State of Tennessee Treasury Department trimmed its holdings in shares of Independence Realty Trust Inc (NYSE:IRT) by 9.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,583 shares of the real estate investment trust’s stock after selling 7,031 shares during the quarter. State of Tennessee Treasury Department owned about 0.08% of Independence Realty Trust worth $652,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also bought and sold shares of the stock. American International Group Inc. grew its position in Independence Realty Trust by 18.0% during the fourth quarter. American International Group Inc. now owns 66,655 shares of the real estate investment trust’s stock worth $673,000 after buying an additional 10,187 shares in the last quarter. Centaurus Financial Inc. purchased a new position in Independence Realty Trust during the fourth quarter worth about $8,736,000. BlackRock Inc. grew its position in Independence Realty Trust by 11.0% during the fourth quarter. BlackRock Inc. now owns 12,188,828 shares of the real estate investment trust’s stock worth $122,984,000 after buying an additional 1,206,269 shares in the last quarter. Bank of New York Mellon Corp grew its position in Independence Realty Trust by 1.2% during the fourth quarter. Bank of New York Mellon Corp now owns 1,327,132 shares of the real estate investment trust’s stock worth $13,390,000 after buying an additional 15,423 shares in the last quarter. Finally, Rhumbline Advisers grew its position in Independence Realty Trust by 30.2% during the fourth quarter. Rhumbline Advisers now owns 191,531 shares of the real estate investment trust’s stock worth $1,933,000 after buying an additional 44,389 shares in the last quarter. Institutional investors and hedge funds own 79.86% of the company’s stock.
In related news, CEO Scott Schaeffer bought 15,000 shares of the stock in a transaction dated Thursday, February 22nd. The stock was bought at an average price of $8.33 per share, with a total value of $124,950.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.58% of the company’s stock.
Independence Realty Trust Inc (NYSE:IRT) opened at $9.17 on Friday. Independence Realty Trust Inc has a fifty-two week low of $8.26 and a fifty-two week high of $10.63. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $771.46, a PE ratio of 12.27 and a beta of 0.95.
Independence Realty Trust (NYSE:IRT) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Independence Realty Trust had a net margin of 18.80% and a return on equity of 5.17%. The company had revenue of $42.31 million during the quarter, compared to the consensus estimate of $43.59 million. During the same period last year, the firm posted $0.17 EPS. The company’s revenue was up 11.3% on a year-over-year basis. research analysts anticipate that Independence Realty Trust Inc will post 0.75 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Wednesday, April 4th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.85%. The ex-dividend date is Tuesday, April 3rd. Independence Realty Trust’s dividend payout ratio (DPR) is presently 167.44%.
IRT has been the subject of a number of research reports. National Securities upped their price objective on Independence Realty Trust from $9.00 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, November 22nd. KeyCorp initiated coverage on Independence Realty Trust in a report on Tuesday, December 5th. They issued a “sector weight” rating for the company. ValuEngine upgraded Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Zacks Investment Research upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Tuesday, January 9th. Finally, Robert W. Baird set a $10.00 price objective on Independence Realty Trust and gave the stock a “buy” rating in a report on Friday, March 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Independence Realty Trust has an average rating of “Buy” and an average target price of $11.29.
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About Independence Realty Trust
Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.
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