Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report)'s stock price rose 2.8% during trading on Monday . The stock traded as high as $21.41 and last traded at $21.44. Approximately 382,960 shares were traded during trading, a decline of 82% from the average daily volume of 2,112,704 shares. The stock had previously closed at $20.86.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the stock. Jefferies Financial Group upgraded shares of Independence Realty Trust from a "hold" rating to a "buy" rating and increased their target price for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. Barclays lowered 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 report on Wednesday, February 19th. Wells Fargo & Company began coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 target price for the company. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $22.00 price target on shares of Independence Realty Trust in a report on Tuesday, February 11th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $22.00.
Check Out Our Latest Report on IRT
Independence Realty Trust Trading Down 7.5 %
The company has a market cap of $4.39 billion, a P/E ratio of 105.56, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The company's fifty day moving average is $20.53 and its 200 day moving average is $20.33.
Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. Analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.
Independence Realty Trust Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be given a $0.16 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.64 annualized dividend and a yield of 3.37%. Independence Realty Trust's payout ratio is currently 355.56%.
Insider Activity at Independence Realty Trust
In other news, CEO Scott Schaeffer sold 10,000 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total transaction of $212,100.00. Following the completion of the transaction, the chief executive officer now directly owns 873,365 shares of the company's stock, valued at approximately $18,524,071.65. This represents a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.58% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP lifted its holdings in Independence Realty Trust by 24.4% in the 3rd quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust's stock worth $232,900,000 after buying an additional 2,225,371 shares during the period. Bamco Inc. NY raised its holdings in shares of Independence Realty Trust by 592.0% during the fourth quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust's stock valued at $33,961,000 after acquiring an additional 1,464,400 shares in the last quarter. Deutsche Bank AG lifted its stake in Independence Realty Trust by 72.5% in the fourth quarter. Deutsche Bank AG now owns 3,381,684 shares of the real estate investment trust's stock worth $67,093,000 after acquiring an additional 1,421,377 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Independence Realty Trust by 419.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust's stock valued at $29,378,000 after acquiring an additional 1,157,052 shares in the last quarter. Finally, Millennium Management LLC increased its position in Independence Realty Trust by 2,601.9% during the 4th quarter. Millennium Management LLC now owns 837,787 shares of the real estate investment trust's stock valued at $16,622,000 after purchasing an additional 806,780 shares during the period. Hedge funds and other institutional investors own 88.25% of the company's stock.
About Independence Realty Trust
(
Get Free Report)
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.
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