Independence Realty Trust, Inc. (NYSE:IRT) Shares Sold by Phocas Financial Corp.

Key Points

• Phocas Financial Corp. reduced its holdings in Independence Realty Trust by 5.4% during the first quarter, now owning 356,428 shares valued at approximately $7.57 million.
• Several major institutional investors, including Deutsche Bank AG and Massachusetts Financial Services, significantly increased their stakes in Independence Realty Trust during the 4th quarter, indicating strong interest in the company.
• The company has increased its quarterly dividend from $0.16 to $0.17 per share, resulting in a dividend yield of 4.1% with a high dividend payout ratio of 566.67%.

Phocas Financial Corp. decreased its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 5.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 356,428 shares of the real estate investment trust's stock after selling 20,226 shares during the quarter. Independence Realty Trust makes up approximately 1.2% of Phocas Financial Corp.'s holdings, making the stock its 27th biggest holding. Phocas Financial Corp. owned 0.15% of Independence Realty Trust worth $7,567,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. D. E. Shaw & Co. Inc. acquired a new stake in shares of Independence Realty Trust during the 4th quarter valued at about $1,781,000. Principal Financial Group Inc. increased its holdings in Independence Realty Trust by 3.5% in the 1st quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust's stock valued at $15,864,000 after buying an additional 25,124 shares during the period. Victory Capital Management Inc. boosted its position in Independence Realty Trust by 889.9% during the 1st quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust's stock worth $8,721,000 after buying an additional 369,303 shares during the period. GAMMA Investing LLC lifted its position in shares of Independence Realty Trust by 1,991.6% during the 1st quarter. GAMMA Investing LLC now owns 36,749 shares of the real estate investment trust's stock valued at $7,800,000 after acquiring an additional 34,992 shares during the period. Finally, IFP Advisors Inc increased its stake in Independence Realty Trust by 111.7% during the 1st quarter. IFP Advisors Inc now owns 6,862 shares of the real estate investment trust's stock valued at $146,000 after purchasing an additional 3,620 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company's stock.

Independence Realty Trust Stock Up 1.6%

Independence Realty Trust stock traded up $0.28 during mid-day trading on Thursday, reaching $17.36. 615,927 shares of the company's stock were exchanged, compared to its average volume of 2,171,467. The business's fifty day simple moving average is $17.71 and its 200 day simple moving average is $19.06. The firm has a market capitalization of $4.06 billion, a PE ratio of 144.54, a P/E/G ratio of 2.37 and a beta of 0.94. Independence Realty Trust, Inc. has a one year low of $16.59 and a one year high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting analysts' consensus estimates of $0.28. The firm had revenue of $161.89 million for the quarter, compared to analysts' expectations of $164.78 million. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. During the same period in the prior year, the business posted $0.28 earnings per share. On average, sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Friday, June 27th were given a $0.17 dividend. The ex-dividend date was Friday, June 27th. This is a positive change from Independence Realty Trust's previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 3.9%. Independence Realty Trust's dividend payout ratio (DPR) is currently 566.67%.

Analyst Upgrades and Downgrades

IRT has been the topic of a number of recent research reports. JMP Securities reiterated a "market outperform" rating and set a $25.00 price target on shares of Independence Realty Trust in a research report on Monday, May 5th. UBS Group decreased their price target on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Compass Point raised Independence Realty Trust from a "neutral" rating to a "buy" rating and raised their price objective for the company from $22.00 to $24.00 in a research report on Thursday, July 31st. Finally, Barclays raised their price objective on Independence Realty Trust from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.60.

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.