Independence Realty Trust, Inc. $IRT Stock Holdings Lifted by Legal & General Group Plc

Legal & General Group Plc grew its position in Independence Realty Trust, Inc. (NYSE:IRT) by 9.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,427,502 shares of the real estate investment trust’s stock after acquiring an additional 128,944 shares during the quarter. Legal & General Group Plc’s holdings in Independence Realty Trust were worth $24,953,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Franklin Resources Inc. lifted its holdings in shares of Independence Realty Trust by 1,435.4% during the 3rd quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock valued at $62,733,000 after buying an additional 3,578,221 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in Independence Realty Trust in the second quarter worth approximately $30,368,000. Freestone Grove Partners LP acquired a new position in Independence Realty Trust in the third quarter worth approximately $21,965,000. Citadel Advisors LLC raised its position in Independence Realty Trust by 50.8% during the third quarter. Citadel Advisors LLC now owns 3,473,040 shares of the real estate investment trust’s stock valued at $56,923,000 after acquiring an additional 1,170,633 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC lifted its stake in Independence Realty Trust by 3,284.7% in the third quarter. Schonfeld Strategic Advisors LLC now owns 1,157,916 shares of the real estate investment trust’s stock valued at $18,978,000 after acquiring an additional 1,123,706 shares during the last quarter. 88.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on IRT. Zacks Research raised shares of Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research report on Monday, March 23rd. Weiss Ratings raised shares of Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, May 20th. Barclays upped their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Wells Fargo & Company cut their target price on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, April 23rd. Finally, Wall Street Zen downgraded Independence Realty Trust from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.94.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $16.26 on Monday. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 81.28, a P/E/G ratio of 1.81 and a beta of 0.96. Independence Realty Trust, Inc. has a fifty-two week low of $14.60 and a fifty-two week high of $18.74. The firm has a fifty day moving average price of $15.85 and a two-hundred day moving average price of $16.46.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.23. The company had revenue of $165.32 million for the quarter, compared to the consensus estimate of $166.35 million. Independence Realty Trust had a return on equity of 1.35% and a net margin of 7.27%.The firm’s revenue was up 2.7% compared to the same quarter last year. During the same period last year, the business posted $0.27 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS. As a group, sell-side analysts expect that Independence Realty Trust, Inc. will post 1.14 earnings per share for the current year.

Independence Realty Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a $0.18 dividend. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Friday, June 26th. This represents a $0.72 dividend on an annualized basis and a yield of 4.4%. Independence Realty Trust’s payout ratio is 340.00%.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.