Exchange Traded Concepts LLC Invests $1.11 Million in Independence Realty Trust, Inc. $IRT

Exchange Traded Concepts LLC purchased a new position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 62,466 shares of the real estate investment trust's stock, valued at approximately $1,105,000.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. raised its position in Independence Realty Trust by 3.5% in the 1st quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust's stock worth $15,864,000 after buying an additional 25,124 shares during the last quarter. Victory Capital Management Inc. raised its position in Independence Realty Trust by 889.9% in the 1st quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust's stock worth $8,721,000 after buying an additional 369,303 shares during the last quarter. Headlands Technologies LLC purchased a new position in Independence Realty Trust in the 1st quarter worth about $53,000. Cbre Investment Management Listed Real Assets LLC raised its position in Independence Realty Trust by 120.0% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust's stock worth $47,425,000 after buying an additional 1,218,559 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Independence Realty Trust by 1.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust's stock worth $76,825,000 after buying an additional 57,108 shares during the last quarter. Hedge funds and other institutional investors own 88.25% of the company's stock.

Independence Realty Trust Stock Down 0.8%

Shares of Independence Realty Trust stock opened at $17.05 on Tuesday. The stock's fifty day moving average is $17.38 and its two-hundred day moving average is $18.42. The company has a market capitalization of $3.99 billion, a PE ratio of 142.08, a price-to-earnings-growth ratio of 2.37 and a beta of 0.96. Independence Realty Trust, Inc. has a 52 week low of $16.59 and a 52 week high of $22.26.

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, meeting the consensus estimate of $0.28. The company had revenue of $161.89 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company 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 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The company 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. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.0%. Independence Realty Trust's dividend payout ratio is presently 566.67%.

Wall Street Analysts Forecast Growth

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

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.

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