AlphaCore Capital LLC Decreases Stock Holdings in Independence Realty Trust, Inc. (NYSE:IRT)

AlphaCore Capital LLC decreased its position in Independence Realty Trust, Inc. (NYSE:IRT) by 4.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 76,764 shares of the real estate investment trust’s stock after selling 3,933 shares during the quarter. AlphaCore Capital LLC’s holdings in Independence Realty Trust were worth $1,535,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Global Retirement Partners LLC increased its position in shares of Independence Realty Trust by 66.0% in the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 521 shares during the period. SRS Capital Advisors Inc. increased its position in shares of Independence Realty Trust by 627.5% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 2,008 shares during the period. Jones Financial Companies Lllp increased its position in shares of Independence Realty Trust by 67.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 1,000 shares during the period. Blue Trust Inc. increased its position in shares of Independence Realty Trust by 33.9% during the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock valued at $56,000 after buying an additional 692 shares during the period. Finally, Venturi Wealth Management LLC purchased a new position in shares of Independence Realty Trust during the fourth quarter valued at about $70,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Insider Buying and Selling at Independence Realty Trust

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $21.21, for a total transaction of $212,100.00. Following the completion of the sale, the chief executive officer now directly owns 873,365 shares of the company’s stock, valued at approximately $18,524,071.65. This represents a 1.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders sold 11,000 shares of company stock valued at $232,245. Insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

IRT has been the topic of several research analyst reports. UBS Group initiated coverage on shares of Independence Realty Trust in a research report on Monday, April 7th. They set a “buy” rating and a $24.00 price target on the stock. Wells Fargo & Company initiated coverage on shares of Independence Realty Trust in a research report on Wednesday, March 19th. They set an “overweight” rating and a $24.00 price target on the stock. Compass Point reiterated a “neutral” rating and set a $22.00 price target on shares of Independence Realty Trust in a research report on Tuesday, May 13th. Jefferies Financial Group upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and boosted their price target for the company from $20.00 to $24.00 in a research report on Monday, March 10th. Finally, JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of Independence Realty Trust in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and an average price target of $22.70.

Independence Realty Trust Stock Down 1.4%

Shares of Independence Realty Trust stock opened at $18.00 on Friday. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 99.98, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The company’s 50 day moving average is $19.46 and its 200 day moving average is $20.07. Independence Realty Trust, Inc. has a twelve month low of $15.66 and a twelve month high of $22.26.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). The company had revenue of $160.91 million for the quarter, compared to the consensus estimate of $164.08 million. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the company earned $0.27 EPS. Sell-side analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.17 per share. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date is Friday, June 27th. Independence Realty Trust’s dividend payout ratio is currently 485.71%.

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.