Quantinno Capital Management LP boosted its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT – Free Report) by 660.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 318,941 shares of the real estate investment trust’s stock after purchasing an additional 276,994 shares during the period. Quantinno Capital Management LP owned approximately 0.14% of Independence Realty Trust worth $4,749,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Independence Realty Trust by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 33,235,002 shares of the real estate investment trust’s stock worth $580,948,000 after buying an additional 250,549 shares during the period. State Street Corp grew its position in Independence Realty Trust by 0.6% during the fourth quarter. State Street Corp now owns 13,074,813 shares of the real estate investment trust’s stock valued at $230,705,000 after acquiring an additional 76,635 shares during the period. Alliancebernstein L.P. grew its position in Independence Realty Trust by 0.3% during the second quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock valued at $161,678,000 after acquiring an additional 30,701 shares during the period. Geode Capital Management LLC increased its stake in Independence Realty Trust by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust’s stock worth $112,690,000 after acquiring an additional 148,449 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of Independence Realty Trust by 209.5% in the 4th quarter. Morgan Stanley now owns 5,649,829 shares of the real estate investment trust’s stock valued at $98,759,000 after purchasing an additional 3,824,512 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.
Analysts Set New Price Targets
A number of analysts recently issued reports on the stock. Barclays raised shares of Independence Realty Trust from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $19.00 to $20.00 in a research report on Tuesday, July 14th. Wells Fargo & Company increased their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 1st. Royal Bank Of Canada lifted their target price on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday. Weiss Ratings raised shares of Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 6th. Finally, Wall Street Zen downgraded Independence Realty Trust from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.56.
Independence Realty Trust Stock Down 0.6%
IRT stock opened at $17.00 on Friday. The stock’s 50 day moving average is $16.64 and its two-hundred day moving average is $16.33. Independence Realty Trust, Inc. has a 52-week low of $14.60 and a 52-week high of $18.18. The company has a market capitalization of $4.01 billion, a PE ratio of 94.42 and a beta of 0.94.
Independence Realty Trust (NYSE:IRT – Get Free Report) last released its earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.26). Independence Realty Trust had a net margin of 6.52% and a return on equity of 1.22%. The business had revenue of $167.24 million for the quarter, compared to analysts’ expectations of $166.93 million. During the same quarter last year, the company posted $0.28 earnings per share. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. As a group, sell-side analysts anticipate that Independence Realty Trust, Inc. will post 1.14 EPS for the current year.
Independence Realty Trust Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a dividend of $0.18 per share. This is a positive change from Independence Realty Trust’s previous quarterly dividend of $0.17. The ex-dividend date was Friday, June 26th. This represents a $0.72 dividend on an annualized basis and a yield of 4.2%. Independence Realty Trust’s payout ratio is currently 400.00%.
Independence Realty Trust Company Profile
Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.
Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.
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