PVG Asset Management Corp lessened its position in Independence Realty Trust, Inc. (NYSE:IRT) by 74.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 132,914 shares of the real estate investment trust’s stock after selling 395,726 shares during the period. PVG Asset Management Corp’s holdings in Independence Realty Trust were worth $1,312,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of IRT. Global X Management Co. LLC bought a new position in shares of Independence Realty Trust in the second quarter worth approximately $10,068,000. Nuveen Asset Management LLC lifted its stake in shares of Independence Realty Trust by 149.6% in the first quarter. Nuveen Asset Management LLC now owns 1,345,558 shares of the real estate investment trust’s stock worth $12,608,000 after buying an additional 806,509 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Independence Realty Trust by 5,759.7% in the first quarter. Principal Financial Group Inc. now owns 628,800 shares of the real estate investment trust’s stock worth $5,892,000 after buying an additional 618,069 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Independence Realty Trust by 66.7% in the second quarter. Bank of New York Mellon Corp now owns 1,201,315 shares of the real estate investment trust’s stock worth $11,857,000 after buying an additional 480,821 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Independence Realty Trust by 5.1% in the first quarter. Vanguard Group Inc. now owns 7,943,954 shares of the real estate investment trust’s stock worth $74,435,000 after buying an additional 387,117 shares in the last quarter. Hedge funds and other institutional investors own 61.94% of the company’s stock.

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 purchased at an average cost of $10.12 per share, with a total value of $354,200.00. Following the acquisition, the chief executive officer now directly owns 155,306 shares in the company, valued at $1,571,696.72. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.58% of the stock is owned by insiders.

TRADEMARK VIOLATION WARNING: “PVG Asset Management Corp Has $1.31 Million Stake in Independence Realty Trust, Inc. (IRT)” was originally posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this article on another site, it was copied illegally and republished in violation of U.S. & international copyright legislation. The original version of this article can be viewed at https://www.thecerbatgem.com/2017/10/08/pvg-asset-management-corp-has-1-31-million-stake-in-independence-realty-trust-inc-irt.html.

Shares of Independence Realty Trust, Inc. (NYSE IRT) traded down 1.05% during mid-day trading on Friday, reaching $10.37. 912,462 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $10.18 and its 200-day moving average price is $9.79. Independence Realty Trust, Inc. has a one year low of $7.74 and a one year high of $10.52.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $39.43 million. During the same period last year, the firm posted $0.22 EPS. Independence Realty Trust’s revenue for the quarter was up 2.9% compared to the same quarter last year. Analysts predict that Independence Realty Trust, Inc. will post $0.46 EPS for the current year.

The company also recently announced a monthly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were issued a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a dividend yield of 6.94%. The ex-dividend date of this dividend was Tuesday, August 29th. Independence Realty Trust’s dividend payout ratio (DPR) is -313.03%.

Several research analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. FBR & Co reissued a “buy” rating and set a $11.50 price objective on shares of Independence Realty Trust in a report on Tuesday, September 12th. ValuEngine raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, September 1st. BidaskClub cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Finally, Ladenburg Thalmann Financial Services reissued a “buy” rating and set a $11.00 price objective on shares of Independence Realty Trust in a report on Friday, September 8th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Independence Realty Trust currently has an average rating of “Buy” and a consensus price target of $10.83.

Independence Realty Trust 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.

Want to see what other hedge funds are holding IRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independence Realty Trust, Inc. (NYSE:IRT).

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

Receive News & Stock Ratings for Independence Realty Trust Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust Inc. and related stocks with our FREE daily email newsletter.