Wells Fargo & Company MN boosted its holdings in shares of Independence Realty Trust (NYSE:IRT) by 32.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 228,474 shares of the real estate investment trust’s stock after acquiring an additional 56,147 shares during the period. Wells Fargo & Company MN owned about 0.27% of Independence Realty Trust worth $2,305,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in shares of Independence Realty Trust during the third quarter worth about $105,000. CIBC Asset Management Inc purchased a new stake in Independence Realty Trust in the fourth quarter valued at approximately $110,000. Piedmont Investment Advisors LLC grew its holdings in Independence Realty Trust by 38.6% in the third quarter. Piedmont Investment Advisors LLC now owns 17,785 shares of the real estate investment trust’s stock valued at $181,000 after purchasing an additional 4,956 shares during the period. Private Advisor Group LLC grew its holdings in Independence Realty Trust by 45.6% in the third quarter. Private Advisor Group LLC now owns 25,390 shares of the real estate investment trust’s stock valued at $266,000 after purchasing an additional 7,950 shares during the period. Finally, Teacher Retirement System of Texas purchased a new stake in Independence Realty Trust in the fourth quarter valued at approximately $283,000. Institutional investors own 79.83% of the company’s stock.
In related news, CEO Scott Schaeffer bought 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was purchased at an average price of $8.33 per share, for a total transaction of $124,950.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.61% of the company’s stock.
IRT stock opened at $9.43 on Friday. The firm has a market cap of $818.19, a price-to-earnings ratio of 13.01 and a beta of 0.86. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.43 and a quick ratio of 0.43. Independence Realty Trust has a 1-year low of $8.26 and a 1-year high of $10.63.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). The firm had revenue of $42.31 million for the quarter, compared to the consensus estimate of $43.59 million. Independence Realty Trust had a return on equity of 5.17% and a net margin of 18.80%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.17 EPS. equities research analysts predict that Independence Realty Trust 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. Investors of record on Wednesday, April 4th will be given a $0.18 dividend. The ex-dividend date is Tuesday, April 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 7.64%. Independence Realty Trust’s dividend payout ratio is presently 295.89%.
A number of brokerages have weighed in on IRT. ValuEngine raised shares of Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, March 7th. Robert W. Baird set a $10.00 price target on shares of Independence Realty Trust and gave the company a “buy” rating in a research report on Friday, March 2nd. B. Riley set a $12.00 price target on shares of Independence Realty Trust and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Zacks Investment Research cut shares of Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 25th. One analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $11.29.
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Independence Realty Trust Company Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 55 multifamily apartment properties, totaling 15,045 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
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