GAMMA Investing LLC Has $7.80 Million Position in Independence Realty Trust, Inc. (NYSE:IRT)

GAMMA Investing LLC raised its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 1,991.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 36,749 shares of the real estate investment trust's stock after buying an additional 34,992 shares during the period. GAMMA Investing LLC's holdings in Independence Realty Trust were worth $7,800,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. California State Teachers Retirement System lifted its stake in shares of Independence Realty Trust by 1.3% in the fourth quarter. California State Teachers Retirement System now owns 215,662 shares of the real estate investment trust's stock valued at $4,279,000 after buying an additional 2,688 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Independence Realty Trust by 2.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust's stock worth $442,000 after buying an additional 488 shares during the last quarter. Centaurus Financial Inc. raised its position in shares of Independence Realty Trust by 7.8% in the fourth quarter. Centaurus Financial Inc. now owns 45,856 shares of the real estate investment trust's stock valued at $910,000 after purchasing an additional 3,301 shares during the period. Ameriflex Group Inc. purchased a new stake in Independence Realty Trust during the 4th quarter worth about $111,000. Finally, Blue Sky Capital Consultants Group Inc. bought a new stake in Independence Realty Trust during the 4th quarter worth approximately $5,147,000. 88.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Buying and Selling at Independence Realty Trust

In related news, CEO Scott Schaeffer sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total value of $212,100.00. Following the sale, the chief executive officer now directly owns 873,365 shares in the company, valued at $18,524,071.65. The trade was a 1.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 11,500 shares of company stock valued at $241,445 in the last three months. Corporate insiders own 0.58% of the company's stock.

Independence Realty Trust Trading Up 0.8%

Shares of IRT stock traded up $0.15 on Thursday, reaching $18.52. 1,252,300 shares of the stock were exchanged, compared to its average volume of 2,004,874. The business's 50 day moving average price is $18.82 and its 200 day moving average price is $19.84. The company has a market capitalization of $4.33 billion, a price-to-earnings ratio of 102.89, a PEG ratio of 2.91 and a beta of 0.96. Independence Realty Trust, Inc. has a twelve month low of $17.10 and a twelve month high of $22.26.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. The company had revenue of $160.91 million during the quarter, compared to analysts' expectations of $164.08 million. During the same quarter in the prior year, the business earned $0.27 EPS. The business's revenue for the quarter was up .4% compared to the same quarter last year. Equities research analysts forecast 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 announced a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Friday, June 27th will be issued a dividend of $0.17 per share. This is an increase from Independence Realty Trust's previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Friday, June 27th. Independence Realty Trust's dividend payout ratio (DPR) is presently 485.71%.

Independence Realty Trust 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.