Peregrine Capital Management LLC Takes $4.39 Million Position in Independence Realty Trust Inc (NYSE:IRT)

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Peregrine Capital Management LLC acquired a new stake in Independence Realty Trust Inc (NYSE:IRT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 382,339 shares of the real estate investment trust’s stock, valued at approximately $4,393,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Independence Realty Trust by 23.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,667 shares of the real estate investment trust’s stock valued at $387,000 after purchasing an additional 6,315 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of Independence Realty Trust by 5.4% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 33,237 shares of the real estate investment trust’s stock valued at $382,000 after purchasing an additional 1,709 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Independence Realty Trust by 16.9% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 206,632 shares of the real estate investment trust’s stock valued at $2,349,000 after purchasing an additional 29,798 shares during the period. Strs Ohio raised its position in shares of Independence Realty Trust by 3.3% in the second quarter. Strs Ohio now owns 148,081 shares of the real estate investment trust’s stock valued at $1,701,000 after purchasing an additional 4,770 shares during the period. Finally, Congress Asset Management Co. MA raised its position in shares of Independence Realty Trust by 2.1% in the second quarter. Congress Asset Management Co. MA now owns 137,900 shares of the real estate investment trust’s stock valued at $1,584,000 after purchasing an additional 2,875 shares during the period. 93.97% of the stock is currently owned by institutional investors.

In other news, Director Richard H. Ross sold 16,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $9.66, for a total value of $154,560.00. Following the sale, the director now directly owns 12,843 shares in the company, valued at approximately $124,063.38. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.87% of the company’s stock.

Shares of Independence Realty Trust stock opened at $11.50 on Friday. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 35.94 and a beta of 1.13. Independence Realty Trust Inc has a 12-month low of $6.86 and a 12-month high of $16.85. The firm’s 50-day moving average price is $11.17 and its two-hundred day moving average price is $11.59.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.17). Independence Realty Trust had a return on equity of 4.71% and a net margin of 14.10%. The firm had revenue of $52.09 million for the quarter, compared to analyst estimates of $52.69 million. On average, research analysts forecast that Independence Realty Trust Inc will post 0.7 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 2nd were paid a $0.12 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.17%. Independence Realty Trust’s payout ratio is currently 63.16%.

A number of equities analysts recently commented on IRT shares. Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Wednesday. Citigroup lowered their price target on shares of Independence Realty Trust from $15.75 to $7.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $12.30.

Independence Realty Trust Company Profile

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 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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Institutional Ownership by Quarter for Independence Realty Trust (NYSE:IRT)

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