Independence Realty Trust, Inc. (IRT) Stock Price Down 9%
Independence Realty Trust, Inc. (NYSE:IRT)’s share price fell 9% during mid-day trading on Wednesday . The company traded as low as $9.35 and last traded at $9.46. 6,552,971 shares changed hands during mid-day trading, an increase of 1,025% from the average session volume of 582,233 shares. The stock had previously closed at $10.39.
A number of brokerages recently issued reports on IRT. ValuEngine raised Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Zacks Investment Research lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Friday, September 1st. BidaskClub lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, August 2nd. Finally, JMP Securities reissued an “outperform” rating and issued a $11.50 price objective (up from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Independence Realty Trust presently has an average rating of “Buy” and a consensus target price of $10.65.
The stock’s market capitalization is $687.78 million. The stock’s 50-day moving average price is $10.13 and its 200 day moving average price is $9.62.
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 net margin of 10.28% and a negative return on equity of 3.22%. The company had revenue of $39.43 million during the quarter, compared to analysts’ expectations of $39.43 million. During the same quarter in the previous year, the company posted $0.22 earnings per share. Independence Realty Trust’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts predict that Independence Realty Trust, Inc. will post $0.48 earnings per share for the current year.
The company also recently announced a monthly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were paid a $0.06 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.21%. The ex-dividend date was Thursday, July 27th. Independence Realty Trust’s dividend payout ratio (DPR) is currently -313.03%.
In other news, CEO Scott Schaeffer bought 35,000 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was bought at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the completion of the purchase, the chief executive officer now owns 155,306 shares of the company’s stock, valued at approximately $1,571,696.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.58% of the company’s stock.
Several large investors have recently bought and sold shares of IRT. UBS Asset Management Americas Inc. bought a new position in shares of Independence Realty Trust in the fourth quarter valued at approximately $103,000. Teachers Advisors LLC raised its stake in shares of Independence Realty Trust by 51.3% in the fourth quarter. Teachers Advisors LLC now owns 104,770 shares of the real estate investment trust’s stock valued at $935,000 after acquiring an additional 35,543 shares during the last quarter. Shell Asset Management Co. bought a new position in shares of Independence Realty Trust in the first quarter valued at approximately $901,000. Strs Ohio raised its stake in shares of Independence Realty Trust by 2.7% in the first quarter. Strs Ohio now owns 112,260 shares of the real estate investment trust’s stock valued at $1,051,000 after acquiring an additional 2,954 shares during the last quarter. Finally, LSV Asset Management raised 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 valued at $15,578,000 after acquiring an additional 236,300 shares during the last quarter. Institutional investors own 74.82% of the company’s stock.
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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.
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