Independence Realty Trust Inc (NYSE:IRT) saw unusually large options trading activity on Wednesday. Investors bought 2,439 call options on the stock. This represents an increase of approximately 4,502% compared to the average volume of 53 call options.
Several research analysts have recently commented on IRT shares. TheStreet upgraded shares of Independence Realty Trust from a “c” rating to a “b-” rating in a research note on Thursday, February 13th. Stifel Nicolaus upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Monday, March 9th. Finally, Zacks Investment Research upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $9.25 price target on the stock in a research note on Thursday. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $12.45.
Shares of IRT opened at $9.11 on Friday. The company’s fifty day moving average is $13.51 and its 200-day moving average is $14.24. Independence Realty Trust has a 12 month low of $7.44 and a 12 month high of $16.85. The firm has a market cap of $827.46 million, a price-to-earnings ratio of 18.22 and a beta of 0.85.
Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.17. Independence Realty Trust had a net margin of 22.60% and a return on equity of 7.50%. The business had revenue of $51.43 million for the quarter, compared to analyst estimates of $52.28 million. Research analysts anticipate that Independence Realty Trust will post 0.76 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 24th. Investors of record on Thursday, April 2nd will be paid a $0.18 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $0.72 dividend on an annualized basis and a yield of 7.90%. Independence Realty Trust’s payout ratio is presently 94.74%.
In other Independence Realty Trust news, CEO Scott Schaeffer purchased 25,000 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were bought at an average price of $9.39 per share, for a total transaction of $234,750.00. Following the purchase, the chief executive officer now directly owns 395,232 shares in the company, valued at approximately $3,711,228.48. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have bought 28,700 shares of company stock worth $268,582. 0.69% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of IRT. PNC Financial Services Group Inc. grew its stake in Independence Realty Trust by 28.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,178 shares of the real estate investment trust’s stock valued at $60,000 after buying an additional 937 shares during the last quarter. Commonwealth Equity Services LLC acquired a new position in Independence Realty Trust in the 3rd quarter valued at $200,000. ProShare Advisors LLC grew its stake in Independence Realty Trust by 18.4% in the 4th quarter. ProShare Advisors LLC now owns 14,842 shares of the real estate investment trust’s stock valued at $209,000 after buying an additional 2,308 shares during the last quarter. Amalgamated Bank grew its stake in Independence Realty Trust by 13.3% in the 4th quarter. Amalgamated Bank now owns 15,742 shares of the real estate investment trust’s stock valued at $222,000 after buying an additional 1,843 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in Independence Realty Trust in the 4th quarter valued at $245,000. Institutional investors and hedge funds own 88.29% of the company’s stock.
About Independence Realty Trust
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 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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