Independence Realty Trust, Inc. (IRT) Stake Increased by Comerica Bank
Comerica Bank increased its position in Independence Realty Trust, Inc. (NYSE:IRT) by 37.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 85,420 shares of the real estate investment trust’s stock after purchasing an additional 23,095 shares during the period. Comerica Bank owned approximately 0.10% of Independence Realty Trust worth $873,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of IRT. Oppenheimer Asset Management Inc. lifted its holdings in Independence Realty Trust by 147.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock valued at $100,000 after acquiring an additional 6,056 shares during the period. Advisor Group Inc. lifted its stake in shares of Independence Realty Trust by 76.8% during the 2nd quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock worth $102,000 after acquiring an additional 4,454 shares during the last quarter. Loeb Partners Corp purchased a new position in Independence Realty Trust during the 3rd quarter worth $102,000. Profund Advisors LLC purchased a new position in Independence Realty Trust during the 2nd quarter worth $103,000. Finally, Koch Industries Inc. purchased a new position in shares of Independence Realty Trust in the 2nd quarter valued at $112,000. Institutional investors own 78.66% of the company’s stock.
Shares of Independence Realty Trust, Inc. (IRT) traded down $0.04 on Tuesday, hitting $10.16. 579,000 shares of the stock traded hands, compared to its average volume of 716,757. Independence Realty Trust, Inc. has a 52 week low of $8.33 and a 52 week high of $10.63. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 1.14. The firm has a market cap of $851.89, a price-to-earnings ratio of 13.97 and a beta of 1.06.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Tuesday, October 31st. The real estate investment trust reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.11. The company had revenue of $39.86 million during the quarter, compared to the consensus estimate of $40.38 million. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $0.21 EPS. research analysts anticipate that Independence Realty Trust, Inc. will post 0.74 EPS for the current year.
The business also recently disclosed a monthly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be given a $0.06 dividend. This represents a $0.72 annualized dividend and a yield of 7.09%. The ex-dividend date is Thursday, December 28th. Independence Realty Trust’s payout ratio is presently -276.92%.
IRT has been the subject of a number of analyst reports. Zacks Investment Research lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. National Securities raised their price objective on shares of Independence Realty Trust from $9.00 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday, November 22nd. BidaskClub cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Finally, Robert W. Baird reissued a “buy” rating and set a $11.00 price objective on shares of Independence Realty Trust in a research note on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $11.33.
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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