Blue Zone Wealth Advisors LLC Purchases 42,465 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Blue Zone Wealth Advisors LLC grew its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 18.9% in the 1st quarter, HoldingsChannel reports. The firm owned 266,648 shares of the real estate investment trust’s stock after acquiring an additional 42,465 shares during the quarter. Independence Realty Trust makes up about 1.6% of Blue Zone Wealth Advisors LLC’s holdings, making the stock its 28th biggest holding. Blue Zone Wealth Advisors LLC’s holdings in Independence Realty Trust were worth $5,661,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC lifted its stake in Independence Realty Trust by 66.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 521 shares during the last quarter. SRS Capital Advisors Inc. lifted its stake in 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 worth $46,000 after purchasing an additional 2,008 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Independence Realty Trust by 67.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 1,000 shares during the period. Blue Trust Inc. increased its holdings in shares of Independence Realty Trust by 33.9% in the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock worth $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 in the fourth quarter worth about $70,000. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Shares of NYSE:IRT opened at $18.18 on Friday. Independence Realty Trust, Inc. has a 1 year low of $17.01 and a 1 year high of $22.26. The company has a market cap of $4.25 billion, a PE ratio of 100.97, a P/E/G ratio of 2.91 and a beta of 0.98. The stock’s 50-day moving average is $18.93 and its 200 day moving average is $19.90.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). The firm 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 business’s revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.27 earnings per share. Analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Friday, June 27th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.74%. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, June 27th. Independence Realty Trust’s payout ratio is presently 485.71%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Independence Realty Trust

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of Independence Realty Trust stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total transaction of $212,100.00. Following the sale, the chief executive officer now directly owns 873,365 shares of the company’s stock, valued at approximately $18,524,071.65. The trade was a 1.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders have sold 11,500 shares of company stock valued at $241,445. 0.58% of the stock is currently owned by corporate insiders.

About Independence Realty Trust

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.