Strs Ohio Takes $898,000 Position in Independence Realty Trust, Inc. $IRT

Key Points

• Strs Ohio has acquired a new position in Independence Realty Trust, purchasing 42,300 shares valued at approximately $898,000 during the first quarter.
• Independent Realty Trust's stock ratings have been mixed; Barclays decreased their target price to $20, بينما Compass Point upgraded it to $24, reflecting differing analyst opinions.
• The company has declared a quarterly dividend of $0.17 per share with an ex-dividend date of September 30th, translating to a 4.0% dividend yield.

Strs Ohio acquired a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 42,300 shares of the real estate investment trust's stock, valued at approximately $898,000.

Other large investors also recently added to or reduced their stakes in the company. Deutsche Bank AG lifted its stake in shares of Independence Realty Trust by 44.2% in the 1st 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. Nuveen LLC bought a new position in shares of Independence Realty Trust in the 1st quarter valued at approximately $29,149,000. Cbre Investment Management Listed Real Assets LLC boosted its position in Independence Realty Trust by 120.0% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust's stock worth $47,425,000 after purchasing an additional 1,218,559 shares during the period. Woodline Partners LP bought a new stake in Independence Realty Trust during the first quarter worth approximately $23,829,000. Finally, Millennium Management LLC boosted its holdings in shares of Independence Realty Trust by 2,601.9% during the 4th quarter. Millennium Management LLC now owns 837,787 shares of the real estate investment trust's stock worth $16,622,000 after buying an additional 806,780 shares during the period. 88.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

IRT has been the topic of several research analyst reports. UBS Group lowered their price target on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a research report on Tuesday, July 15th. Wells Fargo & Company reduced their price objective on Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating for the company in a research report on Wednesday, August 27th. Barclays cut their target price on shares of Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 12th. Wall Street Zen downgraded shares of Independence Realty Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Finally, 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. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.14.

Independence Realty Trust Stock Down 0.8%

IRT traded down $0.13 during midday trading on Monday, reaching $17.05. 2,245,879 shares of the company's stock were exchanged, compared to its average volume of 2,304,645. The business has a 50-day simple moving average of $17.38 and a two-hundred day simple moving average of $18.42. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 142.08, a price-to-earnings-growth ratio of 2.37 and a beta of 0.96. Independence Realty Trust, Inc. has a one year low of $16.59 and a one year high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.28. The business had revenue of $161.89 million during the quarter, compared to analysts' expectations of $164.78 million. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.During the same period in the prior year, the firm posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. As a group, research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.68 annualized dividend and a dividend yield of 4.0%. Independence Realty Trust's dividend payout ratio is presently 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.