Kennedy Capital Management LLC Cuts Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Kennedy Capital Management LLC cut its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 10.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 331,955 shares of the real estate investment trust's stock after selling 36,776 shares during the quarter. Kennedy Capital Management LLC owned 0.15% of Independence Realty Trust worth $6,586,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in shares of Independence Realty Trust by 17.9% in the 4th quarter. Wellington Management Group LLP now owns 13,398,947 shares of the real estate investment trust's stock valued at $265,835,000 after acquiring an additional 2,037,968 shares during the period. JPMorgan Chase & Co. boosted its position in Independence Realty Trust by 38.0% during the third quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust's stock valued at $51,150,000 after purchasing an additional 686,630 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Independence Realty Trust in the fourth quarter valued at about $12,105,000. Aew Capital Management L P raised its holdings in Independence Realty Trust by 23.1% in the fourth quarter. Aew Capital Management L P now owns 2,316,915 shares of the real estate investment trust's stock worth $45,968,000 after purchasing an additional 434,290 shares in the last quarter. Finally, Grove Bank & Trust purchased a new stake in shares of Independence Realty Trust during the fourth quarter valued at about $7,636,000. Hedge funds and other institutional investors own 88.25% of the company's stock.

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Insider Activity at Independence Realty Trust

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total transaction of $212,100.00. Following the transaction, the chief executive officer now owns 873,365 shares in the company, 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.58% of the company's stock.

Wall Street Analyst Weigh In

IRT has been the subject of several recent analyst reports. Wells Fargo & Company started coverage on shares of Independence Realty Trust in a research note on Wednesday, March 19th. They set an "overweight" rating and a $24.00 price objective for the company. Barclays raised their price objective on Independence Realty Trust from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. UBS Group began coverage on Independence Realty Trust in a research report on Monday, April 7th. They set a "buy" rating and a $24.00 target price on the stock. Jefferies Financial Group raised Independence Realty Trust from a "hold" rating to a "buy" rating and raised their price target for the stock from $20.00 to $24.00 in a report on Monday, March 10th. Finally, JMP Securities reiterated 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. Two research 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 currently has a consensus rating of "Moderate Buy" and an average price target of $22.33.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock traded up $0.08 during trading on Wednesday, hitting $18.88. 2,100,413 shares of the company's stock were exchanged, compared to its average volume of 2,131,486. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 104.89, a PEG ratio of 2.91 and a beta of 0.98. The business has a 50-day simple moving average of $20.37 and a 200-day simple moving average of $20.17. Independence Realty Trust, Inc. has a 52-week low of $15.27 and a 52-week high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. On average, equities analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Friday, March 28th. Independence Realty Trust's dividend payout ratio (DPR) is 355.56%.

Independence Realty Trust 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.