Engineers Gate Manager LP Grows Stock Position in Independence Realty Trust, Inc. $IRT

Engineers Gate Manager LP grew its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 16,719.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,299,707 shares of the real estate investment trust’s stock after buying an additional 4,274,143 shares during the quarter. Independence Realty Trust comprises about 0.9% of Engineers Gate Manager LP’s investment portfolio, making the stock its 10th largest position. Engineers Gate Manager LP’s holdings in Independence Realty Trust were worth $75,159,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Independence Realty Trust by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 33,235,002 shares of the real estate investment trust’s stock worth $580,948,000 after buying an additional 250,549 shares during the last quarter. State Street Corp lifted its holdings in Independence Realty Trust by 0.6% during the 4th quarter. State Street Corp now owns 13,074,813 shares of the real estate investment trust’s stock worth $230,705,000 after buying an additional 76,635 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Independence Realty Trust by 0.3% during the 2nd quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock worth $161,678,000 after buying an additional 30,701 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Independence Realty Trust by 2.4% during 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 buying an additional 148,449 shares during the last quarter. Finally, Morgan Stanley lifted its holdings in Independence Realty Trust by 209.5% during the 4th quarter. Morgan Stanley now owns 5,649,829 shares of the real estate investment trust’s stock worth $98,759,000 after buying an additional 3,824,512 shares during the last quarter. Institutional investors own 88.25% of the company’s stock.

Analysts Set New Price Targets

IRT has been the topic of several research reports. UBS Group dropped their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, May 14th. Barclays increased their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. Zacks Research upgraded shares of Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research note on Monday, March 23rd. Wells Fargo & Company increased their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st. Finally, Weiss Ratings lowered shares of Independence Realty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, June 4th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $20.06.

Independence Realty Trust Stock Performance

Independence Realty Trust stock opened at $16.00 on Thursday. The company has a 50-day simple moving average of $16.22 and a 200-day simple moving average of $16.44. The firm has a market capitalization of $3.77 billion, a P/E ratio of 80.00, a P/E/G ratio of 1.84 and a beta of 0.96. Independence Realty Trust, Inc. has a one year low of $14.60 and a one year high of $18.18.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.26 EPS for the quarter, topping the consensus estimate of $0.03 by $0.23. The business had revenue of $165.32 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.120-1.160 EPS. As a group, sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.14 earnings per share for the current year.

Independence Realty Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.5%. This is a boost from Independence Realty Trust’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Friday, June 26th. Independence Realty Trust’s dividend payout ratio is presently 340.00%.

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.