Mutual Advisors LLC Cuts Stock Holdings in Independence Realty Trust, Inc. $IRT

Mutual Advisors LLC trimmed its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 11.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,336 shares of the real estate investment trust’s stock after selling 3,794 shares during the period. Mutual Advisors LLC’s holdings in Independence Realty Trust were worth $510,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in Independence Realty Trust by 3.5% during the first quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust’s stock valued at $15,864,000 after buying an additional 25,124 shares during the period. Victory Capital Management Inc. boosted its position in Independence Realty Trust by 889.9% during the first quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust’s stock valued at $8,721,000 after buying an additional 369,303 shares during the period. Headlands Technologies LLC purchased a new stake in Independence Realty Trust during the first quarter valued at about $53,000. Cbre Investment Management Listed Real Assets LLC boosted its position in Independence Realty Trust by 120.0% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust’s stock valued at $47,425,000 after buying an additional 1,218,559 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Independence Realty Trust by 1.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust’s stock valued at $76,825,000 after buying an additional 57,108 shares during the period. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Price Performance

Shares of IRT opened at $16.04 on Monday. Independence Realty Trust, Inc. has a one year low of $15.87 and a one year high of $22.26. The company has a 50-day simple moving average of $17.05 and a two-hundred day simple moving average of $17.81. The firm has a market capitalization of $3.75 billion, a PE ratio of 133.67, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The business had revenue of $161.89 million during the quarter, compared to analyst estimates of $164.78 million. During the same period last year, the business posted $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th will be issued a $0.17 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.68 annualized dividend and a yield of 4.2%. Independence Realty Trust’s dividend payout ratio (DPR) is 566.67%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a research report on Wednesday, October 8th. UBS Group dropped their target price on shares of Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, July 15th. Wall Street Zen upgraded shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. Compass Point upgraded shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and increased their target price for the stock from $22.00 to $24.00 in a report on Thursday, July 31st. Finally, Barclays dropped their target price on shares of Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Tuesday, August 12th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.14.

About Independence Realty Trust

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.