Independence Realty Trust, Inc. $IRT Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 24.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 191,536 shares of the real estate investment trust’s stock after selling 61,413 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.08% of Independence Realty Trust worth $3,388,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of IRT. Brooklyn Investment Group increased its holdings in shares of Independence Realty Trust by 131.4% during the 1st quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 712 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its position in Independence Realty Trust by 2.6% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 32,978 shares of the real estate investment trust’s stock valued at $700,000 after buying an additional 829 shares during the period. Lindbrook Capital LLC increased its holdings in Independence Realty Trust by 10.7% in the first quarter. Lindbrook Capital LLC now owns 8,730 shares of the real estate investment trust’s stock valued at $185,000 after buying an additional 841 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Independence Realty Trust by 3.4% in the second quarter. Sequoia Financial Advisors LLC now owns 25,896 shares of the real estate investment trust’s stock worth $458,000 after acquiring an additional 861 shares during the period. Finally, Fulton Bank N.A. boosted its stake in shares of Independence Realty Trust by 8.4% during the 2nd quarter. Fulton Bank N.A. now owns 17,604 shares of the real estate investment trust’s stock worth $311,000 after acquiring an additional 1,368 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. 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. Weiss Ratings restated a “hold (c-)” rating on shares of Independence Realty Trust in a research report on Friday, October 31st. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and increased their target price for the company from $22.00 to $24.00 in a research report on Thursday, July 31st. Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Finally, UBS Group reduced their price objective on shares of Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

Independence Realty Trust Stock Performance

NYSE IRT opened at $16.57 on Friday. The business has a fifty day moving average price of $16.49 and a 200 day moving average price of $17.43. The company has a market cap of $3.96 billion, a P/E ratio of 165.67, a P/E/G ratio of 2.29 and a beta of 0.98. Independence Realty Trust, Inc. has a one year low of $15.06 and a one year high of $22.26.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $167.14 million for the quarter, compared to analysts’ expectations of $168.31 million. Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.During the same period in the previous year, the company earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. As a group, sell-side analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th were issued a $0.17 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. Independence Realty Trust’s dividend payout ratio is presently 680.00%.

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.