Independence Realty Trust, Inc. $IRT Holdings Cut by Knights of Columbus Asset Advisors LLC

Key Points

• Knights of Columbus Asset Advisors LLC reduced its stake in Independence Realty Trust by 65.9%, owning 85,058 shares after selling 164,245 shares in the second quarter.
• Independence Realty Trust plans to pay a $0.17 quarterly dividend on October 24th, providing an annual yield of 4.2%, despite a high payout ratio of 566.67%.
• Analysts have mixed ratings on Independence Realty Trust, with a consensus target price of $22.14, as several firms adjusted their price targets for the stock recently.

Knights of Columbus Asset Advisors LLC decreased its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 65.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 85,058 shares of the real estate investment trust's stock after selling 164,245 shares during the quarter. Knights of Columbus Asset Advisors LLC's holdings in Independence Realty Trust were worth $1,505,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brooklyn Investment Group increased its stake in shares of Independence Realty Trust by 131.4% during the 1st quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 712 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Independence Realty Trust during the 1st quarter worth $53,000. GKV Capital Management Co. Inc. acquired a new position in shares of Independence Realty Trust during the 1st quarter worth $57,000. UMB Bank n.a. increased its stake in shares of Independence Realty Trust by 189.5% during the 2nd quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust's stock worth $51,000 after purchasing an additional 1,887 shares during the last quarter. Finally, Wealthquest Corp acquired a new position in shares of Independence Realty Trust during the 1st quarter worth $85,000. Hedge funds and other institutional investors own 88.25% of the company's stock.

Independence Realty Trust Trading Down 0.9%

NYSE:IRT opened at $16.17 on Tuesday. Independence Realty Trust, Inc. has a 1 year low of $16.11 and a 1 year high of $22.26. The firm's fifty day simple moving average is $17.21 and its 200 day simple moving average is $18.12. The firm has a market capitalization of $3.78 billion, a PE ratio of 134.75, a PEG ratio of 2.25 and a beta of 0.95.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.28. The company had revenue of $161.89 million for the quarter, compared to analyst estimates of $164.78 million. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. During the same period last year, the business posted $0.28 EPS. 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 fiscal year.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.2%. The ex-dividend date is Tuesday, September 30th. Independence Realty Trust's dividend payout ratio (DPR) is currently 566.67%.

Analysts Set New Price Targets

Several research analysts have recently commented on IRT shares. UBS Group dropped 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 research note on Tuesday, July 15th. Compass Point upgraded shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and increased their price target for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. Weiss Ratings restated a "hold (c)" rating on shares of Independence Realty Trust in a research note on Saturday, September 27th. Wells Fargo & Company lowered their target price on shares of Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 27th. Finally, Barclays lowered their target price on shares of Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 12th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus 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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