Mitsubishi UFJ Asset Management Co. Ltd. Buys 6,149 Shares of Independence Realty Trust, Inc. $IRT

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 3.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 166,543 shares of the real estate investment trust’s stock after buying an additional 6,149 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Independence Realty Trust were worth $2,946,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in IRT. Metis Global Partners LLC increased its holdings in Independence Realty Trust by 32.2% in the 2nd quarter. Metis Global Partners LLC now owns 38,595 shares of the real estate investment trust’s stock worth $683,000 after acquiring an additional 9,398 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its position in shares of Independence Realty Trust by 32.8% in the second quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,966,540 shares of the real estate investment trust’s stock worth $52,478,000 after purchasing an additional 732,689 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Independence Realty Trust by 5.2% in the second 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 purchasing an additional 99,286 shares during the period. State of Michigan Retirement System increased its stake in shares of Independence Realty Trust by 1.6% in 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. Finally, Versor Investments LP raised its position in shares of Independence Realty Trust by 68.2% during the 2nd quarter. Versor Investments LP now owns 16,823 shares of the real estate investment trust’s stock valued at $298,000 after purchasing an additional 6,823 shares during the period. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Down 0.6%

Shares of IRT stock opened at $16.47 on Friday. The company’s fifty day simple moving average is $16.52 and its two-hundred day simple moving average is $17.47. Independence Realty Trust, Inc. has a 52 week low of $15.06 and a 52 week high of $22.26. The stock has a market cap of $3.94 billion, a P/E ratio of 164.67, a PEG ratio of 2.29 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $167.14 million during the quarter, compared to the consensus estimate of $168.31 million. Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.During the same period last year, the firm posted $0.29 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. On average, analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th were paid a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. Independence Realty Trust’s payout ratio is presently 680.00%.

Analysts Set New Price Targets

A number of research firms recently weighed in on IRT. Weiss Ratings restated a “hold (c-)” rating on shares of Independence Realty Trust in a research note on Friday, October 31st. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $22.00 to $24.00 in a research report on Thursday, July 31st. Wall Street Zen lowered Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Wells Fargo & Company cut their target price 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. Finally, UBS Group lowered their price target on Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Monday. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Independence Realty Trust currently has an average rating of “Moderate Buy” and a consensus price target of $21.86.

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.