Woodline Partners LP Acquires Shares of 1,122,433 Independence Realty Trust, Inc. $IRT

Key Points

• Woodline Partners LP has acquired a new stake in Independence Realty Trust, Inc., purchasing 1,122,433 shares valued at approximately $23.83 million, which represents about 0.48% of the company.
• Hedge funds and institutional investors own 88.25% of Independence Realty Trust, with several funds increasing their positions or establishing new stakes in the company this quarter.
• The company recently announced a quarterly dividend of $0.17, with a payout ratio of 566.67%, reflecting strong investor interest amid fluctuating stock price targets from various brokerages.

Woodline Partners LP bought a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,122,433 shares of the real estate investment trust's stock, valued at approximately $23,829,000. Woodline Partners LP owned 0.48% of Independence Realty Trust at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its position in Independence Realty Trust by 16.7% during the first quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust's stock worth $62,320,000 after buying an additional 420,682 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Independence Realty Trust during the first quarter worth about $456,000. Nissay Asset Management Corp Japan ADV increased its stake in Independence Realty Trust by 2.6% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 32,978 shares of the real estate investment trust's stock worth $700,000 after acquiring an additional 829 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in Independence Realty Trust during the first quarter worth about $209,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Independence Realty Trust by 3.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 153,187 shares of the real estate investment trust's stock worth $3,252,000 after acquiring an additional 5,382 shares during the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

Shares of IRT stock traded down $0.31 during trading hours on Friday, reaching $17.40. The company had a trading volume of 2,106,650 shares, compared to its average volume of 2,280,150. Independence Realty Trust, Inc. has a twelve month low of $16.59 and a twelve month high of $22.26. The company has a market capitalization of $4.07 billion, a P/E ratio of 145.00, a price-to-earnings-growth ratio of 2.44 and a beta of 0.96. The stock's fifty day simple moving average is $17.44 and its 200 day simple moving average is $18.62.

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

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, September 30th. Independence Realty Trust's dividend payout ratio (DPR) is 566.67%.

Wall Street Analyst Weigh In

IRT has been the subject of several research analyst reports. Wells Fargo & Company dropped their price target on Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating for the company in a research note on Wednesday, August 27th. Compass Point upgraded Independence Realty Trust from a "neutral" rating to a "buy" rating and upped their price target for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. Barclays dropped 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 note on Tuesday, August 12th. Wall Street Zen lowered Independence Realty Trust from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Finally, UBS Group dropped their price target on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, July 15th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Independence Realty Trust 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.