2,141,229 Shares in Independence Realty Trust, Inc. $IRT Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 2.14 million shares of Independence Realty Trust in the second quarter, worth approximately $35.7 million and representing about 0.91% of the REIT. Institutional investors collectively own 88.25% of the company.
• IRT shares opened at $14.69, near their 52-week low, after the company reported quarterly EPS of $0.01—well below the $0.27 consensus estimate—despite revenue rising 3.2% year over year to $167.24 million.
• The company declared a quarterly dividend of $0.18 per share, implying an annualized yield of about 4.9%. Analysts maintain a “Moderate Buy” consensus with an average price target of $19.72.

Bank of America Corp DE purchased a new stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,141,229 shares of the real estate investment trust's stock, valued at approximately $35,737,000. Bank of America Corp DE owned about 0.91% of Independence Realty Trust as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of IRT. BlackRock Inc. purchased a new stake in Independence Realty Trust during the 2nd quarter worth approximately $601,975,000. Geode Capital Management LLC raised its position in shares of Independence Realty Trust by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust's stock valued at $112,690,000 after purchasing an additional 148,449 shares in the last quarter. Engineers Gate Manager LP boosted its stake in shares of Independence Realty Trust by 16,719.4% during the 4th quarter. Engineers Gate Manager LP now owns 4,299,707 shares of the real estate investment trust's stock valued at $75,159,000 after buying an additional 4,274,143 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Independence Realty Trust by 4.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,473,797 shares of the real estate investment trust's stock valued at $51,725,000 after buying an additional 134,364 shares during the last quarter. Finally, Rush Island Management LP acquired a new stake in shares of Independence Realty Trust during the first quarter worth approximately $51,462,000. Institutional investors and hedge funds own 88.25% of the company's stock.

Independence Realty Trust Trading Down 0.7%

Shares of NYSE:IRT opened at $14.69 on Tuesday. The firm's 50 day moving average is $16.32 and its two-hundred day moving average is $16.21. The firm has a market capitalization of $3.46 billion, a P/E ratio of 81.61 and a beta of 0.93. Independence Realty Trust, Inc. has a 52 week low of $14.60 and a 52 week high of $17.79.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.26). Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%.The business had revenue of $167.24 million for the quarter, compared to analyst estimates of $166.93 million. During the same quarter in the prior year, the firm posted $0.28 earnings per share. The business's quarterly revenue was up 3.2% on a year-over-year basis. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. Analysts predict that Independence Realty Trust, Inc. will post 1.14 EPS for the current year.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Independence Realty Trust's dividend payout ratio (DPR) is presently 400.00%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on IRT shares. Wall Street Zen upgraded shares of Independence Realty Trust from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 15th. Jefferies Financial Group upgraded Independence Realty Trust to a "strong-buy" rating in a research note on Wednesday, July 22nd. Weiss Ratings raised Independence Realty Trust from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Wells Fargo & Company upped their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Monday, June 1st. Finally, Royal Bank Of Canada increased their target price on Independence Realty Trust from $18.00 to $19.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.72.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc is a self-administered and self-managed real estate investment trust that owns, operates and acquires multifamily apartment communities. The company generates revenue primarily from residential rents and related fees, while focusing on providing housing in markets with favorable population and employment trends.

Independence Realty Trust's portfolio is concentrated primarily in the Sun Belt and other high-growth regions of the United States. Its communities serve a range of renters and typically include amenities such as swimming pools, fitness centers, clubhouses and outdoor recreation areas.

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