Independence Realty Trust Inc (NYSE:IRT) CEO Purchases $234,750.00 in Stock

Independence Realty Trust Inc (NYSE:IRT) CEO Scott Schaeffer acquired 25,000 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The shares were acquired at an average cost of $9.39 per share, with a total value of $234,750.00. Following the purchase, the chief executive officer now owns 395,232 shares in the company, valued at approximately $3,711,228.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Shares of NYSE IRT opened at $8.35 on Thursday. Independence Realty Trust Inc has a 12-month low of $7.44 and a 12-month high of $16.85. The stock has a market cap of $694.44 million, a PE ratio of 16.70 and a beta of 0.85. The company has a 50-day moving average of $13.64 and a 200 day moving average of $14.27.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.17. Independence Realty Trust had a net margin of 22.60% and a return on equity of 7.50%. The company had revenue of $51.43 million during the quarter, compared to analysts’ expectations of $52.28 million. On average, research analysts anticipate that Independence Realty Trust Inc will post 0.76 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, April 24th. Stockholders of record on Thursday, April 2nd will be paid a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $0.72 annualized dividend and a dividend yield of 8.62%. Independence Realty Trust’s dividend payout ratio (DPR) is 94.74%.

Institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. grew its stake in shares of Independence Realty Trust by 28.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,178 shares of the real estate investment trust’s stock valued at $60,000 after buying an additional 937 shares during the period. Commonwealth Equity Services LLC acquired a new position in shares of Independence Realty Trust in the 3rd quarter worth approximately $200,000. ProShare Advisors LLC lifted its holdings in shares of Independence Realty Trust by 18.4% in the 4th quarter. ProShare Advisors LLC now owns 14,842 shares of the real estate investment trust’s stock worth $209,000 after acquiring an additional 2,308 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Independence Realty Trust by 13.3% in the 4th quarter. Amalgamated Bank now owns 15,742 shares of the real estate investment trust’s stock worth $222,000 after acquiring an additional 1,843 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in shares of Independence Realty Trust in the 4th quarter worth approximately $245,000. 88.29% of the stock is owned by institutional investors and hedge funds.

Several brokerages recently issued reports on IRT. Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $9.25 price objective for the company in a research note on Thursday. Stifel Nicolaus raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Monday, March 9th. Finally, TheStreet raised shares of Independence Realty Trust from a “c” rating to a “b-” rating in a research note on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $12.45.

About Independence Realty Trust

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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