Frontier Capital Management Co. LLC Sells 194,070 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Frontier Capital Management Co. LLC decreased its position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 5.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,418,984 shares of the real estate investment trust's stock after selling 194,070 shares during the quarter. Frontier Capital Management Co. LLC owned approximately 1.52% of Independence Realty Trust worth $67,833,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Barclays PLC grew its position in Independence Realty Trust by 182.3% during the 3rd quarter. Barclays PLC now owns 400,376 shares of the real estate investment trust's stock worth $8,208,000 after purchasing an additional 258,549 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Independence Realty Trust by 12.3% during the third quarter. Franklin Resources Inc. now owns 256,234 shares of the real estate investment trust's stock worth $4,981,000 after purchasing an additional 28,059 shares during the period. Charles Schwab Investment Management Inc. grew its position in 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 buying an additional 60,919 shares during the last quarter. Perigon Wealth Management LLC acquired a new position in Independence Realty Trust in the 4th quarter valued at $222,000. Finally, Cbre Investment Management Listed Real Assets LLC lifted its stake in shares of Independence Realty Trust by 5.9% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,015,292 shares of the real estate investment trust's stock worth $20,143,000 after acquiring an additional 56,923 shares during the period. Institutional investors and hedge funds own 88.25% of the company's stock.

Insider Activity

In other 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 value of $212,100.00. Following the completion of the sale, the chief executive officer now owns 873,365 shares of the company's stock, valued at $18,524,071.65. This trade represents a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders sold 11,000 shares of company stock worth $232,245. Insiders own 0.58% of the company's stock.

Independence Realty Trust Stock Down 0.4 %

Shares of Independence Realty Trust stock traded down $0.07 on Friday, hitting $19.12. 1,420,933 shares of the company's stock traded hands, compared to its average volume of 2,097,261. Independence Realty Trust, Inc. has a 52-week low of $15.66 and a 52-week high of $22.26. The stock has a market cap of $4.47 billion, a P/E ratio of 106.22, a PEG ratio of 2.91 and a beta of 0.98. The firm's 50-day moving average is $19.87 and its 200 day moving average is $20.13.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. The business had revenue of $160.91 million during the quarter, compared to the consensus estimate of $164.08 million. During the same quarter in the previous year, the business posted $0.27 earnings per share. The company's quarterly revenue was up .4% compared to the same quarter last year. Equities research analysts forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Friday, March 28th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, March 28th. This represents a $0.64 annualized dividend and a dividend yield of 3.35%. Independence Realty Trust's dividend payout ratio (DPR) is 457.14%.

Wall Street Analysts Forecast Growth

IRT has been the topic of several recent analyst reports. Wells Fargo & Company began coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 target price on the stock. JMP Securities reaffirmed a "market outperform" rating and set a $25.00 price objective on shares of Independence Realty Trust in a report on Monday, May 5th. Jefferies Financial Group raised Independence Realty Trust from a "hold" rating to a "buy" rating and raised their target price for the company from $20.00 to $24.00 in a report on Monday, March 10th. Barclays upped their price target 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. Finally, UBS Group began coverage on shares of Independence Realty Trust in a research note on Monday, April 7th. They issued a "buy" rating and a $24.00 price objective for the company. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Independence Realty Trust currently has an average rating of "Moderate Buy" and a consensus target price of $22.78.

About Independence Realty Trust

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.