Peregrine Capital Management LLC Sells 14,594 Shares of Independence Realty Trust, Inc. $IRT

Peregrine Capital Management LLC trimmed its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 4.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 280,479 shares of the real estate investment trust’s stock after selling 14,594 shares during the period. Peregrine Capital Management LLC’s holdings in Independence Realty Trust were worth $4,962,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brooklyn Investment Group grew its holdings in Independence Realty Trust by 131.4% during the 1st quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 712 shares in the last quarter. UMB Bank n.a. grew its holdings in Independence Realty Trust by 189.5% during the 2nd quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust’s stock worth $51,000 after acquiring an additional 1,887 shares in the last quarter. Headlands Technologies LLC bought a new position in Independence Realty Trust during the 1st quarter worth about $53,000. GKV Capital Management Co. Inc. bought a new position in Independence Realty Trust during the 1st quarter worth about $57,000. Finally, Wealthquest Corp bought a new position in Independence Realty Trust during the 1st quarter worth about $85,000. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Stock Down 2.2%

Shares of Independence Realty Trust stock opened at $15.81 on Wednesday. The firm has a market capitalization of $3.70 billion, a P/E ratio of 131.71, a PEG ratio of 2.23 and a beta of 0.95. The company has a 50 day moving average price of $16.88 and a 200 day moving average price of $17.70. Independence Realty Trust, Inc. has a 52 week low of $15.78 and a 52 week high of $22.26.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The firm had revenue of $161.89 million during the quarter, compared to analyst estimates of $164.78 million. During the same period last year, the firm posted $0.28 EPS. As a group, research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 24th. Investors of record on Tuesday, September 30th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.3%. The ex-dividend date was Tuesday, September 30th. Independence Realty Trust’s dividend payout ratio is 566.67%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. UBS Group dropped their target price on shares of Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, July 15th. Wells Fargo & Company decreased their price target on shares of Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, August 27th. Barclays decreased their price target on shares of Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 12th. Wall Street Zen raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Friday, October 3rd. Finally, Compass Point raised shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and increased their price target for the company from $22.00 to $24.00 in a research report on Thursday, July 31st. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.14.

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.