Cambridge Investment Research Advisors Inc. trimmed its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 6.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 518,477 shares of the real estate investment trust's stock after selling 33,231 shares during the quarter. Cambridge Investment Research Advisors Inc. owned approximately 0.22% of Independence Realty Trust worth $11,007,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC lifted its holdings in shares of Independence Realty Trust by 66.0% in the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust's stock worth $26,000 after buying an additional 521 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in Independence Realty Trust by 627.5% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust's stock valued at $46,000 after acquiring an additional 2,008 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Independence Realty Trust by 67.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 1,000 shares in the last quarter. Venturi Wealth Management LLC bought a new position in shares of Independence Realty Trust during the 4th quarter valued at about $70,000. Finally, HM Payson & Co. boosted its holdings in shares of Independence Realty Trust by 119.8% during the 4th quarter. HM Payson & Co. now owns 3,978 shares of the real estate investment trust's stock valued at $79,000 after purchasing an additional 2,168 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
IRT has been the topic of several research reports. Barclays lifted their target price on Independence Realty Trust from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Wells Fargo & Company started coverage on Independence Realty Trust in a report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price target for the company. 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. Jefferies Financial Group upgraded Independence Realty Trust from a "hold" rating to a "buy" rating and increased their target price for the company from $20.00 to $24.00 in a research report on Monday, March 10th. Finally, JMP Securities reissued a "market outperform" rating and issued a $25.00 target price on shares of Independence Realty Trust in a report on Monday, May 5th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Independence Realty Trust has an average rating of "Moderate Buy" and a consensus target price of $22.70.
Check Out Our Latest Report on IRT
Insider Buying and Selling
In related news, CEO Scott Schaeffer sold 10,000 shares of the firm'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 sale, the chief executive officer now directly owns 873,365 shares of the company's stock, valued at approximately $18,524,071.65. This trade represents a 1.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders sold 11,500 shares of company stock valued at $241,445. Company insiders own 0.62% of the company's stock.
Independence Realty Trust Price Performance
Shares of Independence Realty Trust stock traded down $0.33 on Wednesday, reaching $17.41. The company had a trading volume of 3,343,209 shares, compared to its average volume of 1,977,482. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 124.36, a P/E/G ratio of 2.50 and a beta of 0.96. The firm's 50-day moving average price is $18.73 and its two-hundred day moving average price is $19.59. Independence Realty Trust, Inc. has a 1 year low of $17.10 and a 1 year high of $22.26.
Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). The company had revenue of $160.91 million during the quarter, compared to the consensus estimate of $164.08 million. Independence Realty Trust had a return on equity of 0.85% and a net margin of 4.70%. The firm's quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.27 earnings per share. As a group, analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.
Independence Realty Trust Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Friday, June 27th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Independence Realty Trust's previous quarterly dividend of $0.16. Independence Realty Trust's dividend payout ratio (DPR) is 457.14%.
Independence Realty Trust Company Profile
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Free Report)
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.
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