Blue Zone Wealth Advisors LLC Has $5.66 Million Stock Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Blue Zone Wealth Advisors LLC boosted its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 18.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 266,648 shares of the real estate investment trust's stock after purchasing an additional 42,465 shares during the quarter. Independence Realty Trust comprises 1.6% of Blue Zone Wealth Advisors LLC's holdings, making the stock its 28th largest holding. Blue Zone Wealth Advisors LLC owned 0.12% of Independence Realty Trust worth $5,661,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Fulton Bank N.A. raised its stake in shares of Independence Realty Trust by 11.9% in the first quarter. Fulton Bank N.A. now owns 16,236 shares of the real estate investment trust's stock worth $345,000 after purchasing an additional 1,731 shares during the last quarter. Aurora Investment Managers LLC. lifted its position in shares of Independence Realty Trust by 1.4% in the first quarter. Aurora Investment Managers LLC. now owns 183,828 shares of the real estate investment trust's stock valued at $3,903,000 after acquiring an additional 2,570 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Independence Realty Trust by 1,991.6% in the first quarter. GAMMA Investing LLC now owns 36,749 shares of the real estate investment trust's stock worth $7,800,000 after buying an additional 34,992 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of Independence Realty Trust by 1.3% during the 4th quarter. California State Teachers Retirement System now owns 215,662 shares of the real estate investment trust's stock worth $4,279,000 after purchasing an additional 2,688 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Independence Realty Trust by 2.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust's stock valued at $442,000 after buying an additional 488 shares in the last quarter. Institutional investors own 88.25% of the company's stock.

Insider Activity

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the company's stock in a transaction that occurred on 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 owns 873,365 shares of the company's stock, valued at $18,524,071.65. This represents a 1.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 11,500 shares of company stock valued at $241,445 in the last ninety days. 0.58% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays lifted their price target on shares of Independence Realty Trust from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Wells Fargo & Company initiated coverage on shares of Independence Realty Trust in a report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price target for the company. Compass Point reissued a "neutral" rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, May 13th. Jefferies Financial Group upgraded Independence Realty Trust from a "hold" rating to a "buy" rating and raised their price target for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. Finally, UBS Group started coverage on Independence Realty Trust in a report on Monday, April 7th. They issued a "buy" rating and a $24.00 target price on the stock. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Independence Realty Trust presently has an average rating of "Moderate Buy" and an average target price of $22.70.

Independence Realty Trust Trading Up 1.7%

Shares of NYSE IRT traded up $0.32 during mid-day trading on Tuesday, reaching $18.61. The company had a trading volume of 1,635,479 shares, compared to its average volume of 2,038,694. The company has a 50-day moving average price of $18.83 and a two-hundred day moving average price of $19.85. Independence Realty Trust, Inc. has a 1-year low of $17.10 and a 1-year high of $22.26. The stock has a market cap of $4.35 billion, a PE ratio of 103.36, a P/E/G ratio of 2.91 and a beta of 0.96.

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 business had revenue of $160.91 million for the quarter, compared to analyst estimates of $164.08 million. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. The company's quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.27 earnings per share. On average, research analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Friday, June 27th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Independence Realty Trust's previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 3.65%. Independence Realty Trust's dividend payout ratio (DPR) is presently 485.71%.

About Independence Realty Trust

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.