Independence Realty Trust Inc. (NYSEMKT:IRT) major shareholder Rait Financial Trust sold 7,269,719 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Shares of Independence Realty Trust Inc. (NYSEMKT:IRT) opened at 8.56 on Monday. The company has a 50-day moving average of $9.59 and a 200-day moving average of $8.32. Independence Realty Trust Inc. has a 1-year low of $5.97 and a 1-year high of $10.70.

Independence Realty Trust (NYSEMKT:IRT) last issued its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.01. The firm earned $38.27 million during the quarter, compared to analysts’ expectations of $38.13 million. During the same quarter in the prior year, the firm posted $0.19 EPS. Independence Realty Trust’s quarterly revenue was up 68.5% compared to the same quarter last year. Equities research analysts anticipate that Independence Realty Trust Inc. will post $0.85 earnings per share for the current year.

The company also recently disclosed a monthly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a $0.06 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 8.41%. The ex-dividend date of this dividend is Wednesday, September 28th. Independence Realty Trust’s dividend payout ratio is currently 53.73%.

A number of large investors have recently modified their holdings of the stock. Foundry Partners LLC boosted its stake in shares of Independence Realty Trust by 16.5% in the third quarter. Foundry Partners LLC now owns 481,920 shares of the real estate investment trust’s stock worth $4,337,000 after buying an additional 68,395 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Independence Realty Trust by 36.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 62,909 shares of the real estate investment trust’s stock worth $515,000 after buying an additional 16,800 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of Independence Realty Trust by 45.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 35,948 shares of the real estate investment trust’s stock worth $294,000 after buying an additional 11,252 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Independence Realty Trust by 209.0% in the second quarter. AQR Capital Management LLC now owns 62,702 shares of the real estate investment trust’s stock worth $513,000 after buying an additional 42,410 shares in the last quarter. Finally, First Allied Advisory Services Inc. boosted its stake in shares of Independence Realty Trust by 20.5% in the second quarter. First Allied Advisory Services Inc. now owns 47,710 shares of the real estate investment trust’s stock worth $392,000 after buying an additional 8,122 shares in the last quarter.

A number of equities research analysts have recently commented on IRT shares. TheStreet raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Friday, August 12th. Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Friday, August 5th. Finally, FBR & Co raised their price objective on shares of Independence Realty Trust from $8.00 to $9.50 and gave the stock a “mkt perform” rating in a research note on Thursday, August 4th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Independence Realty Trust presently has an average rating of “Buy” and a consensus target price of $10.00.

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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