Boyum Wealth Architects LLC Buys New Stake 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 stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 15,230 shares of the real estate investment trust's stock, valued at approximately $269,000.

Other large investors have also recently made changes to their positions in the company. Brooklyn Investment Group lifted its stake in shares of Independence Realty Trust by 131.4% in the 1st quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock valued at $27,000 after purchasing an additional 712 shares during the period. Headlands Technologies LLC purchased a new stake in Independence Realty Trust in the 1st quarter worth $53,000. GKV Capital Management Co. Inc. purchased a new stake in Independence Realty Trust in the 1st quarter worth $57,000. GF Fund Management CO. LTD. purchased a new stake in Independence Realty Trust in the 4th quarter worth $83,000. Finally, Wealthquest Corp purchased a new stake in Independence Realty Trust in the 1st quarter worth $85,000. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

IRT has been the subject of several recent analyst reports. Wall Street Zen lowered shares of Independence Realty Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Barclays cut their price target on shares of Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Tuesday, August 12th. Wells Fargo & Company cut their price target on shares of Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating for the company in a report on Wednesday, August 27th. UBS Group cut their price target on shares of Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. Finally, Compass Point raised shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $22.00 to $24.00 in a report on Thursday, July 31st. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.14.

Independence Realty Trust Price Performance

NYSE IRT opened at $17.17 on Tuesday. The firm's 50-day moving average is $17.43 and its two-hundred day moving average is $18.57. Independence Realty Trust, Inc. has a 12 month low of $16.59 and a 12 month high of $22.26. The stock has a market capitalization of $4.01 billion, a P/E ratio of 143.08, a PEG ratio of 2.40 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted 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 company had revenue of $161.89 million for the quarter, compared to analysts' expectations of $164.78 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. As a group, analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The firm also recently declared 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 annualized dividend 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 currently 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.

Want to see what other hedge funds are holding IRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independence Realty Trust, Inc. (NYSE:IRT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.