Independence Realty Trust, Inc. $IRT Holdings Lowered by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its Independence Realty Trust stake by 91% during the second quarter, selling 200,913 shares and retaining 19,805 shares valued at approximately $332,000. Institutional investors collectively own 88.25% of the REIT.
• Independence Realty Trust reported quarterly revenue of $167.24 million, slightly exceeding estimates, but its $0.01 EPS missed consensus by $0.26. Shares recently opened at $14.52, near the company’s 52-week low.
• The company declared a quarterly dividend of $0.18 per share, equal to an annualized $0.72 payout and a 5.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $19.72.

Corient Private Wealth LP lowered its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 91.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 19,805 shares of the real estate investment trust's stock after selling 200,913 shares during the quarter. Corient Private Wealth LP's holdings in Independence Realty Trust were worth $332,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Independence Realty Trust during the second quarter worth about $601,975,000. Geode Capital Management LLC increased its stake in shares of Independence Realty Trust by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust's stock worth $112,690,000 after purchasing an additional 148,449 shares in the last quarter. Engineers Gate Manager LP raised its position in shares of Independence Realty Trust by 16,719.4% in the fourth quarter. Engineers Gate Manager LP now owns 4,299,707 shares of the real estate investment trust's stock valued at $75,159,000 after purchasing an additional 4,274,143 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Independence Realty Trust by 4.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,473,797 shares of the real estate investment trust's stock valued at $51,725,000 after purchasing an additional 134,364 shares during the period. Finally, Rush Island Management LP bought a new stake in shares of Independence Realty Trust in the first quarter valued at approximately $51,462,000. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $14.52 on Friday. Independence Realty Trust, Inc. has a 1 year low of $14.34 and a 1 year high of $17.79. The firm has a market cap of $3.42 billion, a PE ratio of 80.64 and a beta of 0.96. The company has a 50 day simple moving average of $15.98 and a two-hundred day simple moving average of $16.11.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.26). Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%.The company had revenue of $167.24 million during the quarter, compared to the consensus estimate of $166.93 million. During the same period in the previous year, the company earned $0.28 EPS. Independence Realty Trust's quarterly revenue was up 3.2% on a year-over-year basis. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. As a group, research analysts anticipate that Independence Realty Trust, Inc. will post 1.14 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 23rd. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.18 per share. The ex-dividend date is Wednesday, September 30th. This represents a $0.72 dividend on an annualized basis and a yield of 5.0%. Independence Realty Trust's dividend payout ratio (DPR) is presently 400.00%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Barclays upgraded shares of Independence Realty Trust from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $19.00 to $20.00 in a research note on Tuesday, July 14th. Citigroup restated a "market outperform" rating on shares of Independence Realty Trust in a research report on Thursday, September 10th. Wall Street Zen raised Independence Realty Trust from a "strong sell" rating to a "sell" rating in a report on Saturday, August 15th. Citizens Jmp reiterated a "market outperform" rating and issued a $22.00 price target on shares of Independence Realty Trust in a research report on Thursday, September 10th. Finally, Royal Bank Of Canada boosted their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $19.72.

Independence Realty Trust Profile

Independence Realty Trust, Inc is a real estate investment trust that owns, operates and manages multifamily apartment communities in the United States. The company focuses primarily on well-located properties in the Sun Belt and other attractive growth markets, serving residents seeking conventional apartment housing.

Its portfolio includes apartment communities with a range of unit types and resident amenities. Independence Realty Trust's activities include leasing and managing properties, maintaining and improving communities, and pursuing acquisitions, dispositions and renovation initiatives intended to support the long-term performance of its residential portfolio.

Founded in 2009, the company has expanded through portfolio growth and strategic transactions, including its combination with Steadfast Apartment REIT in 2022.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.