TD Asset Management Inc Trims Holdings in Independence Realty Trust, Inc. $IRT

Key Points

• TD Asset Management Inc has reduced its holdings in Independence Realty Trust, Inc. by 13.5%, selling 31,548 shares in the second quarter and owning 201,914 shares valued at approximately $3.57 million.
• Independence Realty Trust reported a quarterly EPS of $0.28, meeting analysts' expectations, and a revenue of $161.89 million, slightly below forecasts.
• The company announced a quarterly dividend of $0.17 per share, reflecting a 4.2% dividend yield, with a payout ratio of 566.67%.

TD Asset Management Inc trimmed its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 13.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 201,914 shares of the real estate investment trust's stock after selling 31,548 shares during the quarter. TD Asset Management Inc owned about 0.09% of Independence Realty Trust worth $3,572,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of IRT. Brooklyn Investment Group raised its stake in shares of Independence Realty Trust by 131.4% in the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 712 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Independence Realty Trust by 189.5% in the second quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust's stock worth $51,000 after purchasing an additional 1,887 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Independence Realty Trust in the first quarter worth about $53,000. GKV Capital Management Co. Inc. purchased a new position in Independence Realty Trust during the first quarter valued at approximately $57,000. Finally, Wealthquest Corp purchased a new position in Independence Realty Trust during the first quarter valued at approximately $85,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $16.08 on Tuesday. The stock has a market capitalization of $3.76 billion, a PE ratio of 133.97, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95. Independence Realty Trust, Inc. has a 12 month low of $15.87 and a 12 month high of $22.26. The business has a 50 day simple moving average of $17.03 and a 200-day simple moving average of $17.79.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting 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 previous year, the business earned $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, equities research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed 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 is Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.2%. Independence Realty Trust's payout ratio is 566.67%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Independence Realty Trust in a research report on Wednesday, October 8th. UBS Group reduced their price target on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating for the company in a research report on Tuesday, July 15th. Wells Fargo & Company reduced their price target 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 reduced their price target on Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 12th. Finally, Compass Point upgraded Independence Realty Trust from a "neutral" rating to a "buy" rating and lifted their price target for the company from $22.00 to $24.00 in a research report on Thursday, July 31st. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.14.

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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