KLP Kapitalforvaltning AS Boosts Stake in Independence Realty Trust, Inc. $IRT

KLP Kapitalforvaltning AS raised its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 8.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 47,900 shares of the real estate investment trust’s stock after purchasing an additional 3,600 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Independence Realty Trust were worth $854,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Independence Realty Trust by 1.7% in the first quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust’s stock valued at $696,482,000 after purchasing an additional 554,729 shares during the period. Wellington Management Group LLP raised its holdings in shares of Independence Realty Trust by 1.3% in the 1st quarter. Wellington Management Group LLP now owns 13,570,175 shares of the real estate investment trust’s stock valued at $288,095,000 after buying an additional 171,228 shares during the period. Deutsche Bank AG raised its holdings in shares of Independence Realty Trust by 44.2% in the 1st quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust’s stock valued at $103,535,000 after buying an additional 1,495,132 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of 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 valued at $76,825,000 after buying an additional 57,108 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Independence Realty Trust by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust’s stock valued at $62,320,000 after buying an additional 420,682 shares during the period. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a report on Wednesday, October 8th. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Wells Fargo & Company cut their price objective on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, August 27th. UBS Group cut their price objective on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, July 15th. Finally, Wall Street Zen upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Independence Realty Trust has an average rating of “Moderate Buy” and an average target price of $22.14.

Independence Realty Trust Price Performance

IRT opened at $16.13 on Thursday. Independence Realty Trust, Inc. has a 12 month low of $15.87 and a 12 month high of $22.26. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 134.38, a PEG ratio of 2.24 and a beta of 0.95. The business has a fifty day moving average price of $17.10 and a 200 day moving average price of $17.93.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.The firm had revenue of $161.89 million during the quarter, compared to analysts’ expectations of $164.78 million. During the same period in the previous year, the firm posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, 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 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 dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Tuesday, September 30th. Independence Realty Trust’s dividend payout ratio is currently 566.67%.

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.