Principal Financial Group Inc. Sells 1,414,874 Shares of Independence Realty Trust Inc (IRT)

Principal Financial Group Inc. lessened its position in shares of Independence Realty Trust Inc (NYSE:IRT) by 38.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,265,063 shares of the real estate investment trust’s stock after selling 1,414,874 shares during the period. Principal Financial Group Inc. owned approximately 2.55% of Independence Realty Trust worth $20,794,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of IRT. Nomura Asset Management Co. Ltd. boosted its position in Independence Realty Trust by 2.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 54,500 shares of the real estate investment trust’s stock valued at $500,000 after buying an additional 1,200 shares during the period. State of Alaska Department of Revenue raised its holdings in Independence Realty Trust by 2.8% in the 4th quarter. State of Alaska Department of Revenue now owns 58,192 shares of the real estate investment trust’s stock worth $532,000 after purchasing an additional 1,580 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Independence Realty Trust by 9.1% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 21,385 shares of the real estate investment trust’s stock worth $196,000 after purchasing an additional 1,775 shares in the last quarter. Hsbc Holdings PLC raised its holdings in Independence Realty Trust by 13.4% in the 4th quarter. Hsbc Holdings PLC now owns 15,182 shares of the real estate investment trust’s stock worth $140,000 after purchasing an additional 1,794 shares in the last quarter. Finally, Eii Capital Management Inc. raised its holdings in Independence Realty Trust by 4.3% in the 4th quarter. Eii Capital Management Inc. now owns 43,472 shares of the real estate investment trust’s stock worth $399,000 after purchasing an additional 1,798 shares in the last quarter. 86.33% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE IRT traded up $0.18 during trading on Friday, reaching $10.30. 332,816 shares of the company traded hands, compared to its average volume of 412,299. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 1.56. The company has a market cap of $922.20 million, a PE ratio of 13.92 and a beta of 0.92. Independence Realty Trust Inc has a 52-week low of $8.75 and a 52-week high of $10.94.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Thursday, February 21st. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.15). The company had revenue of $49.72 million for the quarter, compared to analysts’ expectations of $48.81 million. Independence Realty Trust had a net margin of 13.77% and a return on equity of 4.16%. As a group, equities research analysts anticipate that Independence Realty Trust Inc will post 0.76 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 25th. Investors of record on Friday, March 29th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.99%. The ex-dividend date is Thursday, March 28th. Independence Realty Trust’s payout ratio is 97.30%.

In other Independence Realty Trust news, Director Richard H. Ross sold 6,000 shares of Independence Realty Trust stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $10.33, for a total transaction of $61,980.00. Following the transaction, the director now owns 27,369 shares of the company’s stock, valued at $282,721.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.69% of the stock is owned by insiders.

Several research analysts have commented on the stock. TheStreet lowered shares of Independence Realty Trust from a “b-” rating to a “c+” rating in a report on Monday, April 8th. Zacks Investment Research upgraded shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Stifel Nicolaus assumed coverage on shares of Independence Realty Trust in a research note on Monday, April 8th. They issued a “hold” rating and a $11.00 price target for the company. ValuEngine lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Friday, April 5th. Finally, Boenning Scattergood reiterated a “buy” rating on shares of Independence Realty Trust in a research note on Friday, February 22nd. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Independence Realty Trust has an average rating of “Hold” and a consensus price target of $10.95.

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Independence Realty Trust 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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