Intech Investment Management LLC Has $2.89 Million Stock Position 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 reduced its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 13.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 136,140 shares of the real estate investment trust's stock after selling 21,046 shares during the quarter. Intech Investment Management LLC owned about 0.06% of Independence Realty Trust worth $2,890,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Deutsche Bank AG grew its position 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 worth $103,535,000 after buying an additional 1,495,132 shares in the last quarter. Nuveen LLC bought a new position in shares of Independence Realty Trust in the first quarter valued at approximately $29,149,000. Cbre Investment Management Listed Real Assets LLC raised its stake in shares of Independence Realty Trust by 120.0% in the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust's stock valued at $47,425,000 after acquiring an additional 1,218,559 shares during the last quarter. Woodline Partners LP bought a new position in shares of Independence Realty Trust in the first quarter valued at approximately $23,829,000. Finally, Millennium Management LLC increased its holdings in shares of Independence Realty Trust by 2,601.9% in the fourth quarter. Millennium Management LLC now owns 837,787 shares of the real estate investment trust's stock valued at $16,622,000 after purchasing an additional 806,780 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Compass Point raised shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and raised their price target for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Wells Fargo & Company lowered their price target 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. Wall Street Zen lowered shares of Independence Realty Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Barclays lowered 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. Finally, 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 report on Tuesday, July 15th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Independence Realty Trust presently has a consensus rating of "Moderate Buy" and an average price target of $22.14.

Independence Realty Trust Stock Up 0.8%

IRT traded up $0.14 during trading on Friday, hitting $17.20. The company had a trading volume of 3,272,021 shares, compared to its average volume of 2,273,375. The firm's 50-day moving average price is $17.39 and its 200 day moving average price is $18.49. Independence Realty Trust, Inc. has a one year low of $16.59 and a one year high of $22.26. The company has a market capitalization of $4.02 billion, a PE ratio of 143.29, a PEG ratio of 2.35 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. The firm had revenue of $161.89 million for the quarter, compared to analysts' expectations 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 previous year, the firm posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Investors of record on Tuesday, September 30th will be paid a $0.17 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a yield of 4.0%. Independence Realty Trust's dividend payout ratio is 566.67%.

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.