Peregrine Capital Management LLC Purchases Shares of 382,339 Independence Realty Trust Inc (NYSE:IRT)

Peregrine Capital Management LLC purchased a new stake in Independence Realty Trust Inc (NYSE:IRT) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 382,339 shares of the real estate investment trust’s stock, valued at approximately $4,393,000. Peregrine Capital Management LLC owned approximately 0.40% of Independence Realty Trust as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Independence Realty Trust by 23.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,667 shares of the real estate investment trust’s stock valued at $387,000 after buying an additional 6,315 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Independence Realty Trust by 5.4% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 33,237 shares of the real estate investment trust’s stock worth $382,000 after acquiring an additional 1,709 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Independence Realty Trust by 16.9% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 206,632 shares of the real estate investment trust’s stock worth $2,349,000 after acquiring an additional 29,798 shares during the last quarter. Strs Ohio raised its stake in shares of Independence Realty Trust by 3.3% in the second quarter. Strs Ohio now owns 148,081 shares of the real estate investment trust’s stock worth $1,701,000 after acquiring an additional 4,770 shares during the last quarter. Finally, Congress Asset Management Co. MA raised its stake in shares of Independence Realty Trust by 2.1% in the second quarter. Congress Asset Management Co. MA now owns 137,900 shares of the real estate investment trust’s stock worth $1,584,000 after acquiring an additional 2,875 shares during the last quarter. Hedge funds and other institutional investors own 93.97% of the company’s stock.

In other Independence Realty Trust news, Director Richard H. Ross sold 16,000 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $9.66, for a total value of $154,560.00. Following the completion of the sale, the director now owns 12,843 shares of the company’s stock, valued at $124,063.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.87% of the company’s stock.

IRT opened at $11.50 on Friday. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 35.94 and a beta of 1.13. The firm has a 50 day simple moving average of $11.17 and a 200 day simple moving average of $11.59. Independence Realty Trust Inc has a fifty-two week low of $6.86 and a fifty-two week high of $16.85.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.17). The business had revenue of $52.09 million for the quarter, compared to the consensus estimate of $52.69 million. Independence Realty Trust had a return on equity of 4.71% and a net margin of 14.10%. As a group, equities analysts anticipate that Independence Realty Trust Inc will post 0.7 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Thursday, July 2nd were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date was Wednesday, July 1st. Independence Realty Trust’s dividend payout ratio (DPR) is 63.16%.

A number of equities analysts have weighed in on IRT shares. Citigroup dropped their target price on shares of Independence Realty Trust from $15.75 to $7.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Wednesday. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Independence Realty Trust presently has an average rating of “Hold” and an average target price of $12.30.

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

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