Bank of America Corp DE Sells 37,592 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Bank of America Corp DE reduced its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 2.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,448,813 shares of the real estate investment trust's stock after selling 37,592 shares during the quarter. Bank of America Corp DE owned 0.64% of Independence Realty Trust worth $28,744,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Barclays PLC boosted its stake in Independence Realty Trust by 182.3% in the third quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust's stock valued at $8,208,000 after buying an additional 258,549 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Independence Realty Trust by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust's stock valued at $70,662,000 after buying an additional 60,919 shares in the last quarter. Perigon Wealth Management LLC acquired a new stake in Independence Realty Trust in the fourth quarter valued at about $222,000. Cbre Investment Management Listed Real Assets LLC boosted its stake in Independence Realty Trust by 5.9% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,015,292 shares of the real estate investment trust's stock valued at $20,143,000 after buying an additional 56,923 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new stake in Independence Realty Trust in the fourth quarter valued at about $386,000. 88.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Independence Realty Trust

In other news, CEO Scott Schaeffer sold 10,000 shares of the firm's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total transaction of $212,100.00. Following the completion of the transaction, the chief executive officer now directly owns 873,365 shares in the company, valued at $18,524,071.65. This trade represents a 1.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 11,000 shares of company stock worth $232,245 over the last ninety days. 0.58% of the stock is owned by insiders.

Independence Realty Trust Stock Down 1.4%

Independence Realty Trust stock traded down $0.25 during trading hours on Friday, hitting $18.00. The stock had a trading volume of 2,075,544 shares, compared to its average volume of 2,088,617. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of 99.98, a P/E/G ratio of 2.91 and a beta of 0.98. Independence Realty Trust, Inc. has a one year low of $15.66 and a one year high of $22.26. The business's 50 day simple moving average is $19.46 and its 200-day simple moving average is $20.07.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01). The firm had revenue of $160.91 million during the quarter, compared to the consensus estimate of $164.08 million. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. Independence Realty Trust's revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.27 earnings per share. Research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Friday, June 27th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.78%. This is an increase from Independence Realty Trust's previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, June 27th. Independence Realty Trust's dividend payout ratio (DPR) is 485.71%.

Analyst Upgrades and Downgrades

IRT has been the topic of several research analyst reports. UBS Group initiated coverage on Independence Realty Trust in a research note on Monday, April 7th. They issued a "buy" rating and a $24.00 price objective on the stock. JMP Securities reaffirmed a "market outperform" rating and issued a $25.00 price objective on shares of Independence Realty Trust in a research note on Monday, May 5th. Compass Point reaffirmed a "neutral" rating and issued a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, May 13th. Wells Fargo & Company initiated coverage on Independence Realty Trust in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $24.00 price objective on the stock. Finally, Jefferies Financial Group raised Independence Realty Trust from a "hold" rating to a "buy" rating and raised their price objective for the company from $20.00 to $24.00 in a research note on Monday, March 10th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.70.

Independence Realty Trust Company 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.