Exchange Traded Concepts LLC Invests $1.11 Million in Independence Realty Trust, Inc. $IRT

Exchange Traded Concepts LLC purchased a new position in Independence Realty Trust, Inc. (NYSE:IRT) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 62,466 shares of the real estate investment trust’s stock, valued at approximately $1,105,000.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. raised 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 worth $15,864,000 after buying an additional 25,124 shares during the last quarter. Victory Capital Management Inc. raised 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 worth $8,721,000 after buying an additional 369,303 shares during the last quarter. Headlands Technologies LLC purchased a new position in Independence Realty Trust in the 1st quarter worth about $53,000. Cbre Investment Management Listed Real Assets LLC raised its position in Independence Realty Trust by 120.0% in the 1st 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 buying an additional 1,218,559 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Independence Realty Trust by 1.6% in 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 buying an additional 57,108 shares during the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Down 0.8%

Shares of Independence Realty Trust stock opened at $17.05 on Tuesday. The stock’s fifty day moving average is $17.38 and its two-hundred day moving average is $18.42. The company has a market capitalization of $3.99 billion, a PE 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 52 week low of $16.59 and a 52 week high of $22.26.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. The company 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 company 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 earnings per share for the current year.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.17 per share. 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 4.0%. Independence Realty Trust’s dividend payout ratio is presently 566.67%.

Wall Street Analysts Forecast Growth

IRT has been the subject of a number of recent analyst reports. Wall Street Zen lowered Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, August 30th. Barclays cut 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. UBS Group cut 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. Wells Fargo & Company cut 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. Finally, Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and boosted their price target for the company from $22.00 to $24.00 in a research note on Thursday, July 31st. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Independence Realty Trust currently has an average rating of “Moderate Buy” and a consensus target price of $22.14.

Independence Realty Trust 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.