Norges Bank Acquires New Holdings in Independence Realty Trust, Inc. $IRT

Norges Bank bought a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,981,783 shares of the real estate investment trust’s stock, valued at approximately $52,122,000. Norges Bank owned 1.25% of Independence Realty Trust at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Independence Realty Trust by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 33,235,002 shares of the real estate investment trust’s stock valued at $580,948,000 after acquiring an additional 250,549 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Independence Realty Trust by 0.3% in the second quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock worth $161,678,000 after purchasing an additional 30,701 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Independence Realty Trust by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust’s stock worth $112,690,000 after purchasing an additional 148,449 shares during the last quarter. Franklin Resources Inc. raised its stake in Independence Realty Trust by 1,435.4% in the third quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock valued at $62,733,000 after purchasing an additional 3,578,221 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Independence Realty Trust by 1.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,756,821 shares of the real estate investment trust’s stock valued at $65,669,000 after purchasing an additional 45,089 shares during the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Weiss Ratings cut shares of Independence Realty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday. Wall Street Zen cut Independence Realty Trust from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Zacks Research upgraded Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research report on Monday, March 23rd. Wells Fargo & Company upped their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. Finally, UBS Group dropped their target price on Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, May 14th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Independence Realty Trust currently has a consensus rating of “Hold” and a consensus target price of $20.06.

Independence Realty Trust Stock Performance

NYSE:IRT opened at $16.63 on Monday. 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 market cap of $3.92 billion, a PE ratio of 83.15, a price-to-earnings-growth ratio of 1.85 and a beta of 0.96. The business has a 50 day moving average price of $15.95 and a 200-day moving average price of $16.45.

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

Independence Realty Trust Increases Dividend

The firm also recently disclosed 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 is Friday, June 26th. This represents a $0.72 annualized dividend and a yield of 4.3%. Independence Realty Trust’s dividend payout ratio (DPR) is 360.00%.

Independence Realty Trust 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.