Independence Realty Trust, Inc. (NYSE:IRT) Stock Position Decreased by Ameriprise Financial Inc.

Ameriprise Financial Inc. cut its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 19.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 356,982 shares of the real estate investment trust’s stock after selling 88,858 shares during the period. Ameriprise Financial Inc. owned 0.16% of Independence Realty Trust worth $7,085,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Global Retirement Partners LLC raised its stake in shares of Independence Realty Trust by 66.0% during the 4th 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 in the last quarter. SRS Capital Advisors Inc. increased its holdings in shares of Independence Realty Trust by 627.5% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock valued at $46,000 after acquiring 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% during the 4th quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 1,000 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Independence Realty Trust by 33.9% during the 4th quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 692 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in shares of Independence Realty Trust during the 4th quarter valued at about $70,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Down 1.3%

IRT opened at $18.25 on Friday. The firm has a market capitalization of $4.27 billion, a P/E ratio of 101.37, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The stock’s 50 day moving average price is $19.52 and its two-hundred day moving average price is $20.09. Independence Realty Trust, Inc. has a 12-month low of $15.66 and a 12-month high of $22.26.

Independence Realty Trust (NYSE:IRT) last announced 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). Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. The firm had revenue of $160.91 million for the quarter, compared to analyst estimates of $164.08 million. During the same period in the previous year, the business posted $0.27 EPS. Independence Realty Trust’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Investors 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 dividend yield of 3.73%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.16. Independence Realty Trust’s dividend payout ratio (DPR) is 485.71%.

Insider Buying and Selling

In related news, CEO Scott Schaeffer sold 10,000 shares of the firm’s 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 completion of the transaction, the chief executive officer now owns 873,365 shares in the company, valued at $18,524,071.65. This trade represents a 1.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 11,000 shares of company stock worth $232,245 in the last 90 days. 0.58% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on IRT. UBS Group began coverage on Independence Realty Trust in a report on Monday, April 7th. They set a “buy” rating and a $24.00 price objective on the stock. JMP Securities reissued a “market outperform” rating and set a $25.00 price objective on shares of Independence Realty Trust in a report on Monday, May 5th. Barclays increased their price objective on Independence Realty Trust from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Jefferies Financial Group raised Independence Realty Trust from a “hold” rating to a “buy” rating and increased their price objective for the company from $20.00 to $24.00 in a report on Monday, March 10th. Finally, Compass Point reissued a “neutral” rating and set a $22.00 price objective on shares of Independence Realty Trust in a report on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Independence Realty Trust has an average rating of “Moderate Buy” and a consensus target price of $22.70.

Independence Realty Trust 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.