Monarch Alternative Capital Lp Lowers stake in Independence Realty Trust Inc (IRT)

Independence Realty Trust Inc (IRT) : Monarch Alternative Capital Lp reduced its stake in Independence Realty Trust Inc by 23.4% during the most recent quarter end. The investment management company now holds a total of 2,597,094 shares of Independence Realty Trust Inc which is valued at $24,906,131 after selling 793,378 shares in Independence Realty Trust Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Independence Realty Trust Inc makes up approximately 23.11% of Monarch Alternative Capital Lp’s portfolio.

Other Hedge Funds, Including , Aqr Capital Management added IRT to its portfolio by purchasing 20,292 company shares during the most recent quarter which is valued at $194,600.Renaissance Technologies boosted its stake in IRT in the latest quarter, The investment management firm added 89,181 additional shares and now holds a total of 451,147 shares of Independence Realty Trust Inc which is valued at $4,326,500. Independence Realty Trust Inc makes up approx 0.01% of Renaissance Technologies’s portfolio.

Independence Realty Trust Inc opened for trading at $9.49 and hit $9.56 on the upside on Thursday, eventually ending the session at $9.47, with a gain of 0.21% or 0.02 points. The heightened volatility saw the trading volume jump to 2,96,263 shares. Company has a market cap of $450 M.

On the company’s financial health, Independence Realty Trust Inc reported $0.22 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $0.21. The company had revenue of $38.27 million for the quarter, compared to analysts expectations of $38.68 million. The company’s revenue was up 68.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS.

Many Wall Street Analysts have commented on Independence Realty Trust Inc. Company shares were Reiterated by FBR Capital on Aug 4, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 9.50 from a previous price target of $8 .

Independence Realty Trust Inc. is a real estate investment trust (REIT). The Company owns and operates a portfolio of apartment properties located throughout the United States. The Company is managed by a subsidiary of RAIT Financial Trust (RAIT). AS of December 31 2014 The Company’s portfolio consisted of Belle Creek Copper Mill Crestmont Cumberland Glen Heritage Trace Tresa at Arrowhead Centrepoint Runaway Bay Berkshire Square The Crossings Reserve at Eagle Ridge Windrush Heritage Park Raindance Augusta Invitational King’s Landing Carrington Park Arbors at the Reservoir Walnut Hill Lenoxplace Stonebridge Bennington Pond Prospect Park Brookside Jamestown Meadows Oxmoor Stonebridge at the Ranch and Iron Rock Ranch.

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