Ellington Management Group LLC lowered its holdings in shares of Independence Realty Trust Inc (NYSE:IRT) by 65.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,200 shares of the real estate investment trust’s stock after selling 24,700 shares during the period. Ellington Management Group LLC’s holdings in Independence Realty Trust were worth $133,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of IRT. SG Americas Securities LLC bought a new stake in Independence Realty Trust during the third quarter worth about $105,000. CIBC Asset Management Inc bought a new stake in Independence Realty Trust during the fourth quarter worth about $110,000. Amalgamated Bank bought a new stake in Independence Realty Trust during the fourth quarter worth about $121,000. Oppenheimer & Co. Inc. bought a new stake in Independence Realty Trust during the third quarter worth about $138,000. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in Independence Realty Trust during the third quarter worth about $156,000. 79.85% of the stock is currently owned by institutional investors and hedge funds.
Independence Realty Trust stock opened at $9.01 on Thursday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 1.20. The stock has a market cap of $766.36, a PE ratio of 12.19 and a beta of 0.95. Independence Realty Trust Inc has a twelve month low of $8.26 and a twelve month high of $10.63.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Wednesday, April 4th will be issued a dividend of $0.18 per share. The ex-dividend date is Tuesday, April 3rd. This represents a $0.72 annualized dividend and a dividend yield of 7.99%. Independence Realty Trust’s payout ratio is 167.44%.
In related news, CEO Scott Schaeffer acquired 15,000 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was purchased at an average cost of $8.33 per share, with a total value of $124,950.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is owned by insiders.
IRT has been the subject of several recent analyst reports. ValuEngine raised shares of Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Zacks Investment Research raised shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Tuesday, January 9th. National Securities lifted their target price on shares of Independence Realty Trust from $9.00 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, November 22nd. B. Riley set a $12.00 target price on shares of Independence Realty Trust and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, KeyCorp initiated coverage on shares of Independence Realty Trust in a report on Tuesday, December 5th. They issued a “sector weight” rating for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $11.29.
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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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