Independence Realty Trust, Inc. (NYSE:IRT) Shares Sold by Peregrine Capital Management LLC

Peregrine Capital Management LLC reduced its position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 14.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 295,073 shares of the real estate investment trust's stock after selling 50,751 shares during the period. Peregrine Capital Management LLC owned about 0.13% of Independence Realty Trust worth $6,264,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in IRT. D. E. Shaw & Co. Inc. purchased a new position in Independence Realty Trust in the fourth quarter valued at about $1,781,000. Charles Schwab Investment Management Inc. raised its position 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 valued at $70,662,000 after purchasing an additional 60,919 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its stake in shares of Independence Realty Trust by 5.9% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,015,292 shares of the real estate investment trust's stock valued at $20,143,000 after buying an additional 56,923 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Independence Realty Trust by 1,991.6% during the first quarter. GAMMA Investing LLC now owns 36,749 shares of the real estate investment trust's stock worth $7,800,000 after buying an additional 34,992 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Independence Realty Trust in the fourth quarter worth $12,105,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Down 1.4%

IRT stock traded down $0.25 during midday trading on Wednesday, reaching $17.34. The company had a trading volume of 2,044,132 shares, compared to its average volume of 2,005,842. The firm has a market capitalization of $4.05 billion, a PE ratio of 123.89, a P/E/G ratio of 2.49 and a beta of 0.93. The stock has a 50 day moving average price of $18.59 and a 200 day moving average price of $19.47. Independence Realty Trust, Inc. has a fifty-two week low of $17.10 and a fifty-two week 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 the consensus estimate 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 company's revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the business posted $0.27 EPS. Research analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Increases Dividend

The company 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 is an increase from Independence Realty Trust's previous quarterly dividend of $0.16. The ex-dividend date is Friday, June 27th. This represents a $0.68 annualized dividend and a dividend yield of 3.92%. Independence Realty Trust's payout ratio is 485.71%.

Analyst Ratings Changes

IRT has been the topic of a number of research analyst reports. JMP Securities reiterated a "market outperform" rating and set a $25.00 price objective on shares of Independence Realty Trust in a research note on Monday, May 5th. Jefferies Financial Group raised shares of Independence Realty Trust from a "hold" rating to a "buy" rating and increased their price target for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Wells Fargo & Company assumed coverage on Independence Realty Trust in a report on Wednesday, March 19th. They issued an "overweight" rating and a $24.00 price objective for the company. UBS Group began coverage on Independence Realty Trust in a report on Monday, April 7th. They set a "buy" rating and a $24.00 target price on the stock. Finally, Compass Point reiterated a "neutral" rating and issued a $22.00 price target on shares of Independence Realty Trust in a report on Tuesday, May 13th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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.