Emerald Advisers Inc. PA maintained its stake in shares of Independence Realty Trust Inc. (NYSEMKT:IRT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 533,362 shares of the real estate investment trust’s stock at the end of the second quarter. Emerald Advisers Inc. PA’s holdings in Independence Realty Trust were worth $4,363,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. State Street Corp raised its stake in Independence Realty Trust by 59.6% in the first quarter. State Street Corp now owns 609,641 shares of the real estate investment trust’s stock worth $4,340,000 after buying an additional 227,671 shares during the period. Foundry Partners LLC increased its position in shares of Independence Realty Trust by 0.3% in the second quarter. Foundry Partners LLC now owns 413,525 shares of the real estate investment trust’s stock worth $3,383,000 after buying an additional 1,200 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Independence Realty Trust during the first quarter worth approximately $2,577,000. Geode Capital Management LLC increased its position in shares of Independence Realty Trust by 1.0% in the first quarter. Geode Capital Management LLC now owns 215,320 shares of the real estate investment trust’s stock worth $1,533,000 after buying an additional 2,174 shares in the last quarter. Finally, Strs Ohio increased its position in shares of Independence Realty Trust by 4.0% in the second quarter. Strs Ohio now owns 62,508 shares of the real estate investment trust’s stock worth $511,000 after buying an additional 2,414 shares in the last quarter.
Independence Realty Trust Inc. (NYSEMKT:IRT) traded down 0.47% on Friday, reaching $8.56. The company’s stock had a trading volume of 2,598,883 shares. Independence Realty Trust Inc. has a 52 week low of $5.97 and a 52 week high of $10.70. The stock’s 50 day moving average is $9.59 and its 200-day moving average is $8.32.
Independence Realty Trust (NYSEMKT:IRT) last posted its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The company had revenue of $38.27 million for the quarter, compared to the consensus estimate of $38.13 million. During the same quarter last year, the business earned $0.19 earnings per share. Independence Realty Trust’s quarterly revenue was up 68.5% on a year-over-year basis. On average, equities research analysts expect that Independence Realty Trust Inc. will post $0.85 EPS for the current year.
The business also recently announced a monthly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.06 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.72 annualized dividend and a yield of 8.41%. Independence Realty Trust’s dividend payout ratio (DPR) is currently 53.73%.
A number of brokerages recently commented on IRT. TheStreet raised Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Monday, September 26th. Zacks Investment Research raised Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a report on Wednesday, August 31st. Finally, FBR & Co increased their price target on Independence Realty Trust from $8.00 to $9.50 and gave the company a “mkt perform” rating in a report on Thursday, August 4th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $10.00.
In other Independence Realty Trust news, major shareholder Rait Financial Trust sold 7,269,719 shares of the firm’s stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of $8.55, for a total transaction of $62,156,097.45. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
About Independence Realty Trust
Independence Realty Trust, Inc is an externally managed and advised apartment real estate investment trust (REIT). The Company’s business consists of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. It owns and operates a portfolio of garden style and mid-rise apartment communities in the Southeastern United States.
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