Insider Selling: Independence Realty Trust, Inc. (NYSE:IRT) CEO Sells 10,000 Shares of Stock

Independence Realty Trust, Inc. (NYSE:IRT) CEO Scott Schaeffer sold 10,000 shares of the firm’s stock in a transaction dated 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 owns 873,365 shares of the company’s stock, valued at $18,524,071.65. The trade was a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Independence Realty Trust Stock Performance

IRT traded up $0.06 on Wednesday, hitting $21.42. 1,428,438 shares of the company were exchanged, compared to its average volume of 2,121,510. The stock’s fifty day moving average is $20.44 and its 200-day moving average is $20.33. The company has a market cap of $4.95 billion, a PE ratio of 119.00, a PEG ratio of 2.91 and a beta of 1.19. Independence Realty Trust, Inc. has a 12 month low of $15.25 and a 12 month high of $22.26.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.24. Independence Realty Trust had a net margin of 6.15% and a return on equity of 1.11%. As a group, equities research analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Friday, March 28th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, March 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.99%. Independence Realty Trust’s dividend payout ratio (DPR) is currently 355.56%.

Institutional Investors Weigh In On Independence Realty Trust

Several hedge funds and other institutional investors have recently made changes to their positions in IRT. California State Teachers Retirement System raised its position in shares of Independence Realty Trust by 1.3% during the fourth quarter. California State Teachers Retirement System now owns 215,662 shares of the real estate investment trust’s stock worth $4,279,000 after acquiring an additional 2,688 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Independence Realty Trust by 2.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust’s stock worth $442,000 after buying an additional 488 shares during the last quarter. Centaurus Financial Inc. boosted its stake in Independence Realty Trust by 7.8% during the 4th quarter. Centaurus Financial Inc. now owns 45,856 shares of the real estate investment trust’s stock valued at $910,000 after purchasing an additional 3,301 shares during the last quarter. Ameriflex Group Inc. purchased a new position in shares of Independence Realty Trust during the fourth quarter valued at approximately $111,000. Finally, Blue Sky Capital Consultants Group Inc. bought a new stake in shares of Independence Realty Trust in the 4th quarter worth $5,147,000. 88.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IRT. JMP Securities restated a “market outperform” rating and set a $22.00 price target on shares of Independence Realty Trust in a research note on Tuesday, February 11th. 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 research report on Monday, March 10th. Barclays lowered their price target on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company started coverage on shares of Independence Realty Trust in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $24.00 price objective for the company. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Independence Realty Trust currently has an average rating of “Moderate Buy” and an average target price of $22.00.

Independence Realty Trust Company 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.