Independence Realty Trust, Inc. $IRT Stake Increased by AlphaQuest LLC

Key Points

• AlphaQuest LLC has increased its stake in Independence Realty Trust by 126.9%, owning 59,800 shares worth approximately $1,058,000 as of the latest reporting period.
• Vanguard Group, Wellington Management, Deutsche Bank, and others have also increased their stakes in the company, with institutional investors now owning 88.25% of the company's stock.
• Independence Realty Trust announced a quarterly dividend of $0.17, yielding 4.2%, despite a high dividend payout ratio of 566.67%.

AlphaQuest LLC increased its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 126.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,800 shares of the real estate investment trust's stock after buying an additional 33,440 shares during the period. AlphaQuest LLC's holdings in Independence Realty Trust were worth $1,058,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Independence Realty Trust by 1.7% in the first quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust's stock worth $696,482,000 after buying an additional 554,729 shares during the last quarter. Wellington Management Group LLP increased its stake in Independence Realty Trust by 1.3% during the first quarter. Wellington Management Group LLP now owns 13,570,175 shares of the real estate investment trust's stock valued at $288,095,000 after purchasing an additional 171,228 shares during the last quarter. Deutsche Bank AG increased its stake in Independence Realty Trust by 44.2% during the first quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust's stock valued at $103,535,000 after purchasing an additional 1,495,132 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Independence Realty Trust by 1.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust's stock valued at $76,825,000 after purchasing an additional 57,108 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Independence Realty Trust by 16.7% during the first quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust's stock valued at $62,320,000 after purchasing an additional 420,682 shares during the last quarter. Institutional investors own 88.25% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. UBS Group lowered their target price on shares of 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 lowered their target price on shares of 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. Wall Street Zen upgraded shares of Independence Realty Trust from a "sell" rating to a "hold" rating in a research note on Friday, October 3rd. Compass Point raised shares of 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 report on Thursday, July 31st. Finally, Barclays reduced 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. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Independence Realty Trust currently has an average rating of "Moderate Buy" and an average price target of $22.14.

Independence Realty Trust Stock Performance

Shares of IRT opened at $16.25 on Friday. Independence Realty Trust, Inc. has a 1 year low of $15.87 and a 1 year high of $22.26. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 135.38, a price-to-earnings-growth ratio of 2.24 and a beta of 0.95. The firm has a fifty day moving average of $16.93 and a 200-day moving average of $17.75.

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 earnings per share for the quarter, hitting the consensus estimate of $0.28. The business had revenue of $161.89 million during the quarter, compared to the consensus estimate 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 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. Analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current year.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Investors of record on Tuesday, September 30th were issued a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.68 annualized dividend and a yield of 4.2%. Independence Realty Trust's dividend payout ratio is presently 566.67%.

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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