BlackRock Inc. boosted its position in shares of Independence Realty Trust Inc (NYSE:IRT) by 2.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,978,135 shares of the real estate investment trust’s stock after acquiring an additional 385,391 shares during the period. BlackRock Inc. owned 17.97% of Independence Realty Trust worth $146,678,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the company. Ruggie Capital Group bought a new stake in shares of Independence Realty Trust in the fourth quarter valued at about $28,000. Oregon Public Employees Retirement Fund bought a new position in Independence Realty Trust in the fourth quarter worth about $34,000. Loeb Partners Corp bought a new position in Independence Realty Trust in the fourth quarter worth about $46,000. Lindbrook Capital LLC bought a new position in Independence Realty Trust in the fourth quarter worth about $49,000. Finally, Daiwa Securities Group Inc. raised its holdings in Independence Realty Trust by 14.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 14,064 shares of the real estate investment trust’s stock worth $129,000 after purchasing an additional 1,800 shares in the last quarter. Hedge funds and other institutional investors own 86.29% of the company’s stock.
A number of equities analysts have commented on IRT shares. B. Riley downgraded shares of Independence Realty Trust from a “buy” rating to a “neutral” rating and set a $10.50 price objective on the stock. in a report on Wednesday, February 6th. ValuEngine upgraded Independence Realty Trust from a “hold” rating to a “buy” rating in a research report on Wednesday, January 16th. Zacks Investment Research lowered Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, January 1st. Boenning Scattergood restated a “buy” rating on shares of Independence Realty Trust in a research report on Friday, February 22nd. Finally, TheStreet upgraded Independence Realty Trust from a “c+” rating to a “b-” rating in a research report on Thursday, February 21st. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $10.95.
Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Thursday, February 21st. The real estate investment trust reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.15). Independence Realty Trust had a net margin of 13.77% and a return on equity of 4.16%. The firm had revenue of $49.72 million during the quarter, compared to analyst estimates of $48.81 million. Analysts anticipate that Independence Realty Trust Inc will post 0.75 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 25th. Investors of record on Friday, March 29th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 6.86%. The ex-dividend date of this dividend is Thursday, March 28th. Independence Realty Trust’s dividend payout ratio is currently 97.30%.
In related news, Director Richard H. Ross sold 6,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $10.33, for a total value of $61,980.00. Following the completion of the transaction, the director now directly owns 27,369 shares of the company’s stock, valued at approximately $282,721.77. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.69% of the stock is currently owned by corporate insiders.
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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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