Exchange Traded Concepts LLC Buys 205,869 Shares of Independence Realty Trust, Inc. $IRT

Exchange Traded Concepts LLC boosted its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 329.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 268,335 shares of the real estate investment trust’s stock after buying an additional 205,869 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Independence Realty Trust were worth $4,398,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IRT. Hantz Financial Services Inc. raised its position in shares of Independence Realty Trust by 551.2% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,869 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 1,582 shares in the last quarter. UMB Bank n.a. grew its stake in Independence Realty Trust by 189.5% in the second quarter. UMB Bank n.a. now owns 2,883 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 1,887 shares during the period. Financial Gravity Companies Inc. bought a new position in Independence Realty Trust in the second quarter worth $54,000. GKV Capital Management Co. Inc. purchased a new position in Independence Realty Trust during the first quarter valued at $57,000. Finally, Caldwell Trust Co purchased a new position in Independence Realty Trust during the second quarter valued at $61,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Up 0.1%

Shares of NYSE:IRT opened at $17.32 on Thursday. The stock has a market capitalization of $4.14 billion, a PE ratio of 173.22, a price-to-earnings-growth ratio of 2.39 and a beta of 1.01. The firm’s 50 day moving average price is $16.57 and its 200-day moving average price is $17.06. Independence Realty Trust, Inc. has a twelve month low of $15.06 and a twelve month high of $21.86.

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

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 23rd. Stockholders of record on Wednesday, December 31st will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Wednesday, December 31st. Independence Realty Trust’s dividend payout ratio is 680.00%.

Analyst Ratings Changes

A number of analysts have recently weighed in on IRT shares. KeyCorp reduced their target price on shares of Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, December 4th. Barclays raised their target price on shares of Independence Realty Trust from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 25th. Colliers Securities cut Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a research report on Thursday, December 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Independence Realty Trust in a research report on Monday. Finally, Wall Street Zen cut Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.56.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.