Independence Realty Trust Inc (IRT) Director Sells $75,756.66 in Stock

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Independence Realty Trust Inc (NYSE:IRT) Director Richard H. Ross sold 7,966 shares of Independence Realty Trust stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $9.51, for a total value of $75,756.66. Following the completion of the transaction, the director now directly owns 33,369 shares in the company, valued at $317,339.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

NYSE IRT opened at $9.99 on Friday. The company has a market cap of $883.87 million, a PE ratio of 13.43 and a beta of 0.82. Independence Realty Trust Inc has a 52 week low of $8.26 and a 52 week high of $10.63. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 1.51.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.14). The firm had revenue of $48.78 million for the quarter, compared to the consensus estimate of $47.84 million. Independence Realty Trust had a net margin of 9.81% and a return on equity of 2.83%. On average, equities analysts anticipate that Independence Realty Trust Inc will post 0.74 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Stockholders of record on Friday, October 5th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, October 4th. This represents a $0.72 annualized dividend and a dividend yield of 7.21%. Independence Realty Trust’s dividend payout ratio is 98.63%.

Several brokerages have issued reports on IRT. Zacks Investment Research raised Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. B. Riley dropped their price target on Independence Realty Trust from $11.00 to $10.50 and set a “buy” rating on the stock in a research note on Monday, November 5th. Boenning Scattergood set a $11.00 price target on Independence Realty Trust and gave the company a “buy” rating in a research note on Friday, November 2nd. Compass Point lowered Independence Realty Trust from a “buy” rating to a “neutral” rating in a research note on Friday, November 2nd. Finally, Citigroup began coverage on Independence Realty Trust in a research note on Tuesday, October 16th. They issued a “neutral” rating and a $10.25 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Independence Realty Trust presently has an average rating of “Hold” and an average target price of $10.79.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Independence Realty Trust by 6.8% during the third quarter. BlackRock Inc. now owns 15,592,744 shares of the real estate investment trust’s stock valued at $164,192,000 after acquiring an additional 996,693 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Independence Realty Trust by 1.0% during the third quarter. Bank of New York Mellon Corp now owns 1,441,976 shares of the real estate investment trust’s stock valued at $15,183,000 after acquiring an additional 13,793 shares in the last quarter. AXA bought a new stake in shares of Independence Realty Trust during the third quarter valued at approximately $857,000. Alliancebernstein L.P. increased its holdings in shares of Independence Realty Trust by 1.5% during the third quarter. Alliancebernstein L.P. now owns 5,622,096 shares of the real estate investment trust’s stock valued at $59,201,000 after acquiring an additional 85,630 shares in the last quarter. Finally, Virginia Retirement Systems ET AL bought a new stake in shares of Independence Realty Trust during the third quarter valued at approximately $541,000. Hedge funds and other institutional investors own 83.44% of the company’s stock.

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Independence Realty Trust Company Profile

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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