Bard Associates Inc. reduced its position in shares of Independence Realty Trust Inc (NYSE:IRT) by 3.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 178,650 shares of the real estate investment trust’s stock after selling 6,450 shares during the quarter. Bard Associates Inc. owned about 0.20% of Independence Realty Trust worth $1,842,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Tower Research Capital LLC TRC purchased a new stake in shares of Independence Realty Trust in the second quarter worth approximately $123,000. Macquarie Group Ltd. raised its stake in shares of Independence Realty Trust by 91.8% in the second quarter. Macquarie Group Ltd. now owns 27,972 shares of the real estate investment trust’s stock worth $288,000 after purchasing an additional 13,390 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Independence Realty Trust in the second quarter worth approximately $118,000. First Republic Investment Management Inc. purchased a new stake in shares of Independence Realty Trust in the second quarter worth approximately $326,000. Finally, Raymond James & Associates raised its stake in shares of Independence Realty Trust by 2.3% in the second quarter. Raymond James & Associates now owns 1,179,725 shares of the real estate investment trust’s stock worth $12,163,000 after purchasing an additional 26,319 shares during the last quarter. 83.88% of the stock is currently owned by institutional investors and hedge funds.
IRT has been the subject of several analyst reports. Zacks Investment Research downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, September 19th. Boenning Scattergood began coverage on Independence Realty Trust in a report on Monday, September 17th. They issued an “outperform” rating and a $11.00 target price for the company. Finally, Compass Point reaffirmed a “buy” rating on shares of Independence Realty Trust in a report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Independence Realty Trust has an average rating of “Buy” and an average target price of $11.00.
Independence Realty Trust (NYSE:IRT) last released its earnings results on Thursday, August 2nd. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). The business had revenue of $46.73 million during the quarter, compared to the consensus estimate of $47.47 million. Independence Realty Trust had a net margin of 8.19% and a return on equity of 2.24%. Analysts anticipate that Independence Realty Trust Inc will post 0.75 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Friday, October 5th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 7.13%. The ex-dividend date of this dividend is Thursday, October 4th. Independence Realty Trust’s dividend payout ratio is presently 98.63%.
About Independence Realty Trust
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.
Further Reading: Penny Stocks
Receive News & Ratings for Independence Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.