Boyum Wealth Architects LLC Takes $269,000 Position in Independence Realty Trust, Inc. $IRT

Key Points

• Boyum Wealth Architects LLC purchased a new stake in Independence Realty Trust, acquiring 15,230 shares valued at about $269,000 in the 2nd quarter.
• Analysts have recently downgraded the stock's rating, with Wall Street Zen moving from "hold" to "sell" and Barclays cutting its price target from $22.00 to $20.00.
• Independence Realty Trust announced a quarterly dividend of $0.17 per share, offering a dividend yield of 4.0% and setting its FY 2025 EPS guidance between 1.195 to 1.215.

Boyum Wealth Architects LLC bought a new position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 15,230 shares of the real estate investment trust's stock, valued at approximately $269,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Strs Ohio acquired a new position in Independence Realty Trust during the first quarter valued at approximately $898,000. Geneos Wealth Management Inc. grew its position in Independence Realty Trust by 6.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 27,250 shares of the real estate investment trust's stock worth $579,000 after purchasing an additional 1,556 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of Independence Realty Trust by 387.3% during the 1st quarter. Jane Street Group LLC now owns 818,312 shares of the real estate investment trust's stock valued at $17,373,000 after buying an additional 650,375 shares in the last quarter. Woodline Partners LP purchased a new stake in Independence Realty Trust in the 1st quarter worth approximately $23,829,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Independence Realty Trust by 16.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust's stock valued at $62,320,000 after buying an additional 420,682 shares in the last quarter. Institutional investors own 88.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on IRT shares. Wall Street Zen cut shares of Independence Realty Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Barclays dropped their target price on shares of Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 12th. Compass Point raised shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and increased their target price for the company from $22.00 to $24.00 in a research note on Thursday, July 31st. UBS Group dropped their target price 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, Wells Fargo & Company lowered 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. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $22.14.

Independence Realty Trust Stock Up 0.8%

IRT stock traded up $0.14 during midday trading on Friday, reaching $17.20. 3,272,021 shares of the company's stock traded hands, compared to its average volume of 2,273,375. The company has a 50-day simple moving average of $17.39 and a two-hundred day simple moving average of $18.49. Independence Realty Trust, Inc. has a 1-year low of $16.59 and a 1-year high of $22.26. The company has a market cap of $4.02 billion, a price-to-earnings ratio of 143.29, a PEG ratio of 2.35 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting analysts' consensus estimates of $0.28. The business had revenue of $161.89 million during the quarter, compared to analysts' expectations of $164.78 million. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.During the same period in the previous year, the firm earned $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Equities research analysts forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Tuesday, September 30th. Independence Realty Trust's dividend payout ratio is 566.67%.

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.