Intech Investment Management LLC Trims Stock Holdings in Independence Realty Trust, Inc. $IRT

Key Points

• Intech Investment Management LLC has reduced its stake in Independence Realty Trust, Inc. by 13.4%, now holding 136,140 shares valued at approximately $2.89 million as of the latest reporting period.
• The stock has received mixed reviews from analysts, with some lowering price targets; for instance, Wells Fargo cut its target from $24.00 to $20.00 while Compass Point upgraded its target from $22.00 to $24.00.
• Independence Realty Trust announced a quarterly dividend of $0.17, representing an annualized dividend yield of 3.9%, but has a high payout ratio of 566.67%.

Intech Investment Management LLC decreased its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 13.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,140 shares of the real estate investment trust's stock after selling 21,046 shares during the period. Intech Investment Management LLC owned 0.06% of Independence Realty Trust worth $2,890,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Brooklyn Investment Group grew its stake in Independence Realty Trust by 131.4% during the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock valued at $27,000 after acquiring an additional 712 shares in the last quarter. Headlands Technologies LLC purchased a new position in Independence Realty Trust during the first quarter valued at approximately $53,000. GKV Capital Management Co. Inc. purchased a new position in Independence Realty Trust during the first quarter valued at approximately $57,000. GF Fund Management CO. LTD. purchased a new position in Independence Realty Trust during the fourth quarter valued at approximately $83,000. Finally, Wealthquest Corp purchased a new position in Independence Realty Trust during the first quarter valued at approximately $85,000. Hedge funds and other institutional investors own 88.25% of the company's stock.

Wall Street Analysts Forecast Growth

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

Independence Realty Trust Trading Down 1.8%

Shares of NYSE IRT opened at $17.40 on Monday. Independence Realty Trust, Inc. has a 12 month low of $16.59 and a 12 month high of $22.26. The firm has a market capitalization of $4.07 billion, a PE ratio of 145.00, a price-to-earnings-growth ratio of 2.40 and a beta of 0.96. The firm has a fifty day simple moving average of $17.44 and a two-hundred day simple moving average of $18.60.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, hitting analysts' consensus estimates of $0.28. The firm had revenue of $161.89 million for 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 period in the prior year, the firm earned $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, sell-side analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th will be given a $0.17 dividend. 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 3.9%. Independence Realty Trust's dividend payout ratio is currently 566.67%.

Independence Realty Trust Company 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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