Independence Realty Trust, Inc. (NYSE:IRT) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC increased its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 1,991.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,749 shares of the real estate investment trust’s stock after buying an additional 34,992 shares during the period. GAMMA Investing LLC’s holdings in Independence Realty Trust were worth $7,800,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Janney Montgomery Scott LLC lifted its holdings in Independence Realty Trust by 18.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 22,705 shares of the real estate investment trust’s stock valued at $450,000 after purchasing an additional 3,600 shares in the last quarter. Blue Trust Inc. grew its position in 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 valued at $56,000 after acquiring an additional 692 shares in the last quarter. abrdn plc grew its position in Independence Realty Trust by 60.6% in the fourth quarter. abrdn plc now owns 72,547 shares of the real estate investment trust’s stock valued at $1,436,000 after acquiring an additional 27,377 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Independence Realty Trust by 0.5% during the 4th quarter. State of Alaska Department of Revenue now owns 133,831 shares of the real estate investment trust’s stock valued at $2,654,000 after buying an additional 643 shares during the last quarter. Finally, Strategic Financial Concepts LLC purchased a new position in shares of Independence Realty Trust during the 4th quarter valued at approximately $386,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Independence Realty Trust news, CEO Scott Schaeffer sold 10,000 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total value of $212,100.00. Following the sale, the chief executive officer now directly owns 873,365 shares in the company, valued at $18,524,071.65. This represents a 1.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 11,500 shares of company stock worth $241,445. Company insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. JMP Securities reiterated a “market outperform” rating and set a $25.00 target price on shares of Independence Realty Trust in a research note on Monday, May 5th. UBS Group initiated coverage on Independence Realty Trust in a report on Monday, April 7th. They set a “buy” rating and a $24.00 price target on the stock. Barclays raised their price target 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. Compass Point reaffirmed a “neutral” rating and set a $22.00 target price on shares of Independence Realty Trust in a report on Tuesday, May 13th. Finally, Jefferies Financial Group raised Independence Realty Trust from a “hold” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $24.00 in a research note on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.70.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $18.18 on Monday. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of 100.97, a P/E/G ratio of 2.91 and a beta of 0.96. Independence Realty Trust, Inc. has a 52-week low of $17.10 and a 52-week high of $22.26. The stock has a 50-day simple moving average of $18.93 and a 200-day simple moving average of $19.88.

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

Independence Realty Trust Increases Dividend

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

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.