Independence Realty Trust Inc (IRT) Director Sells $75,756.66 in Stock

Independence Realty Trust Inc (NYSE:IRT) Director Richard H. Ross sold 7,966 shares of the company’s stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $9.51, for a total value of $75,756.66. Following the sale, the director now owns 33,369 shares of the company’s stock, valued at approximately $317,339.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Shares of NYSE:IRT opened at $9.99 on Friday. The firm has a market capitalization of $883.87 million, a price-to-earnings ratio of 13.43 and a beta of 0.82. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 1.51. Independence Realty Trust Inc has a 1 year low of $8.26 and a 1 year high of $10.63.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.14). The business had revenue of $48.78 million during the quarter, compared to the consensus estimate of $47.84 million. Independence Realty Trust had a net margin of 9.81% and a return on equity of 2.83%. On average, equities analysts forecast that Independence Realty Trust Inc will post 0.74 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Shareholders of record on Friday, October 5th were paid a $0.18 dividend. The ex-dividend date was Thursday, October 4th. This represents a $0.72 dividend on an annualized basis and a yield of 7.21%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 98.63%.

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. grew its stake in Independence Realty Trust by 6.8% in the 3rd quarter. BlackRock Inc. now owns 15,592,744 shares of the real estate investment trust’s stock valued at $164,192,000 after purchasing an additional 996,693 shares during the period. Alliancebernstein L.P. lifted its position in shares of Independence Realty Trust by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 5,622,096 shares of the real estate investment trust’s stock valued at $59,201,000 after buying an additional 85,630 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Independence Realty Trust by 28.0% during the 1st quarter. Principal Financial Group Inc. now owns 3,267,283 shares of the real estate investment trust’s stock valued at $29,994,000 after buying an additional 715,305 shares during the last quarter. Northern Trust Corp lifted its position in shares of Independence Realty Trust by 39.6% during the 2nd quarter. Northern Trust Corp now owns 1,929,403 shares of the real estate investment trust’s stock valued at $19,892,000 after buying an additional 547,081 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Independence Realty Trust by 68.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,885,000 shares of the real estate investment trust’s stock valued at $19,434,000 after buying an additional 763,200 shares during the last quarter. Hedge funds and other institutional investors own 83.44% of the company’s stock.

Several brokerages recently issued reports on IRT. Boenning Scattergood began coverage on Independence Realty Trust in a report on Monday, September 17th. They set an “outperform” rating and a $11.00 price target for the company. Compass Point restated a “buy” rating on shares of Independence Realty Trust in a research note on Friday, August 3rd. Zacks Investment Research upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. Finally, Citigroup initiated coverage on Independence Realty Trust in a research note on Tuesday, October 16th. They issued a “neutral” rating and a $10.25 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $10.79.

TRADEMARK VIOLATION NOTICE: “Independence Realty Trust Inc (IRT) Director Sells $75,756.66 in Stock” was originally posted by Sports Perspectives and is the property of of Sports Perspectives. If you are viewing this piece on another site, it was illegally copied and republished in violation of United States and international copyright & trademark law. The correct version of this piece can be viewed at https://sportsperspectives.com/2018/11/10/independence-realty-trust-inc-irt-director-sells-75756-66-in-stock.html.

Independence Realty Trust Company Profile

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 58 multifamily apartment properties, totaling 15,860 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.

Featured Article: Trading Strategy

Receive News & Ratings for Independence Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply