Fulton Bank N.A. Has $345,000 Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Fulton Bank N.A. increased its position in Independence Realty Trust, Inc. (NYSE:IRT) by 11.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,236 shares of the real estate investment trust’s stock after purchasing an additional 1,731 shares during the period. Fulton Bank N.A.’s holdings in Independence Realty Trust were worth $345,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Global Retirement Partners LLC lifted its holdings in shares of Independence Realty Trust by 66.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 521 shares in the last quarter. SRS Capital Advisors Inc. lifted its holdings in shares of Independence Realty Trust by 627.5% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 2,008 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Independence Realty Trust by 67.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 1,000 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Independence Realty Trust by 33.9% in the 4th quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 692 shares in the last quarter. Finally, Venturi Wealth Management LLC bought a new position in shares of Independence Realty Trust in the 4th quarter worth $70,000. 88.25% of the stock is currently owned by institutional investors.

Insider Transactions at Independence Realty Trust

In related news, CEO Scott Schaeffer sold 10,000 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $21.21, for a total value of $212,100.00. Following the sale, the chief executive officer now directly owns 873,365 shares in the company, valued at approximately $18,524,071.65. The trade was a 1.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 11,500 shares of company stock worth $241,445 in the last ninety days. Company insiders own 0.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and increased their target price for the stock from $20.00 to $24.00 in a report on Monday, March 10th. UBS Group initiated coverage on Independence Realty Trust in a report on Monday, April 7th. They issued a “buy” rating and a $24.00 target price on the stock. JMP Securities restated a “market outperform” rating and set a $25.00 price objective on shares of Independence Realty Trust in a research note on Monday, May 5th. Wells Fargo & Company initiated coverage on Independence Realty Trust in a research note on Wednesday, March 19th. They set an “overweight” rating and a $24.00 price objective on the stock. Finally, Barclays raised their price objective on Independence Realty Trust from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Independence Realty Trust has a consensus rating of “Moderate Buy” and an average target price of $22.70.

Independence Realty Trust Price Performance

NYSE IRT opened at $18.23 on Friday. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of 101.25, a PEG ratio of 2.91 and a beta of 0.98. Independence Realty Trust, Inc. has a one year low of $17.01 and a one year high of $22.26. The business’s fifty day moving average is $19.00 and its 200-day moving average is $19.92.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). The business had revenue of $160.91 million for the quarter, compared to the consensus estimate of $164.08 million. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 earnings per share. Research analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.73%. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, June 27th. Independence Realty Trust’s payout ratio is presently 485.71%.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.