Convergence Investment Partners LLC Acquires New Position in Independence Realty Trust, Inc. $IRT

Convergence Investment Partners LLC acquired a new stake in Independence Realty Trust, Inc. (NYSE:IRT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 36,219 shares of the real estate investment trust’s stock, valued at approximately $641,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group lifted its position in Independence Realty Trust by 131.4% in the first 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 during the period. Headlands Technologies LLC acquired a new position in Independence Realty Trust during the first quarter worth about $53,000. GKV Capital Management Co. Inc. acquired a new position in Independence Realty Trust during the first quarter worth about $57,000. UMB Bank n.a. grew its position in Independence Realty Trust by 189.5% during the second quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust’s stock worth $51,000 after buying an additional 1,887 shares during the period. Finally, Wealthquest Corp acquired a new position in Independence Realty Trust during the first quarter worth about $85,000. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Shares of NYSE IRT opened at $16.15 on Tuesday. Independence Realty Trust, Inc. has a 12-month low of $15.87 and a 12-month high of $22.26. The company has a market capitalization of $3.77 billion, a PE ratio of 134.54, a price-to-earnings-growth ratio of 2.24 and a beta of 0.95. The firm’s 50-day moving average is $16.91 and its two-hundred day moving average is $17.72.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The company had revenue of $161.89 million for the quarter, compared to the consensus estimate of $164.78 million. During the same quarter in the prior year, the firm earned $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, analysts forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Investors of record on Tuesday, September 30th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.68 annualized dividend and a dividend yield of 4.2%. Independence Realty Trust’s dividend payout ratio is presently 566.67%.

Analysts Set New Price Targets

IRT has been the topic of several recent analyst reports. UBS Group lowered their target price on shares of Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, July 15th. Compass Point upgraded shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and upped their target price for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Independence Realty Trust from a “sell” rating to a “hold” rating in a research report on Friday, October 3rd. Finally, Wells Fargo & Company lowered their target price on shares of 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. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.14.

Independence Realty Trust Company Profile

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.