Cbre Investment Management Listed Real Assets LLC Has $52.48 Million Stake in Independence Realty Trust, Inc. $IRT

Cbre Investment Management Listed Real Assets LLC raised its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 32.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,966,540 shares of the real estate investment trust’s stock after buying an additional 732,689 shares during the quarter. Cbre Investment Management Listed Real Assets LLC’s holdings in Independence Realty Trust were worth $52,478,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its stake in Independence Realty Trust by 5.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,008,640 shares of the real estate investment trust’s stock worth $35,533,000 after acquiring an additional 99,286 shares during the last quarter. State of Michigan Retirement System boosted its position in shares of Independence Realty Trust by 1.6% during the second quarter. State of Michigan Retirement System now owns 56,100 shares of the real estate investment trust’s stock worth $992,000 after purchasing an additional 900 shares in the last quarter. Versor Investments LP grew its holdings in shares of Independence Realty Trust by 68.2% in the 2nd quarter. Versor Investments LP now owns 16,823 shares of the real estate investment trust’s stock valued at $298,000 after buying an additional 6,823 shares during the period. Strs Ohio increased its position in shares of Independence Realty Trust by 1,427.9% in the 2nd quarter. Strs Ohio now owns 646,300 shares of the real estate investment trust’s stock valued at $11,433,000 after buying an additional 604,000 shares in the last quarter. Finally, Amalgamated Bank increased its position in shares of Independence Realty Trust by 2.0% in the 2nd quarter. Amalgamated Bank now owns 102,372 shares of the real estate investment trust’s stock valued at $1,811,000 after buying an additional 1,988 shares in the last quarter. 88.25% of the stock is owned by institutional investors.

Independence Realty Trust Stock Performance

NYSE IRT opened at $15.96 on Friday. Independence Realty Trust, Inc. has a 52 week low of $15.06 and a 52 week high of $22.26. The stock’s 50 day moving average price is $16.65 and its two-hundred day moving average price is $17.57. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 159.59, a PEG ratio of 2.25 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.The business had revenue of $166.89 million for the quarter, compared to the consensus estimate of $168.31 million. During the same period in the prior year, the business earned $0.29 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. On average, equities research analysts forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Tuesday, September 30th. Independence Realty Trust’s dividend payout ratio is currently 680.00%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Independence Realty Trust in a research note on Friday, October 31st. UBS Group cut their price objective 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. Wells Fargo & Company decreased their price objective on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, August 27th. Barclays dropped their target price on shares of Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 12th. Finally, Compass Point upgraded shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and upped their price target for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.