K2 Principal Fund L.P. lowered its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 13.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,290 shares of the real estate investment trust’s stock after selling 6,910 shares during the quarter. K2 Principal Fund L.P. owned approximately 0.06% of Independence Realty Trust worth $437,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. boosted its stake in Independence Realty Trust by 147.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 6,056 shares during the last quarter. Ameriprise Financial Inc. bought a new position in Independence Realty Trust during the first quarter valued at approximately $102,000. UBS Asset Management Americas Inc. bought a new position in Independence Realty Trust during the fourth quarter valued at approximately $103,000. Profund Advisors LLC bought a new position in Independence Realty Trust during the second quarter valued at approximately $103,000. Finally, State of Alaska Department of Revenue bought a new position in Independence Realty Trust during the second quarter valued at approximately $114,000. Hedge funds and other institutional investors own 63.37% of the company’s stock.

In related news, CEO Scott Schaeffer purchased 35,000 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was acquired at an average cost of $10.12 per share, for a total transaction of $354,200.00. Following the completion of the transaction, the chief executive officer now directly owns 155,306 shares of the company’s stock, valued at $1,571,696.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.58% of the stock is owned by corporate insiders.

Shares of Independence Realty Trust, Inc. (IRT) opened at 10.17 on Friday. Independence Realty Trust, Inc. has a 1-year low of $7.74 and a 1-year high of $10.70. The stock has a 50 day moving average price of $10.15 and a 200 day moving average price of $9.68.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 company had revenue of $39.43 million during the quarter, compared to analyst estimates of $39.43 million. During the same period in the previous year, the business earned $0.22 EPS. Independence Realty Trust’s quarterly revenue was up 2.9% on a year-over-year basis. On average, analysts predict that Independence Realty Trust, Inc. will post $0.47 EPS for the current year.

The business also recently declared a monthly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.08%. Independence Realty Trust’s dividend payout ratio (DPR) is presently -313.03%.

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IRT has been the subject of a number of research reports. Zacks Investment Research raised Independence Realty Trust from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Monday, September 4th. ValuEngine raised Independence Realty Trust from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. FBR & Co reissued an “outperform” rating and set a $10.75 price target on shares of Independence Realty Trust in a research note on Tuesday, July 11th. JMP Securities reissued an “outperform” rating and set a $11.50 price target (up from $10.50) on shares of Independence Realty Trust in a research note on Friday, June 30th. Finally, Ladenburg Thalmann Financial Services reissued a “buy” rating and set a $11.00 price target on shares of Independence Realty Trust in a research note on Friday, September 8th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $10.83.

Independence Realty Trust Company Profile

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

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