Allianz Asset Management GmbH Buys 6,226 Shares of Independence Realty Trust, Inc. $IRT

Allianz Asset Management GmbH increased its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 4.8% in the second quarter, HoldingsChannel reports. The fund owned 136,363 shares of the real estate investment trust’s stock after purchasing an additional 6,226 shares during the period. Allianz Asset Management GmbH’s holdings in Independence Realty Trust were worth $2,412,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Xponance Inc. raised its position in shares of Independence Realty Trust by 2.1% in the 1st quarter. Xponance Inc. now owns 32,632 shares of the real estate investment trust’s stock worth $693,000 after acquiring an additional 678 shares in the last quarter. Brooklyn Investment Group raised its position in shares of Independence Realty Trust by 131.4% in the 1st quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 712 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Independence Realty Trust by 0.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 252,949 shares of the real estate investment trust’s stock worth $5,370,000 after acquiring an additional 731 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its position in shares of Independence Realty Trust by 2.6% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 32,978 shares of the real estate investment trust’s stock worth $700,000 after acquiring an additional 829 shares in the last quarter. Finally, Lindbrook Capital LLC raised its position in shares of Independence Realty Trust by 10.7% in the 1st quarter. Lindbrook Capital LLC now owns 8,730 shares of the real estate investment trust’s stock worth $185,000 after acquiring an additional 841 shares in the last quarter. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Down 0.4%

Independence Realty Trust stock opened at $16.25 on Friday. The company has a market capitalization of $3.80 billion, a P/E ratio of 135.38, a PEG ratio of 2.25 and a beta of 0.95. The stock’s 50 day moving average is $16.93 and its 200 day moving average is $17.75. Independence Realty Trust, Inc. has a twelve month low of $15.87 and a twelve month high of $22.26.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting 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 business had revenue of $161.89 million for the quarter, compared to the consensus estimate of $164.78 million. During the same period last year, the business posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. As a group, equities analysts expect 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 was paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.2%. The ex-dividend date was Tuesday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is currently 566.67%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on IRT shares. Barclays decreased their target price on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 12th. Wells Fargo & Company cut their price target on 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. Wall Street Zen upgraded Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Friday, October 3rd. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and upped their price target for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Independence Realty Trust has a consensus rating of “Moderate Buy” and an average price target 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.