Bank of New York Mellon Corp Trims Stock Holdings in Independence Realty Trust, Inc. $IRT

Bank of New York Mellon Corp lowered its holdings in Independence Realty Trust, Inc. (NYSE:IRT) by 2.1% during the 1st quarter, HoldingsChannel.com reports. The firm owned 1,986,428 shares of the real estate investment trust’s stock after selling 42,796 shares during the quarter. Bank of New York Mellon Corp’s holdings in Independence Realty Trust were worth $29,578,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in Independence Realty Trust by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust’s stock worth $112,690,000 after purchasing an additional 148,449 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Independence Realty Trust by 49.2% in the first quarter. Hsbc Holdings PLC now owns 572,161 shares of the real estate investment trust’s stock worth $8,518,000 after buying an additional 188,658 shares in the last quarter. Teacher Retirement System of Texas raised its position in shares of Independence Realty Trust by 1,767.5% in the fourth quarter. Teacher Retirement System of Texas now owns 571,568 shares of the real estate investment trust’s stock worth $9,991,000 after buying an additional 540,962 shares in the last quarter. Vanguard Group Inc. boosted its stake in Independence Realty Trust by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 33,235,002 shares of the real estate investment trust’s stock valued at $580,948,000 after buying an additional 250,549 shares during the period. Finally, Vanderbilt University bought a new stake in Independence Realty Trust during the first quarter valued at $1,572,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Performance

NYSE:IRT opened at $16.61 on Monday. The firm has a market cap of $3.92 billion, a PE ratio of 83.07 and a beta of 0.95. Independence Realty Trust, Inc. has a fifty-two week low of $14.60 and a fifty-two week high of $18.18. The business has a 50 day moving average price of $16.61 and a 200-day moving average price of $16.35.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.26 EPS for the quarter, beating the consensus estimate of $0.03 by $0.23. The firm had revenue of $165.32 million during the quarter, compared to the consensus estimate of $166.35 million. Independence Realty Trust had a net margin of 7.27% and a return on equity of 1.35%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.27 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS. Research analysts predict that Independence Realty Trust, Inc. will post 1.14 EPS for the current year.

Independence Realty Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were issued a $0.18 dividend. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.17. The ex-dividend date was Friday, June 26th. This represents a $0.72 annualized dividend and a yield of 4.3%. Independence Realty Trust’s dividend payout ratio (DPR) is 360.00%.

Analysts Set New Price Targets

A number of brokerages have weighed in on IRT. Wells Fargo & Company upped their target price on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st. Wall Street Zen cut shares of Independence Realty Trust from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 2nd. Weiss Ratings raised shares of Independence Realty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, July 6th. Barclays upgraded shares of Independence Realty Trust from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $19.00 to $20.00 in a research report on Tuesday, July 14th. Finally, UBS Group dropped their target price on Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.19.

About Independence Realty Trust

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.