Emerald Mutual Fund Advisers Trust Has $759,000 Stake in Independence Realty Trust Inc. (IRT)
Emerald Mutual Fund Advisers Trust maintained its position in Independence Realty Trust Inc. (NYSEMKT:IRT) during the second quarter, Holdings Channel reports. The institutional investor owned 92,800 shares of the real estate investment trust’s stock at the end of the second quarter. Emerald Mutual Fund Advisers Trust’s holdings in Independence Realty Trust were worth $759,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRT. Strs Ohio boosted its position in Independence Realty Trust by 4.0% in the second quarter. Strs Ohio now owns 62,508 shares of the real estate investment trust’s stock worth $511,000 after buying an additional 2,414 shares during the last quarter. Foundry Partners LLC boosted its position in Independence Realty Trust by 0.3% in the second quarter. Foundry Partners LLC now owns 413,525 shares of the real estate investment trust’s stock worth $3,383,000 after buying an additional 1,200 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Independence Realty Trust by 1.0% in the first quarter. Geode Capital Management LLC now owns 215,320 shares of the real estate investment trust’s stock worth $1,533,000 after buying an additional 2,174 shares during the last quarter.
Independence Realty Trust Inc. (NYSEMKT:IRT) traded down 0.47% during trading on Friday, hitting $8.56. The stock had a trading volume of 2,598,883 shares. The company’s 50 day moving average is $9.59 and its 200 day moving average is $8.32. Independence Realty Trust Inc. has a 52-week low of $5.97 and a 52-week high of $10.70.
Independence Realty Trust (NYSEMKT:IRT) last announced its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. The firm earned $38.27 million during the quarter, compared to analysts’ expectations of $38.13 million. The firm’s revenue for the quarter was up 68.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.19 EPS. On average, equities research analysts forecast that Independence Realty Trust Inc. will post $0.85 earnings per share for the current year.
The company also recently declared a monthly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be issued a $0.06 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 8.41%. Independence Realty Trust’s payout ratio is 53.73%.
A number of research analysts recently weighed in on IRT shares. TheStreet raised Independence Realty Trust from a “hold” rating to a “buy” rating in a research report on Monday, September 26th. Zacks Investment Research lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, FBR & Co lifted their target price on Independence Realty Trust from $8.00 to $9.50 and gave the stock a “mkt perform” rating in a report on Thursday, August 4th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $10.00.
In other Independence Realty Trust news, major shareholder Rait Financial Trust sold 7,269,719 shares of the company’s stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $8.55, for a total transaction of $62,156,097.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Independence Realty Trust Company Profile
Independence Realty Trust, Inc is an externally managed and advised apartment real estate investment trust (REIT). The Company’s business consists of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. It owns and operates a portfolio of garden style and mid-rise apartment communities in the Southeastern United States.
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