Truist Financial Corp Buys 1,789 Shares of Independence Realty Trust, Inc. $IRT

Truist Financial Corp raised its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 6.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,456 shares of the real estate investment trust’s stock after acquiring an additional 1,789 shares during the quarter. Truist Financial Corp’s holdings in Independence Realty Trust were worth $539,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brooklyn Investment Group lifted its holdings in shares of Independence Realty Trust by 131.4% in the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 712 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Independence Realty Trust in the first quarter worth about $53,000. GKV Capital Management Co. Inc. bought a new position in shares of Independence Realty Trust in the first quarter worth about $57,000. UMB Bank n.a. lifted its holdings in shares of Independence Realty Trust by 189.5% in the second quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust’s stock worth $51,000 after acquiring an additional 1,887 shares during the last quarter. Finally, Wealthquest Corp bought a new position in shares of Independence Realty Trust in the first quarter worth about $85,000. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Down 0.8%

Shares of IRT stock opened at $16.13 on Thursday. The firm has a 50 day moving average of $17.10 and a 200-day moving average of $17.93. Independence Realty Trust, Inc. has a 52 week low of $15.87 and a 52 week high of $22.26. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 134.38, a price-to-earnings-growth ratio of 2.24 and a beta of 0.95.

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

Analysts Set New Price Targets

A number of research analysts have recently commented on IRT shares. UBS Group dropped their target price on shares of Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, July 15th. Wells Fargo & Company cut their target price on shares of 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research report on Wednesday, October 8th. Compass Point upgraded shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. Finally, Wall Street Zen upgraded shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Friday, October 3rd. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.