Grove Bank & Trust Sells 101,057 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Grove Bank & Trust decreased its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 26.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 283,843 shares of the real estate investment trust's stock after selling 101,057 shares during the quarter. Grove Bank & Trust owned 0.12% of Independence Realty Trust worth $6,026,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC boosted its stake in shares of 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 worth $442,000 after buying an additional 488 shares during the last quarter. Global Retirement Partners LLC raised its holdings in Independence Realty Trust by 66.0% during the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 521 shares during the period. Amundi raised its stake in shares of Independence Realty Trust by 0.5% during the 4th quarter. Amundi now owns 122,544 shares of the real estate investment trust's stock valued at $2,304,000 after purchasing an additional 597 shares during the period. Ironsides Asset Advisors LLC increased its position in shares of Independence Realty Trust by 7.0% during the fourth quarter. Ironsides Asset Advisors LLC now owns 11,070 shares of the real estate investment trust's stock valued at $220,000 after buying an additional 725 shares during the period. Finally, 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. Institutional investors own 88.25% of the company's stock.

Independence Realty Trust Price Performance

NYSE IRT traded down $0.05 during trading hours on Friday, reaching $17.74. 2,841,166 shares of the company's stock traded hands, compared to its average volume of 1,942,464. The firm has a 50-day simple moving average of $18.78 and a 200 day simple moving average of $19.68. Independence Realty Trust, Inc. has a 52-week low of $17.10 and a 52-week high of $22.26. The firm has a market cap of $4.15 billion, a PE ratio of 126.68, a PEG ratio of 2.51 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 earnings per share 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 for the quarter, compared to the consensus estimate of $164.08 million. During the same period last year, the business earned $0.27 EPS. Independence Realty Trust's revenue was up .4% on a year-over-year basis. Sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Independence Realty Trust's previous quarterly dividend of $0.16. Independence Realty Trust's dividend payout ratio (DPR) is presently 457.14%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on IRT shares. Wells Fargo & Company started coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price target for the company. JMP Securities reiterated a "market outperform" rating and issued a $25.00 target price on shares of Independence Realty Trust in a research report on Monday, May 5th. 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 target price on the stock. Compass Point reaffirmed a "neutral" rating and set a $22.00 price target on shares of Independence Realty Trust in a research report on Tuesday, May 13th. Finally, Barclays boosted their target price 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. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Independence Realty Trust has a consensus rating of "Moderate Buy" and a consensus price target of $22.70.

Insider Activity

In other news, CEO Scott Schaeffer sold 10,000 shares of the 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 transaction, the chief executive officer now owns 873,365 shares in the company, valued at $18,524,071.65. This represents a 1.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 11,500 shares of company stock valued at $241,445 in the last ninety days. 0.58% of the stock is currently owned by company insiders.

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.