Arrow Investment Advisors LLC acquired a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 69,700 shares of the real estate investment trust’s stock, valued at approximately $688,000. Arrow Investment Advisors LLC owned 0.10% of Independence Realty Trust at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. New York State Common Retirement Fund boosted its position in shares of Independence Realty Trust by 239.0% during the second quarter. New York State Common Retirement Fund now owns 141,917 shares of the real estate investment trust’s stock worth $1,401,000 after buying an additional 100,051 shares during the period. Teachers Insurance & Annuity Association of America boosted its position in shares of Independence Realty Trust by 10.3% during the second quarter. Teachers Insurance & Annuity Association of America now owns 70,772 shares of the real estate investment trust’s stock worth $699,000 after buying an additional 6,618 shares during the period. Thrivent Financial For Lutherans boosted its position in shares of Independence Realty Trust by 138.7% during the second quarter. Thrivent Financial For Lutherans now owns 35,800 shares of the real estate investment trust’s stock worth $353,000 after buying an additional 20,800 shares during the period. Profund Advisors LLC acquired a new position in shares of Independence Realty Trust during the second quarter worth about $103,000. Finally, Ameriprise Financial Inc. boosted its position in shares of Independence Realty Trust by 2,869.1% during the second quarter. Ameriprise Financial Inc. now owns 322,564 shares of the real estate investment trust’s stock worth $3,184,000 after buying an additional 311,700 shares during the period. 63.37% of the stock is owned by institutional investors.

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In related news, CEO Scott Schaeffer purchased 35,000 shares of the business’s stock in a transaction on Monday, August 7th. The stock was acquired 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 owns 155,306 shares of the company’s stock, valued at $1,571,696.72. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.58% of the stock is currently owned by insiders.

Several research analysts have recently weighed in on the company. Zacks Investment Research cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. FBR & Co reaffirmed an “outperform” rating and set a $10.75 price objective on shares of Independence Realty Trust in a research report on Tuesday, July 11th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, August 2nd. ValuEngine cut Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Finally, BidaskClub raised Independence Realty Trust from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $10.83.

Independence Realty Trust, Inc. (NYSE IRT) traded up 2.329% on Monday, hitting $10.325. The stock had a trading volume of 485,122 shares. The stock’s market capitalization is $710.85 million. Independence Realty Trust, Inc. has a 52 week low of $7.74 and a 52 week high of $10.70. The company has a 50-day moving average price of $10.14 and a 200-day moving average price of $9.66.

Independence Realty Trust (NYSE:IRT) last released its quarterly 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. The business had revenue of $39.43 million during the quarter, compared to the consensus estimate of $39.43 million. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.22 EPS. Equities research analysts anticipate that Independence Realty Trust, Inc. will post $0.47 earnings per share for the current fiscal year.

The business also recently declared a monthly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a dividend of $0.06 per share. The ex-dividend date was Tuesday, August 29th. This represents a $0.72 dividend on an annualized basis and a yield of 7.14%. Independence Realty Trust’s dividend payout ratio (DPR) is currently -313.03%.

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.

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

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