Independence Realty Trust, Inc. $IRT Stake Increased by Congress Asset Management Co.

Key Points

• Congress Asset Management increased its Independence Realty Trust stake by 21.4% in the third quarter, purchasing 214,192 additional shares and bringing its holdings to 1.22 million shares, or 0.52% of the company.
• Institutional ownership remains high at 88.25%, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $19.72.
• Independence Realty Trust reported quarterly revenue of $167.24 million but missed earnings estimates, posting $0.01 per share versus expectations of $0.27. The company also declared a quarterly dividend of $0.18 per share, representing a 4.9% annualized yield.

Congress Asset Management Co. raised its position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 21.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,216,370 shares of the real estate investment trust's stock after purchasing an additional 214,192 shares during the quarter. Congress Asset Management Co. owned 0.52% of Independence Realty Trust worth $17,674,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Sequoia Financial Advisors LLC increased its holdings in Independence Realty Trust by 34.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,946 shares of the real estate investment trust's stock worth $350,000 after buying an additional 5,322 shares in the last quarter. Integrated Wealth Concepts LLC lifted its stake in Independence Realty Trust by 5.4% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 25,848 shares of the real estate investment trust's stock valued at $431,000 after acquiring an additional 1,318 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of Independence Realty Trust by 2,201.1% during the 2nd quarter. Squarepoint Ops LLC now owns 981,897 shares of the real estate investment trust's stock valued at $16,388,000 after acquiring an additional 939,226 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Independence Realty Trust by 47.6% during the 2nd quarter. Baird Financial Group Inc. now owns 20,631 shares of the real estate investment trust's stock valued at $344,000 after acquiring an additional 6,653 shares during the last quarter. Finally, Allworth Financial LP grew its stake in shares of Independence Realty Trust by 25.9% in the second quarter. Allworth Financial LP now owns 5,778 shares of the real estate investment trust's stock worth $96,000 after acquiring an additional 1,187 shares during the period. 88.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group upgraded shares of Independence Realty Trust to a "strong-buy" rating in a report on Wednesday, July 22nd. Barclays raised Independence Realty Trust from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $19.00 to $20.00 in a report on Tuesday, July 14th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $22.00 price objective on shares of Independence Realty Trust in a report on Thursday, September 10th. Wall Street Zen upgraded Independence Realty Trust from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, UBS Group lowered their target price on Independence Realty Trust from $19.00 to $18.00 and set a "buy" rating on the stock in a report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.72.

Independence Realty Trust Price Performance

NYSE:IRT opened at $14.72 on Wednesday. Independence Realty Trust, Inc. has a one year low of $14.34 and a one year high of $17.79. The business has a fifty day moving average price of $15.91 and a 200-day moving average price of $16.09. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of 81.78 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.26). The company had revenue of $167.24 million for the quarter, compared to analysts' expectations of $166.93 million. Independence Realty Trust had a net margin of 6.52% and a return on equity of 1.22%. Independence Realty Trust's revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.28 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. On average, equities research analysts expect that Independence Realty Trust, Inc. will post 1.14 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 23rd. Investors of record on Wednesday, September 30th will be paid 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 dividend yield of 4.9%. Independence Realty Trust's payout ratio is 400.00%.

Independence Realty Trust Company 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.

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