Investors Purchase High Volume of Independence Realty Trust Call Options (NYSE:IRT)

Independence Realty Trust Inc (NYSE:IRT) was the recipient of unusually large options trading activity on Wednesday. Traders bought 2,439 call options on the stock. This represents an increase of approximately 4,502% compared to the average daily volume of 53 call options.

Independence Realty Trust stock opened at $9.11 on Friday. The firm has a 50 day simple moving average of $13.51 and a 200-day simple moving average of $14.24. The stock has a market capitalization of $827.46 million, a PE ratio of 18.22 and a beta of 0.85. Independence Realty Trust has a 12-month low of $7.44 and a 12-month high of $16.85.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.17. The business had revenue of $51.43 million during the quarter, compared to analysts’ expectations of $52.28 million. Independence Realty Trust had a net margin of 22.60% and a return on equity of 7.50%. As a group, equities research analysts forecast that Independence Realty Trust will post 0.76 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 24th. Stockholders of record on Thursday, April 2nd will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 7.90%. The ex-dividend date is Wednesday, April 1st. Independence Realty Trust’s dividend payout ratio (DPR) is presently 94.74%.

In other news, CEO Scott Schaeffer bought 25,000 shares of the firm’s stock in a transaction on Friday, March 20th. The stock was purchased at an average price of $9.39 per share, for a total transaction of $234,750.00. Following the transaction, the chief executive officer now owns 395,232 shares in the company, valued at $3,711,228.48. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders acquired 28,700 shares of company stock valued at $268,582. 0.69% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Independence Realty Trust by 2.5% in the fourth quarter. Municipal Employees Retirement System of Michigan now owns 27,600 shares of the real estate investment trust’s stock valued at $389,000 after acquiring an additional 680 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Independence Realty Trust by 1.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 72,375 shares of the real estate investment trust’s stock valued at $1,019,000 after acquiring an additional 689 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Independence Realty Trust by 2.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 36,338 shares of the real estate investment trust’s stock valued at $512,000 after acquiring an additional 700 shares in the last quarter. Texas Permanent School Fund boosted its holdings in shares of Independence Realty Trust by 1.3% in the fourth quarter. Texas Permanent School Fund now owns 62,173 shares of the real estate investment trust’s stock valued at $875,000 after acquiring an additional 786 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its holdings in shares of Independence Realty Trust by 4.4% in the fourth quarter. Pictet Asset Management Ltd. now owns 18,800 shares of the real estate investment trust’s stock valued at $265,000 after acquiring an additional 800 shares in the last quarter. Institutional investors and hedge funds own 88.29% of the company’s stock.

Several research analysts have commented on IRT shares. Zacks Investment Research upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $9.25 target price for the company in a research report on Thursday. Stifel Nicolaus upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Monday, March 9th. Finally, TheStreet upgraded shares of Independence Realty Trust from a “c” rating to a “b-” rating in a research report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Independence Realty Trust presently has a consensus rating of “Buy” and a consensus price target of $12.45.

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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