Easterly Investment Partners LLC Acquires 116,710 Shares of Independence Realty Trust, Inc. $IRT

Key Points

• Easterly Investment Partners LLC increased its holdings in Independence Realty Trust, acquiring an additional 116,710 shares, bringing their total to 730,577 shares, which makes it their 29th largest position.
• Independence Realty Trust recently declared a quarterly dividend of $0.17, with a 4.2% dividend yield, and has a dividend payout ratio of 566.67%.
• The stock has a current price of $16.07 with a market capitalization of $3.76 billion, and analysts have set an average target price of $22.14 for the shares.

Easterly Investment Partners LLC boosted its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 19.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 730,577 shares of the real estate investment trust's stock after acquiring an additional 116,710 shares during the quarter. Independence Realty Trust accounts for approximately 0.9% of Easterly Investment Partners LLC's holdings, making the stock its 29th largest position. Easterly Investment Partners LLC owned approximately 0.31% of Independence Realty Trust worth $12,924,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IRT. Kingswood Wealth Advisors LLC lifted its position in Independence Realty Trust by 34.9% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 37,035 shares of the real estate investment trust's stock valued at $791,000 after acquiring an additional 9,581 shares in the last quarter. State of Alaska Department of Revenue lifted its position in Independence Realty Trust by 2.1% in the 1st quarter. State of Alaska Department of Revenue now owns 136,579 shares of the real estate investment trust's stock valued at $2,898,000 after acquiring an additional 2,748 shares in the last quarter. Retirement Systems of Alabama lifted its position in Independence Realty Trust by 2.7% in the 1st quarter. Retirement Systems of Alabama now owns 280,506 shares of the real estate investment trust's stock valued at $5,955,000 after acquiring an additional 7,258 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in Independence Realty Trust by 2.7% in the 1st quarter. Asset Management One Co. Ltd. now owns 355,905 shares of the real estate investment trust's stock valued at $7,556,000 after acquiring an additional 9,466 shares in the last quarter. Finally, Wealthquest Corp bought a new position in Independence Realty Trust in the 1st quarter valued at approximately $85,000. 88.25% of the stock is owned by institutional investors.

Independence Realty Trust Price Performance

NYSE:IRT opened at $16.07 on Friday. The firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of 133.92, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95. Independence Realty Trust, Inc. has a one year low of $15.87 and a one year high of $22.26. The business has a fifty day moving average price of $17.07 and a 200-day moving average price of $17.89.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. The firm had revenue of $161.89 million during the quarter, compared to analyst estimates 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 prior year, the business posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, equities research analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

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 paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Tuesday, September 30th. Independence Realty Trust's dividend payout ratio is 566.67%.

Analyst Ratings Changes

Several research firms recently issued reports on IRT. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Independence Realty Trust in a research report on Wednesday, October 8th. Barclays lowered their price target on 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 lowered their price target on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Wells Fargo & Company lowered their price target on Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Wednesday, August 27th. Finally, Wall Street Zen raised Independence Realty Trust from a "sell" rating to a "hold" rating in a report on Friday, October 3rd. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Independence Realty Trust currently has an average rating of "Moderate Buy" and an average target price of $22.14.

About Independence Realty Trust

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.

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