Prudential Financial Inc. Has $1.23 Million Stake in Independence Realty Trust, Inc. (IRT)
Prudential Financial Inc. trimmed its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 21.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 124,244 shares of the real estate investment trust’s stock after selling 34,800 shares during the period. Prudential Financial Inc. owned about 0.18% of Independence Realty Trust worth $1,227,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in IRT. Ameriprise Financial Inc. acquired a new position in Independence Realty Trust during the first quarter valued at $102,000. State of Alaska Department of Revenue acquired a new position in Independence Realty Trust during the second quarter valued at $114,000. Raymond James Financial Services Advisors Inc. acquired a new position in Independence Realty Trust during the first quarter valued at $122,000. GW&K Investment Management LLC acquired a new position in Independence Realty Trust during the second quarter valued at $136,000. Finally, Municipal Employees Retirement System of Michigan acquired a new position in Independence Realty Trust during the second quarter valued at $138,000. 61.94% of the stock is owned by institutional investors and hedge funds.
Independence Realty Trust, Inc. (NYSE:IRT) opened at 10.32 on Thursday. Independence Realty Trust, Inc. has a 52-week low of $7.74 and a 52-week high of $10.43. The company’s 50-day moving average price is $10.16 and its 200 day moving average price is $9.77.
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 for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The firm had revenue of $39.43 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.22 earnings per share. Equities research analysts anticipate that Independence Realty Trust, Inc. will post $0.46 EPS for the current fiscal year.
The firm also recently announced a monthly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $0.72 annualized dividend and a yield of 6.98%. Independence Realty Trust’s dividend payout ratio is presently -313.03%.
In other Independence Realty Trust news, CEO Scott Schaeffer bought 35,000 shares of Independence Realty Trust stock in a transaction on Monday, August 7th. The shares were purchased at an average cost of $10.12 per share, for a total transaction of $354,200.00. Following the completion of the acquisition, the chief executive officer now owns 155,306 shares in the company, valued at approximately $1,571,696.72. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.58% of the company’s stock.
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Several research analysts recently weighed in on the company. Zacks Investment Research lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. ValuEngine raised Independence Realty Trust from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Independence Realty Trust in a research report on Wednesday, August 2nd. FBR & Co reissued an “outperform” rating and set a $10.75 price target on shares of Independence Realty Trust in a research report on Tuesday, July 11th. Finally, BidaskClub raised Independence Realty Trust from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $10.83.
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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