Independence Realty Trust, Inc. (NYSE:IRT) Shares Sold by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. reduced its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 1.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,375,704 shares of the real estate investment trust's stock after selling 261,700 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 6.39% of Independence Realty Trust worth $285,214,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Global Retirement Partners LLC raised its stake in shares of Independence Realty Trust by 66.0% during the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust's stock worth $26,000 after buying an additional 521 shares during the last quarter. Amundi raised its stake in shares of Independence Realty Trust by 0.5% during the 4th quarter. Amundi now owns 122,544 shares of the real estate investment trust's stock worth $2,304,000 after buying an additional 597 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Independence Realty Trust by 0.5% during the 4th quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust's stock worth $2,654,000 after buying an additional 643 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Independence Realty Trust by 33.9% during the 4th quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust's stock worth $56,000 after buying an additional 692 shares during the last quarter. Finally, Ironsides Asset Advisors LLC raised its stake in shares of Independence Realty Trust by 7.0% during the 4th quarter. Ironsides Asset Advisors LLC now owns 11,070 shares of the real estate investment trust's stock worth $220,000 after buying an additional 725 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company's stock.

Insider Transactions at Independence Realty Trust

In other news, CEO Scott Schaeffer sold 10,000 shares of the stock in a transaction on Tuesday, April 1st. The shares were 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 owns 873,365 shares of the company's stock, valued at $18,524,071.65. This represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.58% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on IRT. Wells Fargo & Company began coverage on Independence Realty Trust in a research note on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price target for the company. JMP Securities reissued a "market outperform" rating and issued a $22.00 target price on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Jefferies Financial Group raised shares of Independence Realty Trust from a "hold" rating to a "buy" rating and boosted their target price for the company from $20.00 to $24.00 in a research note on Monday, March 10th. Barclays boosted their target price on shares of Independence Realty Trust from $20.00 to $21.00 and gave the company an "equal weight" rating in a research note on Friday, April 11th. Finally, UBS Group initiated coverage on shares of Independence Realty Trust in a research note on Monday, April 7th. They issued a "buy" rating and a $24.00 target price for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.33.

Independence Realty Trust Price Performance

IRT stock traded down $0.02 on Monday, hitting $19.56. 2,066,593 shares of the company were exchanged, compared to its average volume of 2,100,146. Independence Realty Trust, Inc. has a twelve month low of $15.65 and a twelve month high of $22.26. The business's fifty day moving average is $20.20 and its two-hundred day moving average is $20.15. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of 108.67, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued 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%. Equities research analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Friday, March 28th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.27%. The ex-dividend date was Friday, March 28th. Independence Realty Trust's payout ratio is currently 355.56%.

About Independence Realty Trust

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.