Richard D. Gebert Sells 500 Shares of Independence Realty Trust, Inc. (NYSE:IRT) Stock

Independence Realty Trust, Inc. (NYSE:IRT) Director Richard D. Gebert sold 500 shares of Independence Realty Trust stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $21.28, for a total transaction of $10,640.00. Following the sale, the director now owns 38,694 shares of the company’s stock, valued at $823,408.32. The trade was a 1.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Independence Realty Trust Price Performance

IRT opened at $20.56 on Friday. The stock has a market cap of $4.75 billion, a P/E ratio of 114.19, a P/E/G ratio of 2.91 and a beta of 0.98. The firm has a fifty day moving average price of $20.53 and a 200 day moving average price of $20.33. Independence Realty Trust, Inc. has a 1 year low of $15.25 and a 1 year high of $22.26.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. Equities analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Friday, March 28th will be paid a $0.16 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.64 dividend on an annualized basis and a yield of 3.11%. Independence Realty Trust’s dividend payout ratio is currently 355.56%.

Hedge Funds Weigh In On Independence Realty Trust

Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in shares of Independence Realty Trust by 24.4% during the third quarter. Wellington Management Group LLP now owns 11,360,979 shares of the real estate investment trust’s stock worth $232,900,000 after purchasing an additional 2,225,371 shares in the last quarter. Bamco Inc. NY lifted its position in shares of Independence Realty Trust by 592.0% in the fourth quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust’s stock valued at $33,961,000 after acquiring an additional 1,464,400 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of Independence Realty Trust by 72.5% in the fourth quarter. Deutsche Bank AG now owns 3,381,684 shares of the real estate investment trust’s stock worth $67,093,000 after acquiring an additional 1,421,377 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Independence Realty Trust by 419.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,433,058 shares of the real estate investment trust’s stock worth $29,378,000 after purchasing an additional 1,157,052 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Independence Realty Trust by 2,601.9% in the 4th quarter. Millennium Management LLC now owns 837,787 shares of the real estate investment trust’s stock valued at $16,622,000 after purchasing an additional 806,780 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on IRT shares. Barclays lowered their price target on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 19th. Wells Fargo & Company started coverage on Independence Realty Trust in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 target price on the stock. JMP Securities reissued a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Finally, Jefferies Financial Group upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and increased their price objective for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.00.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.