Bank of New York Mellon Corp Sells 42,796 Shares of Independence Realty Trust, Inc. $IRT

Bank of New York Mellon Corp reduced its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 2.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,986,428 shares of the real estate investment trust’s stock after selling 42,796 shares during the quarter. Bank of New York Mellon Corp owned about 0.84% of Independence Realty Trust worth $29,578,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC acquired a new position in Independence Realty Trust during the 1st quarter worth approximately $209,000. Goldman Sachs Group Inc. raised its position in shares of Independence Realty Trust by 16.7% during the first quarter. Goldman Sachs Group Inc. now owns 2,935,487 shares of the real estate investment trust’s stock worth $62,320,000 after purchasing an additional 420,682 shares during the period. American Century Companies Inc. lifted its stake in shares of Independence Realty Trust by 1.1% in the second quarter. American Century Companies Inc. now owns 70,678 shares of the real estate investment trust’s stock valued at $1,250,000 after buying an additional 789 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Independence Realty Trust by 13.0% during the second quarter. Invesco Ltd. now owns 1,139,216 shares of the real estate investment trust’s stock valued at $20,153,000 after buying an additional 131,444 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Independence Realty Trust by 63.3% during the second quarter. First Trust Advisors LP now owns 196,463 shares of the real estate investment trust’s stock valued at $3,475,000 after buying an additional 76,147 shares during the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Price Performance

Shares of Independence Realty Trust stock opened at $16.61 on Monday. The firm has a market cap of $3.92 billion, a PE ratio of 83.07 and a beta of 0.95. The stock has a fifty day moving average price of $16.61 and a 200-day moving average price of $16.35. Independence Realty Trust, Inc. has a 1 year low of $14.60 and a 1 year high of $18.18.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.23. The business had revenue of $165.32 million during the quarter, compared to the consensus estimate of $166.35 million. Independence Realty Trust had a net margin of 7.27% and a return on equity of 1.35%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.27 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS. As a group, equities analysts anticipate that Independence Realty Trust, Inc. will post 1.14 EPS for the current fiscal year.

Independence Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a $0.18 dividend. The ex-dividend date was Friday, June 26th. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 4.3%. Independence Realty Trust’s dividend payout ratio is presently 360.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on IRT shares. UBS Group lowered their target price on shares of Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. Wall Street Zen downgraded Independence Realty Trust from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Wells Fargo & Company lifted their price target on Independence Realty Trust from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Monday, June 1st. Barclays raised Independence Realty Trust from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $19.00 to $20.00 in a report on Tuesday, July 14th. Finally, Jefferies Financial Group raised Independence Realty Trust to a “strong-buy” rating in a research report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.19.

About Independence Realty Trust

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.