Manning & Napier Group LLC Sells 45,195 Shares of Independence Realty Trust Inc (NYSE:IRT)

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Manning & Napier Group LLC decreased its stake in shares of Independence Realty Trust Inc (NYSE:IRT) by 11.3% in the third quarter, Holdings Channel.com reports. The fund owned 355,040 shares of the real estate investment trust’s stock after selling 45,195 shares during the period. Manning & Napier Group LLC’s holdings in Independence Realty Trust were worth $5,080,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. State of Alaska Department of Revenue boosted its position in shares of Independence Realty Trust by 16.9% during the third quarter. State of Alaska Department of Revenue now owns 76,691 shares of the real estate investment trust’s stock worth $1,096,000 after acquiring an additional 11,084 shares during the last quarter. Dalton Greiner Hartman Maher & Co. boosted its position in shares of Independence Realty Trust by 6.8% during the second quarter. Dalton Greiner Hartman Maher & Co. now owns 451,765 shares of the real estate investment trust’s stock worth $5,227,000 after acquiring an additional 28,683 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Independence Realty Trust by 4.4% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 117,298 shares of the real estate investment trust’s stock worth $1,357,000 after acquiring an additional 4,900 shares during the last quarter. Amundi Pioneer Asset Management Inc. boosted its position in shares of Independence Realty Trust by 5.0% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 43,516 shares of the real estate investment trust’s stock worth $504,000 after acquiring an additional 2,069 shares during the last quarter. Finally, Pictet Asset Management Ltd. boosted its position in shares of Independence Realty Trust by 23.3% during the second quarter. Pictet Asset Management Ltd. now owns 18,000 shares of the real estate investment trust’s stock worth $208,000 after acquiring an additional 3,400 shares during the last quarter. Hedge funds and other institutional investors own 87.24% of the company’s stock.

A number of equities analysts recently weighed in on the stock. Capital One Financial restated an “equal weight” rating on shares of Independence Realty Trust in a research report on Monday, September 16th. Zacks Investment Research lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Thursday. ValuEngine lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. National Securities assumed coverage on shares of Independence Realty Trust in a research report on Friday, September 27th. They set a “buy” rating and a $14.00 target price for the company. Finally, TheStreet upgraded shares of Independence Realty Trust from a “c” rating to a “b-” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Independence Realty Trust presently has an average rating of “Hold” and an average target price of $11.79.

Independence Realty Trust stock opened at $14.69 on Friday. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 19.59 and a beta of 0.76. The firm’s fifty day moving average is $14.18 and its 200 day moving average is $12.16. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.63. Independence Realty Trust Inc has a 52-week low of $8.75 and a 52-week high of $14.82.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.03). The business had revenue of $50.85 million for the quarter, compared to analysts’ expectations of $50.17 million. Independence Realty Trust had a net margin of 18.42% and a return on equity of 5.88%. On average, equities research analysts anticipate that Independence Realty Trust Inc will post 0.72 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, September 27th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date is Thursday, September 26th. Independence Realty Trust’s payout ratio is 97.30%.

In related news, Director Richard H. Ross sold 4,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $13.28, for a total transaction of $53,120.00. Following the sale, the director now owns 28,843 shares of the company’s stock, valued at $383,035.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.69% of the stock is owned by corporate insiders.

Independence Realty Trust Profile

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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Want to see what other hedge funds are holding IRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independence Realty Trust Inc (NYSE:IRT).

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

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