RMR Advisors LLC lessened its position in shares of Independence Realty Trust Inc (NYSE:IRT) by 4.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 489,429 shares of the real estate investment trust’s stock after selling 22,932 shares during the quarter. Independence Realty Trust comprises about 1.9% of RMR Advisors LLC’s investment portfolio, making the stock its 11th largest position. RMR Advisors LLC owned approximately 0.55% of Independence Realty Trust worth $5,281,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRT. State of Alaska Department of Revenue boosted its position in shares of Independence Realty Trust by 2.0% during the first quarter. State of Alaska Department of Revenue now owns 59,356 shares of the real estate investment trust’s stock worth $638,000 after buying an additional 1,164 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of Independence Realty Trust by 2.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 54,500 shares of the real estate investment trust’s stock worth $500,000 after buying an additional 1,200 shares during the period. Oppenheimer Asset Management Inc. boosted its position in shares of Independence Realty Trust by 9.1% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 21,385 shares of the real estate investment trust’s stock worth $196,000 after buying an additional 1,775 shares during the period. Hsbc Holdings PLC boosted its position in shares of Independence Realty Trust by 13.4% during the fourth quarter. Hsbc Holdings PLC now owns 15,182 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 1,794 shares during the period. Finally, Eii Capital Management Inc. boosted its position in shares of Independence Realty Trust by 4.3% during the fourth quarter. Eii Capital Management Inc. now owns 43,472 shares of the real estate investment trust’s stock worth $399,000 after buying an additional 1,798 shares during the period. Institutional investors and hedge funds own 86.33% of the company’s stock.
IRT has been the subject of several recent research reports. Zacks Investment Research cut Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, December 18th. ValuEngine cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. Finally, B. Riley cut Independence Realty Trust from a “buy” rating to a “neutral” rating and set a $10.50 price target for the company. in a research report on Wednesday, February 6th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Independence Realty Trust has an average rating of “Hold” and a consensus price target of $10.95.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Thursday, February 21st. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.15). Independence Realty Trust had a net margin of 13.77% and a return on equity of 4.16%. The business had revenue of $49.72 million during the quarter, compared to analyst estimates of $48.81 million. As a group, analysts expect that Independence Realty Trust Inc will post 0.76 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 25th. Stockholders of record on Friday, March 29th will be given a $0.18 dividend. The ex-dividend date is Thursday, March 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.09%. Independence Realty Trust’s payout ratio is 97.30%.
In other news, Director Richard H. Ross sold 6,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.33, for a total transaction of $61,980.00. Following the transaction, the director now owns 27,369 shares in the company, valued at $282,721.77. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.69% of the company’s stock.
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Independence Realty Trust Profile
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.
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