Legal & General Group Plc reduced its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 7.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,503,884 shares of the real estate investment trust's stock after selling 125,593 shares during the period. Legal & General Group Plc owned 0.67% of Independence Realty Trust worth $29,837,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Captrust Financial Advisors purchased a new position in Independence Realty Trust during the third quarter valued at approximately $306,000. Stifel Financial Corp bought a new position in Independence Realty Trust in the 3rd quarter worth $576,000. XTX Topco Ltd bought a new position in Independence Realty Trust in the 3rd quarter worth $448,000. Orion Portfolio Solutions LLC bought a new stake in Independence Realty Trust during the third quarter valued at about $542,000. Finally, MML Investors Services LLC purchased a new position in shares of Independence Realty Trust in the third quarter valued at about $246,000. 88.25% of the stock is currently owned by institutional investors.
Insider Activity at Independence Realty Trust
In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were 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. The trade was a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.58% of the stock is currently owned by insiders.
Independence Realty Trust Stock Performance
Shares of NYSE:IRT traded up $0.22 on Friday, reaching $19.09. The company's stock had a trading volume of 1,123,912 shares, compared to its average volume of 2,123,947. The company has a 50-day simple moving average of $20.33 and a 200 day simple moving average of $20.15. Independence Realty Trust, Inc. has a 52-week low of $15.27 and a 52-week high of $22.26. The company has a market cap of $4.41 billion, a P/E ratio of 106.07, a PEG ratio of 2.91 and a beta of 0.98.
Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 EPS for the quarter, topping the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. On average, equities research analysts forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.
Independence Realty Trust Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, March 28th. Independence Realty Trust's dividend payout ratio is currently 355.56%.
Analyst Ratings Changes
Several analysts recently issued reports on IRT shares. 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 target price on the stock. Jefferies Financial Group raised shares of Independence Realty Trust from a "hold" rating to a "buy" rating and boosted their target price for the stock from $20.00 to $24.00 in a report on Monday, March 10th. Wells Fargo & Company initiated coverage on shares of Independence Realty Trust in a research report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 target price for the company. Barclays lifted their price target on shares of Independence Realty Trust from $20.00 to $21.00 and gave the company an "equal weight" rating in a report on Friday, April 11th. Finally, JMP Securities reissued a "market outperform" rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, February 11th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.33.
Check Out Our Latest Report on IRT
About Independence Realty Trust
(
Free Report)
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.
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