Alliancebernstein L.P. Reduces Holdings in Independence Realty Trust, Inc. $IRT

Key Points

• Alliancebernstein L.P. sold 461,362 shares of Independence Realty Trust, Inc. (IRT), decreasing its stake by 4.8% and retaining approximately 3.90% of the company, valued at $193,380,000.
• Independence Realty Trust reported $0.28 earnings per share for the last quarter, meeting analysts' estimates, and the company set its FY 2025 EPS guidance at 1.195-1.215.
• Analysts have mixed views on IRT, with several upgrading and downgrading their price targets, leading to a current consensus target price of $22.11, and an overall rating of "Moderate Buy".

Alliancebernstein L.P. trimmed its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 4.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,108,805 shares of the real estate investment trust's stock after selling 461,362 shares during the period. Alliancebernstein L.P. owned about 3.90% of Independence Realty Trust worth $193,380,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Brooklyn Investment Group boosted 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 acquiring an additional 712 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Independence Realty Trust during the first quarter worth approximately $53,000. GKV Capital Management Co. Inc. acquired a new stake in Independence Realty Trust during the first quarter worth approximately $57,000. GF Fund Management CO. LTD. acquired a new stake in Independence Realty Trust during the fourth quarter worth approximately $83,000. Finally, Wealthquest Corp acquired a new stake in Independence Realty Trust during the first quarter worth approximately $85,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on IRT shares. Wells Fargo & Company decreased their price target on shares of Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Wednesday, August 27th. Compass Point upgraded shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and lifted their price target for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Barclays decreased their price target 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. UBS Group decreased their price target on shares of Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Finally, Wall Street Zen lowered shares of Independence Realty Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $22.14.

Independence Realty Trust Stock Down 1.1%

Shares of IRT stock traded down $0.20 during mid-day trading on Wednesday, reaching $17.70. The company's stock had a trading volume of 808,916 shares, compared to its average volume of 2,210,308. The company's 50 day simple moving average is $17.45 and its 200-day simple moving average is $18.69. Independence Realty Trust, Inc. has a 12-month low of $16.59 and a 12-month high of $22.26. The firm has a market capitalization of $4.14 billion, a PE ratio of 147.54, a price-to-earnings-growth ratio of 2.46 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting analysts' consensus estimates of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The business had revenue of $161.89 million for the quarter, compared to the consensus estimate of $164.78 million. During the same quarter last year, the firm posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. As a group, research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.68 annualized dividend and a yield of 3.8%. Independence Realty Trust's payout ratio is 566.67%.

Independence Realty Trust 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.