Woodline Partners LP Buys New Position in 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 Form 13F filing with the Securities & Exchange Commission. 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 approximately 0.48% of Independence Realty Trust as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. D. E. Shaw & Co. Inc. bought a new position in Independence Realty Trust during the fourth quarter worth $1,781,000. Principal Financial Group Inc. grew its position in Independence Realty Trust by 3.5% in the 1st quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust's stock valued at $15,864,000 after purchasing an additional 25,124 shares during the period. Victory Capital Management Inc. grew its position in Independence Realty Trust by 889.9% in the 1st quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust's stock valued at $8,721,000 after purchasing an additional 369,303 shares during the period. Headlands Technologies LLC acquired a new stake in Independence Realty Trust in the 1st quarter valued at $53,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Independence Realty Trust by 1.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust's stock worth $76,825,000 after acquiring an additional 57,108 shares during the last quarter. 88.25% of the stock is owned by institutional investors.

Independence Realty Trust Trading Down 1.4%

Shares of NYSE:IRT traded down $0.25 during trading on Monday, reaching $17.16. 575,251 shares of the company traded hands, compared to its average volume of 2,213,734. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of 142.79, a P/E/G ratio of 2.40 and a beta of 0.96. Independence Realty Trust, Inc. has a 52-week low of $16.59 and a 52-week high of $22.26. The business's fifty day moving average is $17.44 and its 200-day moving average is $18.60.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, meeting analysts' consensus estimates of $0.28. The firm had revenue of $161.89 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, sell-side analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

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

Analysts Set New Price Targets

IRT has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Independence Realty Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Wells Fargo & Company cut their price target on shares of Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Wednesday, August 27th. Barclays cut their price target on shares of Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 12th. Compass Point raised shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $22.00 to $24.00 in a report on Thursday, July 31st. Finally, UBS Group lowered their price objective on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a research note on Tuesday, July 15th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Independence Realty Trust has an average rating of "Moderate Buy" and an average target price of $22.14.

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.