Mirae Asset Global Investments Co. Ltd. Trims Stake in Independence Realty Trust, Inc. $IRT

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 21.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,787 shares of the real estate investment trust’s stock after selling 1,293 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Independence Realty Trust were worth $85,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IRT. Carlton Hofferkamp & Jenks Wealth Management LLC purchased a new position in Independence Realty Trust during the first quarter worth about $278,000. Kingswood Wealth Advisors LLC grew its position in Independence Realty Trust by 34.9% during the first quarter. Kingswood Wealth Advisors LLC now owns 37,035 shares of the real estate investment trust’s stock worth $791,000 after buying an additional 9,581 shares in the last quarter. State of Alaska Department of Revenue grew its position in Independence Realty Trust by 2.1% during the first quarter. State of Alaska Department of Revenue now owns 136,579 shares of the real estate investment trust’s stock worth $2,898,000 after buying an additional 2,748 shares in the last quarter. Retirement Systems of Alabama grew its position in Independence Realty Trust by 2.7% during the first quarter. Retirement Systems of Alabama now owns 280,506 shares of the real estate investment trust’s stock worth $5,955,000 after buying an additional 7,258 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its position in Independence Realty Trust by 2.7% during the first quarter. Asset Management One Co. Ltd. now owns 355,905 shares of the real estate investment trust’s stock worth $7,556,000 after buying an additional 9,466 shares in the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. UBS Group reduced their target price on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, July 15th. Barclays cut their price objective on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Tuesday, August 12th. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $22.00 to $24.00 in a report on Thursday, July 31st. Wells Fargo & Company cut their price objective on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, August 27th. Finally, Wall Street Zen upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Independence Realty Trust has a consensus rating of “Moderate Buy” and an average target price of $22.14.

Independence Realty Trust Price Performance

Shares of IRT stock opened at $16.14 on Monday. The stock has a market capitalization of $3.77 billion, a PE ratio of 134.50, a P/E/G ratio of 2.22 and a beta of 0.95. Independence Realty Trust, Inc. has a 1-year low of $15.87 and a 1-year high of $22.26. The business has a 50-day moving average of $17.14 and a 200 day moving average of $17.98.

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

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.68 dividend on an annualized basis and a yield of 4.2%. Independence Realty Trust’s dividend payout ratio is presently 566.67%.

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.