Independence Realty Trust, Inc. (NYSE:IRT) Stake Cut by Vanguard Group Inc.

Vanguard Group Inc. trimmed its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 0.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,251,764 shares of the real estate investment trust's stock after selling 270,884 shares during the quarter. Vanguard Group Inc. owned about 14.33% of Independence Realty Trust worth $639,875,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of Independence Realty Trust by 24.4% during the third quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust's stock worth $232,900,000 after purchasing an additional 2,225,371 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Independence Realty Trust by 419.2% during the 3rd 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 worth $29,378,000 after buying an additional 1,157,052 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Independence Realty Trust by 38.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,495,118 shares of the real estate investment trust's stock worth $51,150,000 after acquiring an additional 686,630 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Independence Realty Trust in the fourth quarter valued at about $12,105,000. Finally, Aew Capital Management L P increased its stake in shares of Independence Realty Trust by 23.1% during 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 acquiring an additional 434,290 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

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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 firm's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total value of $212,100.00. Following the transaction, the chief executive officer now directly owns 873,365 shares of the company's stock, valued at $18,524,071.65. This trade represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.58% of the stock is owned by insiders.

Independence Realty Trust Price Performance

Shares of NYSE IRT traded down $1.55 on Friday, hitting $19.00. The company's stock had a trading volume of 3,371,356 shares, compared to its average volume of 2,136,667. The stock has a 50 day moving average of $20.54 and a 200-day moving average of $20.32. Independence Realty Trust, Inc. has a 12-month low of $15.25 and a 12-month high of $22.26. The company has a market capitalization of $4.39 billion, a price-to-earnings ratio of 105.56, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98.

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

Independence Realty Trust Announces Dividend

The business also recently announced 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 yield of 3.37%. Independence Realty Trust's payout ratio is 355.56%.

Analysts Set New Price Targets

A number of brokerages recently commented on IRT. Barclays reduced their price objective on shares of Independence Realty Trust from $21.00 to $20.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 19th. JMP Securities restated a "market outperform" rating and issued a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. Jefferies Financial Group upgraded Independence Realty Trust from a "hold" rating to a "buy" rating and increased their price objective for the stock from $20.00 to $24.00 in a research report on Monday, March 10th. Finally, Wells Fargo & Company started coverage on shares of Independence Realty Trust in a research report on Wednesday, March 19th. They set an "overweight" rating and a $24.00 target price on the stock. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Independence Realty Trust currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.00.

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.