Independence Realty Trust, Inc. (NYSE:IRT) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lowered its stake in shares of Independence Realty Trust, Inc. (NYSE:IRTGet Rating) by 23.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 152,366 shares of the real estate investment trust’s stock after selling 47,934 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Independence Realty Trust were worth $4,028,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRT. Long Pond Capital LP acquired a new stake in Independence Realty Trust during the fourth quarter worth approximately $85,236,000. Millennium Management LLC raised its holdings in Independence Realty Trust by 109.7% during the fourth quarter. Millennium Management LLC now owns 4,565,133 shares of the real estate investment trust’s stock worth $117,917,000 after purchasing an additional 2,387,677 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Independence Realty Trust by 5,930.8% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 1,685,072 shares of the real estate investment trust’s stock worth $43,525,000 after purchasing an additional 1,657,131 shares in the last quarter. Paradigm Financial Partners LLC acquired a new stake in Independence Realty Trust during the fourth quarter worth approximately $30,677,000. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in Independence Realty Trust by 78,519.3% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 676,126 shares of the real estate investment trust’s stock worth $17,465,000 after purchasing an additional 675,266 shares in the last quarter. Institutional investors and hedge funds own 82.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on IRT shares. StockNews.com upgraded shares of Independence Realty Trust to a “sell” rating in a research report on Thursday, July 28th. Jefferies Financial Group lowered their target price on shares of Independence Realty Trust from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, June 30th. Barclays lowered their target price on shares of Independence Realty Trust from $30.00 to $28.00 in a research report on Tuesday, May 10th. KeyCorp lowered their target price on shares of Independence Realty Trust from $29.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 28th. Finally, Compass Point set a $24.50 target price on shares of Independence Realty Trust in a research report on Monday, June 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.72.

Independence Realty Trust Stock Performance

Independence Realty Trust stock opened at $21.10 on Friday. Independence Realty Trust, Inc. has a one year low of $19.56 and a one year high of $28.42. The business has a fifty day moving average of $21.45 and a two-hundred day moving average of $23.73. The company has a market cap of $4.69 billion, a P/E ratio of 32.46, a price-to-earnings-growth ratio of 9.79 and a beta of 0.90.

Independence Realty Trust (NYSE:IRTGet Rating) last released its earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.09. Independence Realty Trust had a return on equity of 3.65% and a net margin of 24.28%. During the same period in the prior year, the company earned $0.18 earnings per share. Sell-side analysts predict that Independence Realty Trust, Inc. will post 1.08 EPS for the current year.

Independence Realty Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 22nd. Stockholders of record on Friday, July 1st were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Thursday, June 30th. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.12. Independence Realty Trust’s payout ratio is 86.15%.

About Independence Realty Trust

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Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties 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.

See Also

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Institutional Ownership by Quarter for Independence Realty Trust (NYSE:IRT)

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