Geode Capital Management LLC Buys 148,449 Shares of Independence Realty Trust, Inc. $IRT

Geode Capital Management LLC raised its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 2.4% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 6,445,967 shares of the real estate investment trust’s stock after purchasing an additional 148,449 shares during the period. Geode Capital Management LLC owned 2.70% of Independence Realty Trust worth $112,690,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Legal & General Group Plc grew its holdings in Independence Realty Trust by 9.9% during the fourth quarter. Legal & General Group Plc now owns 1,427,502 shares of the real estate investment trust’s stock valued at $24,953,000 after purchasing an additional 128,944 shares during the period. Hantz Financial Services Inc. grew its holdings in Independence Realty Trust by 2.2% during the fourth quarter. Hantz Financial Services Inc. now owns 68,423 shares of the real estate investment trust’s stock valued at $1,196,000 after purchasing an additional 1,456 shares during the period. Coldstream Capital Management Inc. bought a new stake in Independence Realty Trust during the fourth quarter valued at about $187,000. Global Retirement Partners LLC grew its holdings in Independence Realty Trust by 15.9% during the fourth quarter. Global Retirement Partners LLC now owns 4,921 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 676 shares during the period. Finally, Handelsbanken Fonder AB grew its holdings in Independence Realty Trust by 40.1% during the fourth quarter. Handelsbanken Fonder AB now owns 96,061 shares of the real estate investment trust’s stock valued at $1,679,000 after purchasing an additional 27,500 shares during the period. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Up 0.5%

NYSE IRT opened at $16.63 on Friday. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 83.15, a price-to-earnings-growth ratio of 1.85 and a beta of 0.96. The business has a 50-day moving average price of $15.95 and a 200-day moving average price of $16.45. Independence Realty Trust, Inc. has a twelve month low of $14.60 and a twelve month high of $18.74.

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

Independence Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given a $0.18 dividend. This is an increase from Independence Realty Trust’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, June 26th. Independence Realty Trust’s dividend payout ratio (DPR) is presently 340.00%.

Wall Street Analyst Weigh In

Several research firms have issued reports on IRT. Weiss Ratings lowered Independence Realty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday. Barclays boosted their price target on Independence Realty Trust from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Wall Street Zen lowered Independence Realty Trust from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. UBS Group cut their price target on Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, May 14th. Finally, Wells Fargo & Company upped their price objective 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. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Independence Realty Trust currently has an average rating of “Hold” and a consensus target price of $20.06.

Independence Realty Trust 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.