Performance

IRT traded up $0.05 during midday trading on Wednesday, reaching $19.63. 314,644 shares of the company were exchanged, compared to its average volume of 2,314,700. The company’s fifty day moving average price is $18.83 and its 200 day moving average price is $16.96. The company has a market cap of $4.42 billion, a price-to-earnings ratio of -655.33, a price-to-earnings-growth ratio of 2.81 and a beta of 1.14. Independence Realty Trust, Inc. has a one year low of $11.61 and a one year high of $20.08.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, June 28th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.26%. The ex-dividend date was Friday, June 28th. Independence Realty Trust’s dividend payout ratio is presently -2,133.33%.

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.