Allianz Asset Management GmbH Boosts Stake in Independence Realty Trust, Inc. $IRT

Allianz Asset Management GmbH raised its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 4.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 136,363 shares of the real estate investment trust’s stock after buying an additional 6,226 shares during the quarter. Allianz Asset Management GmbH owned about 0.06% of Independence Realty Trust worth $2,412,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IRT. Brooklyn Investment Group grew 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 worth $27,000 after buying an additional 712 shares in the last quarter. UMB Bank n.a. grew 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 worth $51,000 after buying an additional 1,887 shares in the last quarter. Headlands Technologies LLC purchased a new position in Independence Realty Trust during the first quarter worth about $53,000. GKV Capital Management Co. Inc. purchased a new position in Independence Realty Trust during the first quarter worth about $57,000. Finally, Wealthquest Corp purchased a new position in Independence Realty Trust during the first quarter worth about $85,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Trading Down 0.4%

IRT opened at $16.25 on Friday. The stock has a 50-day moving average price of $16.93 and a 200-day moving average price of $17.75. Independence Realty Trust, Inc. has a 12-month low of $15.87 and a 12-month high of $22.26. The stock has a market capitalization of $3.80 billion, a P/E ratio of 135.38, a PEG ratio of 2.25 and a beta of 0.95.

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, meeting 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 company had revenue of $161.89 million during the quarter, compared to analyst estimates of $164.78 million. During the same quarter in the previous year, the company posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, equities research analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Tuesday, September 30th. Independence Realty Trust’s payout ratio is 566.67%.

Wall Street Analyst Weigh In

IRT has been the subject of several recent analyst reports. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. Barclays cut their price objective on 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. UBS Group cut their price objective on 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 Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. Finally, Wells Fargo & Company cut their price objective on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, August 27th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Independence Realty Trust currently has an average rating of “Moderate Buy” and an average price target of $22.14.

Independence Realty Trust Company 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.