Taylor Frigon Capital Management LLC Has $1.37 Million Stock Holdings in Independence Realty Trust, Inc. $IRT

Taylor Frigon Capital Management LLC decreased its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 1.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 77,342 shares of the real estate investment trust’s stock after selling 890 shares during the quarter. Taylor Frigon Capital Management LLC’s holdings in Independence Realty Trust were worth $1,368,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Brooklyn Investment Group boosted its position in Independence Realty Trust by 131.4% during the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 712 shares during the last quarter. UMB Bank n.a. raised its position in Independence Realty Trust by 189.5% during the second quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust’s stock valued at $51,000 after acquiring an additional 1,887 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Independence Realty Trust in the first quarter valued at approximately $53,000. GKV Capital Management Co. Inc. bought a new stake in Independence Realty Trust in the first quarter worth approximately $57,000. Finally, Wealthquest Corp acquired a new position in shares of Independence Realty Trust during the 1st quarter worth $85,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

Shares of IRT opened at $16.53 on Monday. The company has a 50-day simple moving average of $17.34 and a 200-day simple moving average of $18.31. The firm has a market capitalization of $3.86 billion, a P/E ratio of 137.71, a P/E/G ratio of 2.28 and a beta of 0.96. Independence Realty Trust, Inc. has a 52 week low of $16.43 and a 52 week high of $22.26.

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

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th will be paid a $0.17 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. Independence Realty Trust’s dividend payout ratio is currently 566.67%.

Wall Street Analyst Weigh In

IRT has been the subject of several analyst reports. Compass Point raised shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $22.00 to $24.00 in a research note on Thursday, July 31st. UBS Group cut their target price on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, July 15th. Wall Street Zen cut Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, August 30th. Wells Fargo & Company lowered their price objective on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, August 27th. Finally, Barclays cut their price objective on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 12th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.14.

Independence Realty Trust Profile

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.