Morgan Stanley lowered its position in Independence Realty Trust, Inc. (NYSE:IRT) by 33.6% during the first quarter, Holdings Channel reports. The fund owned 520,842 shares of the real estate investment trust’s stock after selling 263,658 shares during the period. Morgan Stanley’s holdings in Independence Realty Trust were worth $4,880,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Alliancebernstein L.P. increased its stake in shares of Independence Realty Trust by 102.9% in the first quarter. Alliancebernstein L.P. now owns 4,075,525 shares of the real estate investment trust’s stock worth $38,188,000 after buying an additional 2,066,401 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Independence Realty Trust by 5,759.7% in the first quarter. Principal Financial Group Inc. now owns 628,800 shares of the real estate investment trust’s stock worth $5,892,000 after buying an additional 618,069 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Independence Realty Trust by 5.1% in the first quarter. Vanguard Group Inc. now owns 7,943,954 shares of the real estate investment trust’s stock worth $74,435,000 after buying an additional 387,117 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Independence Realty Trust by 78.4% in the first quarter. Dimensional Fund Advisors LP now owns 719,618 shares of the real estate investment trust’s stock worth $6,743,000 after buying an additional 316,318 shares during the last quarter. Finally, LSV Asset Management increased its stake in shares of Independence Realty Trust by 16.6% in the first quarter. LSV Asset Management now owns 1,662,597 shares of the real estate investment trust’s stock worth $15,578,000 after buying an additional 236,300 shares during the last quarter. 71.86% of the stock is owned by hedge funds and other institutional investors.

Shares of Independence Realty Trust, Inc. (NYSE IRT) traded up 0.10% during trading on Thursday, hitting $10.18. The stock had a trading volume of 33,530 shares. The firm’s market cap is $700.86 million. The stock has a 50-day moving average of $10.01 and a 200 day moving average of $9.49. Independence Realty Trust, Inc. has a 12-month low of $7.74 and a 12-month high of $10.70.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The business had revenue of $39.43 million during the quarter, compared to analyst estimates of $39.43 million. During the same quarter last year, the firm earned $0.22 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, analysts predict that Independence Realty Trust, Inc. will post $0.46 earnings per share for the current fiscal year.

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, July 27th. This represents a $0.72 dividend on an annualized basis and a yield of 7.08%. Independence Realty Trust’s dividend payout ratio (DPR) is presently -313.03%.

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Several equities analysts have weighed in on IRT shares. Zacks Investment Research downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, April 19th. FBR & Co raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $9.75 to $11.50 in a research report on Thursday, June 15th. JMP Securities reaffirmed an “outperform” rating and issued a $11.50 target price (up from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. ValuEngine downgraded Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Finally, Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, August 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $10.45.

In other Independence Realty Trust news, CEO Scott Schaeffer acquired 35,000 shares of the stock in a transaction on Monday, August 7th. The stock was purchased at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the purchase, the chief executive officer now directly owns 155,306 shares in the company, valued at $1,571,696.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.58% of the stock is owned by company insiders.

About Independence Realty Trust

Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.

Want to see what other hedge funds are holding IRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independence Realty Trust, Inc. (NYSE:IRT).

Institutional Ownership by Quarter for Independence Realty Trust (NYSE:IRT)

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