IFP Advisors Inc Trims Stock Holdings in Independence Realty Trust, Inc. $IRT

IFP Advisors Inc decreased its position in Independence Realty Trust, Inc. (NYSE:IRT) by 16.1% in the second quarter, HoldingsChannel.com reports. The fund owned 5,756 shares of the real estate investment trust’s stock after selling 1,106 shares during the period. IFP Advisors Inc’s holdings in Independence Realty Trust were worth $102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IRT. Deutsche Bank AG raised its stake in Independence Realty Trust by 44.2% in the 1st quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust’s stock worth $103,535,000 after acquiring an additional 1,495,132 shares during the last quarter. Nuveen LLC purchased a new position in Independence Realty Trust in the 1st quarter worth $29,149,000. Cbre Investment Management Listed Real Assets LLC raised its stake in Independence Realty Trust by 120.0% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust’s stock worth $47,425,000 after acquiring an additional 1,218,559 shares during the last quarter. Woodline Partners LP purchased a new position in Independence Realty Trust in the 1st quarter worth $23,829,000. Finally, MetLife Investment Management LLC raised its stake in Independence Realty Trust by 257.0% in the 1st quarter. MetLife Investment Management LLC now owns 948,482 shares of the real estate investment trust’s stock worth $20,136,000 after acquiring an additional 682,815 shares during the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Down 0.2%

NYSE:IRT opened at $16.04 on Monday. Independence Realty Trust, Inc. has a 52 week low of $15.87 and a 52 week high of $22.26. The stock 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. The stock’s 50-day moving average price is $17.05 and its 200-day moving average price is $17.81.

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

Independence Realty Trust Announces Dividend

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

Analyst Ratings Changes

IRT has been the subject of a number of research analyst reports. Wells Fargo & Company reduced their target price on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a research note on Wednesday, August 27th. Wall Street Zen upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Friday, October 3rd. UBS Group reduced their price objective on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, July 15th. Barclays reduced their price objective on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Independence Realty Trust presently has an average rating of “Moderate Buy” and a consensus target price 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.