Jennison Associates LLC Sells 1,623,627 Shares of Independence Realty Trust, Inc. $IRT

Jennison Associates LLC lowered its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 26.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,603,487 shares of the real estate investment trust's stock after selling 1,623,627 shares during the quarter. Jennison Associates LLC owned approximately 1.93% of Independence Realty Trust worth $80,469,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. acquired a new position in Independence Realty Trust in the 3rd quarter worth $857,000. JPMorgan Chase & Co. boosted its stake in Independence Realty Trust by 6.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,106,225 shares of the real estate investment trust's stock worth $34,521,000 after purchasing an additional 123,274 shares during the period. Argosy Lionbridge Management LLC acquired a new position in Independence Realty Trust in the 3rd quarter worth $12,209,000. Hantz Financial Services Inc. boosted its stake in Independence Realty Trust by 3,483.0% in the 3rd quarter. Hantz Financial Services Inc. now owns 66,967 shares of the real estate investment trust's stock worth $1,098,000 after purchasing an additional 65,098 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Independence Realty Trust in the 3rd quarter worth $4,163,000. Institutional investors own 88.25% of the company's stock.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $16.31 on Friday. The firm has a 50-day moving average of $15.81 and a 200-day moving average of $16.41. Independence Realty Trust, Inc. has a one year low of $14.60 and a one year high of $19.83. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 81.53, a P/E/G ratio of 1.82 and a beta of 1.00.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.23. Independence Realty Trust had a net margin of 7.27% and a return on equity of 1.34%. The company had revenue of $165.32 million during the quarter, compared to the consensus estimate of $166.35 million. During the same period in the prior year, the business posted $0.27 EPS. The company's quarterly revenue was up 2.7% on a year-over-year basis. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS. As a group, sell-side analysts expect that Independence Realty Trust, Inc. will post 1.14 earnings per share for the current year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Friday, March 27th. Independence Realty Trust's dividend payout ratio is currently 283.33%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IRT. Zacks Research raised shares of Independence Realty Trust from a "strong sell" rating to a "hold" rating in a research note on Monday, March 23rd. Citigroup reaffirmed an "outperform" rating on shares of Independence Realty Trust in a research note on Friday, January 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Independence Realty Trust in a research note on Friday, March 27th. Barclays reduced their target price on shares of Independence Realty Trust from $21.00 to $18.00 and set an "equal weight" rating for the company in a research note on Friday, March 6th. Finally, UBS Group upped their target price on shares of Independence Realty Trust from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, January 8th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Independence Realty Trust presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.50.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.

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