Millennium Management LLC Boosts Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

Millennium Management LLC lifted its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 2,601.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 837,787 shares of the real estate investment trust's stock after purchasing an additional 806,780 shares during the quarter. Millennium Management LLC owned 0.37% of Independence Realty Trust worth $16,622,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Wellington Management Group LLP increased its holdings in Independence Realty Trust by 17.9% in the 4th quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust's stock worth $265,835,000 after buying an additional 2,037,968 shares in the last quarter. Bamco Inc. NY increased its holdings in Independence Realty Trust by 592.0% in the 4th quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust's stock worth $33,961,000 after buying an additional 1,464,400 shares in the last quarter. Deutsche Bank AG increased its holdings in Independence Realty Trust by 72.5% in the 4th quarter. Deutsche Bank AG now owns 3,381,684 shares of the real estate investment trust's stock worth $67,093,000 after buying an additional 1,421,377 shares in the last quarter. Northern Trust Corp increased its holdings in Independence Realty Trust by 28.8% in the 4th quarter. Northern Trust Corp now owns 3,551,247 shares of the real estate investment trust's stock worth $70,457,000 after buying an additional 793,403 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Independence Realty Trust in the 4th quarter worth about $12,105,000. Hedge funds and other institutional investors own 88.25% of the company's stock.

Independence Realty Trust Price Performance

Shares of IRT stock traded up $0.27 during trading hours on Tuesday, reaching $18.26. 1,684,716 shares of the company traded hands, compared to its average volume of 2,090,262. Independence Realty Trust, Inc. has a 12-month low of $15.66 and a 12-month high of $22.26. The company has a market cap of $4.27 billion, a P/E ratio of 101.47, a P/E/G ratio of 2.91 and a beta of 0.98. The firm has a 50-day moving average price of $19.35 and a 200 day moving average price of $20.04.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share 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 for the quarter, compared to analysts' expectations of $164.08 million. During the same period in the previous year, the firm earned $0.27 earnings per share. The firm's quarterly revenue was up .4% on a year-over-year basis. Sell-side analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS 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. 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 dividend yield of 3.72%. The ex-dividend date is Friday, June 27th. Independence Realty Trust's payout ratio is presently 485.71%.

Insider Activity

In other news, CEO Scott Schaeffer sold 10,000 shares of Independence Realty Trust stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total transaction of $212,100.00. Following the transaction, the chief executive officer now directly owns 873,365 shares of the company's stock, valued at $18,524,071.65. The trade was a 1.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 11,000 shares of company stock valued at $232,245 in the last ninety days. Corporate insiders own 0.58% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on IRT shares. Jefferies Financial Group upgraded Independence Realty Trust from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $20.00 to $24.00 in a report on Monday, March 10th. JMP Securities reiterated a "market outperform" rating and issued a $25.00 price objective on shares of Independence Realty Trust in a report on Monday, May 5th. UBS Group assumed coverage on Independence Realty Trust in a research note on Monday, April 7th. They set a "buy" rating and a $24.00 price target for the company. Compass Point restated a "neutral" rating and set a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company assumed coverage on Independence Realty Trust in a research note on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price target 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.com, Independence Realty Trust currently has an average rating of "Moderate Buy" and a consensus target price of $22.70.

Independence Realty Trust Company 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.