Independence Realty Trust, Inc. $IRT Shares Sold by Bank of Montreal Can

Bank of Montreal Can decreased its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 45.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,378 shares of the real estate investment trust’s stock after selling 30,825 shares during the quarter. Bank of Montreal Can’s holdings in Independence Realty Trust were worth $644,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IRT. Victory Capital Management Inc. raised its stake 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 acquiring an additional 369,303 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Independence Realty Trust in the first quarter valued at about $53,000. Cbre Investment Management Listed Real Assets LLC raised its stake in shares of Independence Realty Trust by 120.0% in the first 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 purchasing an additional 1,218,559 shares during the last quarter. Exchange Traded Concepts LLC acquired a new stake in shares of Independence Realty Trust during the second quarter worth about $1,105,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Independence Realty Trust by 1.6% during the first 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 purchasing an additional 57,108 shares during the period. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Trading Up 0.6%

NYSE:IRT opened at $16.57 on Monday. The stock has a 50 day moving average of $16.49 and a two-hundred day moving average of $17.42. 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 cap of $3.96 billion, a P/E ratio of 165.67, a price-to-earnings-growth ratio of 2.29 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.The firm had revenue of $167.14 million for the quarter, compared to analysts’ expectations of $168.31 million. During the same quarter in the previous year, the firm posted $0.29 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. On average, research analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Announces Dividend

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

Analysts Set New Price Targets

IRT has been the topic of several research reports. Compass Point upgraded shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and increased their price target for the stock from $22.00 to $24.00 in a report on Thursday, July 31st. Wells Fargo & Company dropped their target price 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. UBS Group reduced their price target on Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating for the company in a report on Monday, November 10th. Weiss Ratings reissued a “hold (c-)” rating on shares of Independence Realty Trust in a report on Friday, October 31st. Finally, Wall Street Zen cut Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

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.