Citigroup Inc. Has $598,000 Position in Independence Realty Trust, Inc. (IRT)

Citigroup Inc. increased its position in Independence Realty Trust, Inc. (NYSE:IRT) by 1,367.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,589 shares of the real estate investment trust’s stock after buying an additional 56,460 shares during the quarter. Citigroup Inc. owned 0.09% of Independence Realty Trust worth $598,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased 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 during the period. Alliancebernstein L.P. increased its stake in shares of Independence Realty Trust by 3.3% in the second quarter. Alliancebernstein L.P. now owns 4,208,515 shares of the real estate investment trust’s stock worth $41,538,000 after buying an additional 132,990 shares during the period. LSV Asset Management increased its stake in shares of Independence Realty Trust by 6.5% in the second quarter. LSV Asset Management now owns 1,769,897 shares of the real estate investment trust’s stock worth $17,468,000 after buying an additional 107,300 shares during the period. Nuveen Asset Management LLC increased 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 during the period. Finally, Bank of New York Mellon Corp increased 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 during the period. 61.94% of the stock is currently owned by institutional investors.

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In other news, CEO Scott Schaeffer purchased 35,000 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were purchased at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the completion of the purchase, the chief executive officer now owns 155,306 shares in the company, valued at approximately $1,571,696.72. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.58% of the company’s stock.

Several research analysts recently commented on IRT shares. Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Monday, September 4th. ValuEngine upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, September 1st. FBR & Co reiterated an “outperform” rating and issued a $10.75 price target on shares of Independence Realty Trust in a report on Tuesday, July 11th. Ladenburg Thalmann Financial Services reiterated a “buy” rating and issued a $11.00 price target on shares of Independence Realty Trust in a report on Friday, September 8th. Finally, JMP Securities reiterated an “outperform” rating and issued a $11.50 price target (up previously from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $10.83.

Shares of Independence Realty Trust, Inc. (NYSE IRT) opened at 10.53 on Thursday. The company has a 50-day moving average of $10.22 and a 200 day moving average of $9.82. Independence Realty Trust, Inc. has a 12-month low of $7.74 and a 12-month high of $10.58. The company’s market cap is $724.96 million.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Independence Realty Trust had a negative return on equity of 3.22% and a negative net margin of 10.28%. The business had revenue of $39.43 million for the quarter, compared to analyst estimates of $39.43 million. During the same quarter last year, the firm posted $0.22 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts expect that Independence Realty Trust, Inc. will post $0.46 EPS for the current year.

The firm also recently announced a monthly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a $0.06 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $0.72 dividend on an annualized basis and a yield of 6.84%. Independence Realty Trust’s payout ratio is -313.03%.

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

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