Independence Realty Trust Inc (IRT) Shares Sold by Foundry Partners LLC

Foundry Partners LLC decreased its holdings in shares of Independence Realty Trust Inc (NYSE:IRT) by 2.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 704,445 shares of the real estate investment trust’s stock after selling 18,715 shares during the quarter. Foundry Partners LLC owned 0.80% of Independence Realty Trust worth $7,418,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the company. Wells Fargo & Company MN lifted its stake in Independence Realty Trust by 8.1% in the first quarter. Wells Fargo & Company MN now owns 246,889 shares of the real estate investment trust’s stock worth $2,267,000 after acquiring an additional 18,415 shares during the period. BlackRock Inc. lifted its stake in Independence Realty Trust by 2.3% in the first quarter. BlackRock Inc. now owns 12,467,747 shares of the real estate investment trust’s stock worth $114,452,000 after acquiring an additional 278,919 shares during the period. New York State Common Retirement Fund lifted its stake in Independence Realty Trust by 6.0% in the first quarter. New York State Common Retirement Fund now owns 139,210 shares of the real estate investment trust’s stock worth $1,278,000 after acquiring an additional 7,912 shares during the period. Dimensional Fund Advisors LP lifted its stake in Independence Realty Trust by 10.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,090,792 shares of the real estate investment trust’s stock worth $10,013,000 after acquiring an additional 99,949 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in Independence Realty Trust by 8.1% in the first quarter. Russell Investments Group Ltd. now owns 791,250 shares of the real estate investment trust’s stock worth $7,264,000 after acquiring an additional 58,951 shares during the period. Institutional investors and hedge funds own 83.44% of the company’s stock.

Several analysts have commented on the stock. Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. Citigroup assumed coverage on shares of Independence Realty Trust in a research report on Tuesday, October 16th. They set a “neutral” rating and a $10.25 price target for the company. Compass Point lowered shares of Independence Realty Trust from a “buy” rating to a “neutral” rating in a research report on Friday, November 2nd. Boenning Scattergood assumed coverage on shares of Independence Realty Trust in a research report on Monday, September 17th. They set an “outperform” rating and a $11.00 price target for the company. Finally, B. Riley decreased their price target on shares of Independence Realty Trust from $11.00 to $10.50 and set a “buy” rating for the company in a research report on Monday, November 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $10.79.

Shares of Independence Realty Trust stock remained flat at $$9.99 during midday trading on Friday. 403,537 shares of the company traded hands, compared to its average volume of 596,320. The stock has a market cap of $883.87 million, a price-to-earnings ratio of 13.68 and a beta of 0.82. 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 Inc has a 52-week low of $8.26 and a 52-week high of $10.63.

Independence Realty Trust (NYSE:IRT) last announced 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 company had revenue of $48.78 million during the quarter, compared to analysts’ expectations of $47.84 million. Independence Realty Trust had a net margin of 9.81% and a return on equity of 2.83%. As a group, analysts anticipate that Independence Realty Trust Inc will post 0.74 EPS for the current year.

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

In related news, Director Richard H. Ross sold 7,966 shares of the stock in a transaction that occurred on Tuesday, November 6th. The shares were 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 of the company’s stock, valued at approximately $317,339.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.61% of the company’s stock.

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Independence Realty Trust 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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Institutional Ownership by Quarter for Independence Realty Trust (NYSE:IRT)

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