Sumitomo Mitsui Trust Group Inc. Has $4.49 Million Stock Holdings in Independence Realty Trust, Inc. $IRT

Sumitomo Mitsui Trust Group Inc. grew its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 1.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 253,906 shares of the real estate investment trust’s stock after purchasing an additional 4,280 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.11% of Independence Realty Trust worth $4,492,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of IRT. Allspring Global Investments Holdings LLC increased its stake in shares of Independence Realty Trust by 20.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 45,770 shares of the real estate investment trust’s stock valued at $978,000 after purchasing an additional 7,701 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Independence Realty Trust by 30.4% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 55,452 shares of the real estate investment trust’s stock valued at $1,177,000 after purchasing an additional 12,915 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of Independence Realty Trust in the 1st quarter valued at $700,000. Oregon Public Employees Retirement Fund increased its stake in shares of Independence Realty Trust by 2.2% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,763 shares of the real estate investment trust’s stock valued at $993,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of 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 last quarter. Institutional investors own 88.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Barclays decreased their price target on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 12th. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. Wells Fargo & Company reduced their price objective 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. Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Friday, October 3rd. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.14.

Independence Realty Trust Trading Down 4.4%

NYSE IRT opened at $15.10 on Thursday. The business’s 50-day moving average price is $16.84 and its two-hundred day moving average price is $17.68. Independence Realty Trust, Inc. has a 12 month low of $15.06 and a 12 month high of $22.26. The firm has a market capitalization of $3.53 billion, a PE ratio of 125.80, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. During the same period in the prior year, the business posted $0.29 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. As a group, analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Tuesday, September 30th. Independence Realty Trust’s payout ratio is 566.67%.

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.