Insider Selling: Independence Realty Trust Inc (NYSE:IRT) Director Sells 4,000 Shares of Stock
Independence Realty Trust Inc (NYSE:IRT) Director Richard H. Ross sold 4,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $13.28, for a total transaction of $53,120.00. Following the transaction, the director now owns 28,843 shares in the company, valued at $383,035.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Shares of IRT stock traded up $0.05 during midday trading on Tuesday, hitting $13.17. 637,366 shares of the company were exchanged, compared to its average volume of 462,424. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 17.80 and a beta of 0.82. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.63. The firm has a 50 day moving average price of $12.19. Independence Realty Trust Inc has a 52 week low of $8.75 and a 52 week high of $13.37.
Independence Realty Trust (NYSE:IRT) last announced its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.16 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.03). The company had revenue of $50.85 million for the quarter, compared to the consensus estimate of $50.17 million. Independence Realty Trust had a return on equity of 5.88% and a net margin of 18.42%. As a group, equities research analysts predict that Independence Realty Trust Inc will post 0.76 earnings per share for the current fiscal year.
Several research analysts have recently weighed in on IRT shares. ValuEngine upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a research note on Friday, May 10th. Boenning Scattergood set a $11.00 price objective on shares of Independence Realty Trust and gave the stock a “buy” rating in a research note on Thursday, May 2nd. TheStreet upgraded shares of Independence Realty Trust from a “c” rating to a “b-” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Wednesday, August 7th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $11.35.
Several hedge funds have recently made changes to their positions in IRT. Parametric Portfolio Associates LLC boosted its stake in Independence Realty Trust by 7.7% during the second quarter. Parametric Portfolio Associates LLC now owns 378,629 shares of the real estate investment trust’s stock worth $4,381,000 after acquiring an additional 26,923 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in Independence Realty Trust by 23.3% during the second quarter. Pictet Asset Management Ltd. now owns 18,000 shares of the real estate investment trust’s stock worth $208,000 after acquiring an additional 3,400 shares in the last quarter. Northern Trust Corp boosted its stake in Independence Realty Trust by 3.3% during the second quarter. Northern Trust Corp now owns 1,823,762 shares of the real estate investment trust’s stock worth $21,101,000 after acquiring an additional 58,688 shares in the last quarter. Natixis Advisors L.P. bought a new position in Independence Realty Trust during the second quarter worth $201,000. Finally, Renaissance Technologies LLC boosted its stake in Independence Realty Trust by 12.5% during the second quarter. Renaissance Technologies LLC now owns 4,792,513 shares of the real estate investment trust’s stock worth $55,449,000 after acquiring an additional 534,219 shares in the last quarter. 85.74% of the stock is owned by institutional investors and hedge funds.
Independence Realty Trust Company 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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