Independence Realty Trust (NYSE:IRT) Hits New 52-Week Low - Here's What Happened

Key Points

• Independence Realty Trust hit a new 52-week low, trading at $16.11 on Tuesday, with analysts revising down price targets from a range of $22.00 - $24.00 to $20.00 - $21.00.
• The company reported earnings of $0.28 per share for the last quarter, matching analysts' expectations, despite revenue falling short of estimates.
• Independence Realty Trust plans to pay a $0.17 quarterly dividend on October 24th, translating to an annualized yield of 4.2% and a high dividend payout ratio of 566.67%.

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) hit a new 52-week low on Tuesday . The company traded as low as $16.11 and last traded at $16.17, with a volume of 2436705 shares traded. The stock had previously closed at $16.31.

Wall Street Analyst Weigh In

IRT has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their price target on Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating on the stock in a research 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 for the company in a report on Tuesday, August 12th. UBS Group decreased their price objective on shares of 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. Weiss Ratings restated a "hold (c)" rating on shares of Independence Realty Trust in a research note on Saturday, September 27th. Finally, Wall Street Zen upgraded Independence Realty Trust from a "sell" rating to a "hold" rating in a research note on Friday. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $22.14.

Independence Realty Trust Stock Down 0.9%

The company has a 50-day simple moving average of $17.21 and a two-hundred day simple moving average of $18.12. The stock has a market cap of $3.78 billion, a P/E ratio of 134.75, a P/E/G ratio of 2.25 and a beta of 0.95.

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 for the quarter, hitting analysts' consensus estimates of $0.28. The firm had revenue of $161.89 million for the quarter, compared to the consensus estimate 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 business earned $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. As a group, sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th will be paid a $0.17 dividend. The ex-dividend date of this dividend 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 dividend payout ratio is 566.67%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRT. Vanguard Group Inc. boosted its holdings in Independence Realty Trust by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust's stock valued at $696,482,000 after acquiring an additional 554,729 shares during the period. Wellington Management Group LLP raised its holdings in Independence Realty Trust by 1.3% in the first quarter. Wellington Management Group LLP now owns 13,570,175 shares of the real estate investment trust's stock worth $288,095,000 after purchasing an additional 171,228 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Independence Realty Trust by 0.3% during the 2nd quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust's stock valued at $161,678,000 after purchasing an additional 30,701 shares during the last quarter. Jennison Associates LLC boosted its holdings in Independence Realty Trust by 12.9% in the second quarter. Jennison Associates LLC now owns 6,926,454 shares of the real estate investment trust's stock worth $122,529,000 after acquiring an additional 789,515 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Independence Realty Trust by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust's stock worth $109,524,000 after purchasing an additional 138,817 shares during the last quarter. Hedge funds and other institutional investors own 88.25% of the company's stock.

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.

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