State of Michigan Retirement System Increases Stake in Independence Realty Trust, Inc. (NYSE:IRT)

State of Michigan Retirement System Increases Stake in Independence Realty Trust, Inc.

The State of Michigan Retirement System has increased its stake in Independence Realty Trust, Inc. (NYSE: IRT) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm now owns 55,100 shares of the real estate investment trust’s stock, worth $889,000 at the end of the quarter.

Other institutional investors have also bought and sold shares of the company, including Jennison Associates LLC, Norges Bank, Dimensional Fund Advisors LP, Charles Schwab Investment Management Inc., and Frontier Capital Management Co. LLC. These investors now hold a significant portion of Independence Realty Trust’s stock.

Independence Realty Trust’s stock is currently trading down 0.1%, with shares opening at $18.65 on Monday. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of -621.46, and a dividend yield of 3.43%.

The company recently announced a quarterly dividend of $0.16 per share, to be paid on July 19th to shareholders of record on June 28th. This represents a $0.64 dividend on an annualized basis.

Independence Realty Trust, Inc. is a real estate investment trust that owns and operates multifamily communities across non-gateway U.S. markets. The company’s portfolio includes properties in Atlanta, Dallas, Denver, Columbus, Indianapolis, Raleigh-Durham, Oklahoma City, Nashville, Houston, and Tampa.

Overall, institutional investors and hedge funds own 88.25% of Independence Realty Trust’s stock. Stay updated on the latest news and ratings for Independence Realty Trust by subscribing to MarketBeat.com’s FREE daily email newsletter.