Cambridge Investment Research Advisors Inc. Cuts Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Cambridge Investment Research Advisors Inc. lessened its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 6.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 about 0.22% of Independence Realty Trust worth $11,007,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in IRT. D. E. Shaw & Co. Inc. acquired a new stake in shares of Independence Realty Trust in the 4th quarter worth about $1,781,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Independence Realty Trust by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,561,615 shares of the real estate investment trust's stock worth $70,662,000 after acquiring an additional 60,919 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC raised its holdings in shares of Independence Realty Trust by 5.9% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,015,292 shares of the real estate investment trust's stock worth $20,143,000 after acquiring an additional 56,923 shares during the last quarter. Atria Wealth Solutions Inc. acquired a new stake in shares of Independence Realty Trust in the 4th quarter worth about $564,000. Finally, GAMMA Investing LLC raised its holdings in shares of Independence Realty Trust by 1,991.6% in the 1st quarter. GAMMA Investing LLC now owns 36,749 shares of the real estate investment trust's stock worth $7,800,000 after acquiring an additional 34,992 shares during the last quarter. Institutional investors own 88.25% of the company's stock.

Independence Realty Trust Price Performance

NYSE:IRT traded down $0.29 during trading hours on Friday, hitting $17.60. The stock had a trading volume of 5,689,390 shares, compared to its average volume of 1,989,610. The company has a 50 day simple moving average of $18.65 and a two-hundred day simple moving average of $19.52. Independence Realty Trust, Inc. has a one year low of $17.10 and a one year high of $22.26. The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of 125.68, a P/E/G ratio of 2.48 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly 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). Independence Realty Trust had a net margin of 4.70% and a return on equity of 0.85%. The firm had revenue of $160.91 million during the quarter, compared to the consensus estimate of $164.08 million. During the same period in the previous year, the business earned $0.27 earnings per share. The firm's revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current 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. The ex-dividend date of this dividend is Friday, June 27th. This represents a $0.68 annualized dividend and a dividend yield of 3.86%. This is a boost from Independence Realty Trust's previous quarterly dividend of $0.16. Independence Realty Trust's dividend payout ratio (DPR) is 457.14%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. UBS Group assumed coverage on shares of Independence Realty Trust in a research note on Monday, April 7th. They issued a "buy" rating and a $24.00 price objective for the company. Barclays raised their price objective on shares of Independence Realty Trust from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. JMP Securities reaffirmed a "market outperform" rating and issued a $25.00 price objective on shares of Independence Realty Trust in a report on Monday, May 5th. Jefferies Financial Group raised shares of Independence Realty Trust from a "hold" rating to a "buy" rating and raised their price objective for the stock from $20.00 to $24.00 in a report on Monday, March 10th. Finally, Compass Point reaffirmed a "neutral" rating and issued a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.70.

Insider Activity

In other news, CEO Scott Schaeffer sold 10,000 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total transaction of $212,100.00. Following the sale, the chief executive officer now owns 873,365 shares in the company, valued at approximately $18,524,071.65. This trade represents a 1.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 11,500 shares of company stock worth $241,445. 0.58% of the stock is currently owned by corporate insiders.

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.