Insider Selling: Independence Realty Trust, Inc. (NYSE:IRT) CEO Sells 10,000 Shares of Stock

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) CEO Scott Schaeffer sold 10,000 shares of Independence Realty Trust stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total value of $212,100.00. Following the completion of the sale, the chief executive officer now directly owns 873,365 shares in the company, valued at approximately $18,524,071.65. The trade was a 1.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Independence Realty Trust Stock Performance

IRT stock traded down $0.78 during midday trading on Monday, reaching $18.22. The company's stock had a trading volume of 2,614,853 shares, compared to its average volume of 2,140,341. Independence Realty Trust, Inc. has a 1 year low of $15.27 and a 1 year high of $22.26. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 101.24, a PEG ratio of 2.91 and a beta of 0.98. The stock has a fifty day simple moving average of $20.52 and a two-hundred day simple moving average of $20.29.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted 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 net margin of 6.15% and a return on equity of 1.11%. As a group, analysts forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

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Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Friday, March 28th will be issued a $0.16 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.51%. Independence Realty Trust's payout ratio is 355.56%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC increased its stake in shares of Independence Realty Trust by 66.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust's stock valued at $26,000 after buying an additional 521 shares during the period. SRS Capital Advisors Inc. grew its holdings in Independence Realty Trust by 627.5% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust's stock worth $46,000 after acquiring an additional 2,008 shares in the last quarter. Jones Financial Companies Lllp increased its position in Independence Realty Trust by 67.1% during the 4th quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 1,000 shares during the period. Blue Trust Inc. raised its holdings in shares of Independence Realty Trust by 33.9% in the 4th quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust's stock valued at $56,000 after purchasing an additional 692 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Independence Realty Trust in the 3rd quarter worth approximately $64,000. Institutional investors own 88.25% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on IRT shares. JMP Securities reissued a "market outperform" rating and issued a $22.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Barclays reduced their price objective on Independence Realty Trust from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 19th. Jefferies Financial Group raised Independence Realty Trust from a "hold" rating to a "buy" rating and raised their price objective for the company from $20.00 to $24.00 in a research note on Monday, March 10th. UBS Group initiated coverage on Independence Realty Trust in a research report on Monday. They set a "buy" rating and a $24.00 target price on the stock. Finally, Wells Fargo & Company assumed coverage on Independence Realty Trust in a report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Independence Realty Trust currently has an average rating of "Moderate Buy" and an average target price of $22.22.

Independence Realty Trust Company Profile

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.