Boyum Wealth Architects LLC Invests $269,000 in Independence Realty Trust, Inc. $IRT

Boyum Wealth Architects LLC purchased a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,230 shares of the real estate investment trust’s stock, valued at approximately $269,000.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Independence Realty Trust by 1.7% during the first quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust’s stock worth $696,482,000 after purchasing an additional 554,729 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Independence Realty Trust by 1.3% during the first quarter. Wellington Management Group LLP now owns 13,570,175 shares of the real estate investment trust’s stock worth $288,095,000 after buying an additional 171,228 shares during the period. Deutsche Bank AG increased its stake in shares of Independence Realty Trust by 44.2% during the first quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust’s stock worth $103,535,000 after buying an additional 1,495,132 shares during the period. Charles Schwab Investment Management Inc. increased its stake 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 buying an additional 57,108 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake 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 buying an additional 420,682 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Shares of NYSE IRT opened at $17.17 on Tuesday. The stock has a fifty day moving average price of $17.43 and a 200 day moving average price of $18.57. Independence Realty Trust, Inc. has a 1-year low of $16.59 and a 1-year high of $22.26. The company has a market cap of $4.01 billion, a PE ratio of 143.08, a P/E/G ratio of 2.40 and a beta of 0.96.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, hitting the consensus estimate of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.The firm had revenue of $161.89 million during the quarter, compared to the consensus estimate of $164.78 million. During the same period last year, the company earned $0.28 earnings per share. 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 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th will be issued a $0.17 dividend. 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 4.0%. Independence Realty Trust’s dividend payout ratio (DPR) is 566.67%.

Analysts Set New Price Targets

A number of analysts recently weighed in on IRT shares. Barclays cut their target price on shares of Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 12th. Wells Fargo & Company cut 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 note on Wednesday, August 27th. 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 note on Thursday, July 31st. UBS Group dropped their price target on shares of Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating on the stock in a research note on Tuesday, July 15th. Finally, Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, August 30th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $22.14.

Independence Realty Trust 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.