403,067 Shares of Independence Realty Trust, Inc. $IRT Bought by Calamos Advisors LLC

Key Points

• Calamos Advisors initiated a position of 403,067 Independence Realty Trust shares, worth about $5.86 million and representing 0.17% of the REIT.
• Institutional investors and hedge funds own 88.25% of the stock. Analysts have a “Moderate Buy” consensus rating and an average price target of $19.39.
• Quarterly EPS was $0.11, missing the $0.29 consensus estimate, while revenue of $171.96 million slightly exceeded forecasts. The REIT’s annualized dividend is $0.72 per share, a stated yield of 4.8%.

Calamos Advisors LLC acquired a new stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 403,067 shares of the real estate investment trust's stock, valued at approximately $5,857,000. Calamos Advisors LLC owned 0.17% of Independence Realty Trust as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of IRT. Kestra Advisory Services LLC boosted its holdings in Independence Realty Trust by 1.4% during the third quarter. Kestra Advisory Services LLC now owns 174,919 shares of the real estate investment trust's stock worth $2,542,000 after buying an additional 2,345 shares in the last quarter. Pathway Financial Advisers LLC purchased a new stake in shares of Independence Realty Trust in the third quarter valued at approximately $30,000. Covestor Ltd raised its stake in shares of Independence Realty Trust by 642.1% during the 3rd quarter. Covestor Ltd now owns 1,922 shares of the real estate investment trust's stock worth $28,000 after buying an additional 1,663 shares during the period. State of Wyoming acquired a new position in shares of Independence Realty Trust during the 3rd quarter worth approximately $108,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in shares of Independence Realty Trust by 1,327.3% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 222,660 shares of the real estate investment trust's stock worth $3,235,000 after buying an additional 207,060 shares during the period. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IRT. Barclays dropped their price target on shares of Independence Realty Trust from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 14th. UBS Group reduced their price objective on shares of Independence Realty Trust from $18.00 to $17.00 and set a "buy" rating for the company in a research report on Wednesday, October 14th. Jefferies Financial Group raised shares of Independence Realty Trust to a "strong-buy" rating in a report on Wednesday, July 22nd. Citigroup reiterated a "market outperform" rating on shares of Independence Realty Trust in a research report on Thursday, September 10th. Finally, Wells Fargo & Company dropped their target price on shares of Independence Realty Trust from $19.00 to $18.00 and set an "overweight" rating on the stock in a research report on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Independence Realty Trust has a consensus rating of "Moderate Buy" and a consensus target price of $19.39.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $14.99 on Monday. The stock has a market capitalization of $3.54 billion, a P/E ratio of 57.68 and a beta of 0.90. The business has a 50 day simple moving average of $15.03 and a two-hundred day simple moving average of $16.03. Independence Realty Trust, Inc. has a 12 month low of $14.33 and a 12 month high of $17.79.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings results on Monday, November 2nd. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.18). Independence Realty Trust had a return on equity of 1.75% and a net margin of 9.19%. The firm had revenue of $171.96 million during the quarter, compared to analyst estimates of $171.43 million. During the same period in the prior year, the firm earned $0.29 earnings per share. As a group, research analysts anticipate that Independence Realty Trust, Inc. will post 1.14 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th were issued a $0.18 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $0.72 dividend on an annualized basis and a yield of 4.8%. Independence Realty Trust's dividend payout ratio (DPR) is presently 276.92%.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc is a real estate investment trust (REIT) that owns and operates multifamily apartment communities in U.S. markets. Its business centers on providing rental housing and managing residential properties.

The company focuses on apartment communities in non-gateway markets, with a portfolio concentrated in regions including the Southeast, Midwest and Mid-Atlantic. Its properties offer apartment homes and resident amenities.

Founded in 2009, Independence Realty Trust became publicly traded on the New York Stock Exchange in 2013.

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