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.
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.
Featured Article: Initial Coin Offerings entail a high degree of risk
Receive News & Ratings for Independence Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.