Twinbeech Capital LP Acquires Shares of 44,481 Independence Realty Trust, Inc. (NYSE:IRT)

Twinbeech Capital LP purchased a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 44,481 shares of the real estate investment trust's stock, valued at approximately $883,000.

Several other institutional investors also recently modified their holdings of IRT. Wellington Management Group LLP grew its position in shares of Independence Realty Trust by 17.9% during 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 during the period. Bamco Inc. NY grew its position in shares of Independence Realty Trust by 592.0% during 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 during the period. Deutsche Bank AG grew its position in shares of Independence Realty Trust by 72.5% during 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 during the period. Millennium Management LLC grew its position in shares of Independence Realty Trust by 2,601.9% during the 4th quarter. Millennium Management LLC now owns 837,787 shares of the real estate investment trust's stock worth $16,622,000 after buying an additional 806,780 shares during the period. Finally, Northern Trust Corp boosted its stake in Independence Realty Trust by 28.8% during 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 acquiring an additional 793,403 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on IRT. UBS Group began coverage on shares of Independence Realty Trust in a research note on Monday, April 7th. They set a "buy" rating and a $24.00 price objective on the stock. Jefferies Financial Group raised shares of 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 research note on Monday, March 10th. Compass Point reissued a "neutral" rating and set a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, May 13th. Wells Fargo & Company began coverage on shares of Independence Realty Trust in a research note on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price objective on the stock. Finally, Barclays lifted their price objective on shares of 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. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, Independence Realty Trust has an average rating of "Moderate Buy" and an average price target of $22.70.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock traded down $0.25 on Monday, hitting $18.00. The company had a trading volume of 2,075,544 shares, compared to its average volume of 2,091,890. The firm has a market capitalization of $4.21 billion, a P/E ratio of 99.98, a P/E/G ratio of 2.91 and a beta of 0.98. Independence Realty Trust, Inc. has a twelve month low of $15.66 and a twelve month high of $22.26. The stock has a 50-day moving average of $19.46 and a 200-day moving average of $20.07.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). The business 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 1.11% and a net margin of 6.15%. The business's revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.27 EPS. Equities 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. Shareholders of record on Friday, June 27th will be given a dividend of $0.17 per share. 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 3.78%. The ex-dividend date is Friday, June 27th. Independence Realty Trust's dividend payout ratio is 485.71%.

Insiders Place Their Bets

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the firm's stock in a transaction on 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 owns 873,365 shares in the company, valued at $18,524,071.65. This trade represents a 1.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have sold 11,000 shares of company stock valued at $232,245. 0.58% of the stock is currently owned by corporate insiders.

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.