B. Riley Wealth Advisors Inc. Makes New $557,000 Investment in Independence Realty Trust, Inc. $IRT

B. Riley Wealth Advisors Inc. acquired a new stake in Independence Realty Trust, Inc. (NYSE:IRT) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 31,501 shares of the real estate investment trust’s stock, valued at approximately $557,000.

A number of other institutional investors have also made changes to their positions in the business. Geneos Wealth Management Inc. lifted its holdings in Independence Realty Trust by 21.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 32,969 shares of the real estate investment trust’s stock valued at $583,000 after purchasing an additional 5,719 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Independence Realty Trust by 5.8% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 482,220 shares of the real estate investment trust’s stock worth $8,536,000 after buying an additional 26,398 shares during the period. Tower Research Capital LLC TRC grew its stake in Independence Realty Trust by 205.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 35,667 shares of the real estate investment trust’s stock valued at $631,000 after buying an additional 23,987 shares during the last quarter. Two Sigma Securities LLC acquired a new position in Independence Realty Trust in the 2nd quarter valued at about $362,000. Finally, Tidal Investments LLC raised its holdings in Independence Realty Trust by 10.0% in the 2nd quarter. Tidal Investments LLC now owns 111,309 shares of the real estate investment trust’s stock valued at $1,969,000 after acquiring an additional 10,078 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IRT. Wells Fargo & Company reduced 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. UBS Group lowered their target price on shares of Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, November 10th. KeyCorp cut their price target on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, December 4th. Wall Street Zen downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Finally, Barclays lifted their price objective on Independence Realty Trust from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Independence Realty Trust currently has an average rating of “Moderate Buy” and an average target price of $21.56.

Independence Realty Trust Stock Performance

Independence Realty Trust stock opened at $16.99 on Wednesday. The stock’s 50 day moving average price is $16.47 and its two-hundred day moving average price is $17.10. The stock has a market capitalization of $4.06 billion, a price-to-earnings ratio of 169.92, a PEG ratio of 2.35 and a beta of 1.01. Independence Realty Trust, Inc. has a 52-week low of $15.06 and a 52-week high of $21.86.

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

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 23rd. Investors of record on Wednesday, December 31st will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.0%. The ex-dividend date is Wednesday, December 31st. Independence Realty Trust’s 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.