JPMorgan Chase & Co. Buys 298,632 Shares of Independence Realty Trust Inc (IRT)

JPMorgan Chase & Co. grew its stake in Independence Realty Trust Inc (NYSE:IRT) by 283.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 403,883 shares of the real estate investment trust’s stock after purchasing an additional 298,632 shares during the quarter. JPMorgan Chase & Co. owned about 0.48% of Independence Realty Trust worth $4,083,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Municipal Employees Retirement System of Michigan purchased a new stake in Independence Realty Trust during the 2nd quarter valued at about $138,000. Great West Life Assurance Co. Can boosted its holdings in shares of Independence Realty Trust by 220.2% during the 2nd quarter. Great West Life Assurance Co. Can now owns 116,325 shares of the real estate investment trust’s stock valued at $1,146,000 after acquiring an additional 80,000 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Independence Realty Trust by 15.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 424,871 shares of the real estate investment trust’s stock valued at $4,194,000 after acquiring an additional 57,544 shares during the last quarter. Arizona State Retirement System purchased a new stake in shares of Independence Realty Trust during the 2nd quarter valued at about $305,000. Finally, Rhumbline Advisers boosted its holdings in shares of Independence Realty Trust by 87.2% during the 2nd quarter. Rhumbline Advisers now owns 130,860 shares of the real estate investment trust’s stock valued at $1,292,000 after acquiring an additional 60,961 shares during the last quarter. Institutional investors and hedge funds own 78.49% of the company’s stock.

Several equities analysts have recently weighed in on the stock. B. Riley reiterated a “buy” rating on shares of Independence Realty Trust in a research note on Wednesday, November 1st. Robert W. Baird restated a “buy” rating and set a $11.00 target price on shares of Independence Realty Trust in a research note on Tuesday, October 17th. KeyCorp initiated coverage on shares of Independence Realty Trust in a research note on Tuesday, December 5th. They set a “sector weight” rating on the stock. Zacks Investment Research upgraded shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, January 9th. Finally, Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $11.33.

Shares of Independence Realty Trust Inc (IRT) opened at $9.50 on Wednesday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $793.43, a PE ratio of -36.54 and a beta of 1.08. Independence Realty Trust Inc has a fifty-two week low of $8.57 and a fifty-two week high of $10.63.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.11. The business had revenue of $39.86 million during the quarter, compared to the consensus estimate of $40.38 million. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 earnings per share. research analysts anticipate that Independence Realty Trust Inc will post 0.74 EPS for the current fiscal year.

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Independence Realty Trust Profile

Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.

Institutional Ownership by Quarter for Independence Realty Trust (NYSE:IRT)

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