Connor Clark & Lunn Investment Management Ltd. Has $1.59 Million Stock Holdings in Independence Realty Trust, Inc. $IRT

Connor Clark & Lunn Investment Management Ltd. decreased its position in Independence Realty Trust, Inc. (NYSE:IRT) by 14.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 89,582 shares of the real estate investment trust’s stock after selling 15,264 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Independence Realty Trust were worth $1,585,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of 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 worth $27,000 after purchasing an additional 712 shares during the period. Envestnet Asset Management Inc. raised its holdings 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 buying an additional 731 shares in the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in shares of Independence Realty Trust by 2.6% during 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 buying an additional 829 shares during the period. Lindbrook Capital LLC boosted its stake in 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 valued at $185,000 after buying an additional 841 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in Independence Realty Trust by 3.4% in the second quarter. Sequoia Financial Advisors LLC now owns 25,896 shares of the real estate investment trust’s stock valued at $458,000 after acquiring an additional 861 shares during the period. Institutional investors and hedge funds own 88.25% of the company’s stock.

Independence Realty Trust Stock Performance

Shares of IRT stock opened at $16.57 on Monday. The firm’s 50 day moving average price is $16.49 and its two-hundred day moving average price is $17.42. Independence Realty Trust, Inc. has a 52-week low of $15.06 and a 52-week high of $22.26. The stock has a market cap of $3.96 billion, a PE ratio of 165.67, a PEG ratio of 2.29 and a beta of 0.98.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $167.14 million for the quarter, compared to the consensus estimate of $168.31 million. Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.During the same period in the previous year, the company posted $0.29 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. As a group, sell-side analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, September 30th. Independence Realty Trust’s payout ratio is 680.00%.

Analyst Ratings Changes

A number of equities analysts have commented on IRT shares. Compass Point upgraded shares of Independence Realty Trust from a “neutral” rating to a “buy” rating and boosted their price target for the company from $22.00 to $24.00 in a research report on Thursday, July 31st. Wells Fargo & Company reduced their target price on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, August 27th. Wall Street Zen lowered Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. 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 research report on Tuesday, August 12th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Independence Realty Trust in a report on Friday, October 31st. Five equities research analysts have rated the stock with a Buy rating and two 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 target price of $22.00.

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.