Independence Realty Trust (NYSE:IRT) Shares Gap Down – Here’s What Happened

Independence Realty Trust, Inc. (NYSE:IRT)’s share price gapped down prior to trading on Friday . The stock had previously closed at $17.77, but opened at $17.38. Independence Realty Trust shares last traded at $17.3550, with a volume of 15,725 shares changing hands.

Wall Street Analyst Weigh In

Several analysts recently weighed in on IRT shares. Colliers Securities lowered Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. KeyCorp decreased their target price on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, December 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a research report on Monday. UBS Group decreased their price objective on shares of Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating for the company in a report on Monday, November 10th. Finally, Barclays increased their target price on shares of Independence Realty Trust from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 25th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.56.

Independence Realty Trust Trading Down 0.7%

The company’s 50-day moving average is $16.74 and its two-hundred day moving average is $17.03. The stock has a market capitalization of $4.15 billion, a P/E ratio of 173.57, a P/E/G ratio of 2.42 and a beta of 1.00.

Independence Realty Trust (NYSE:IRT) last issued its quarterly 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). The business had revenue of $167.14 million for the quarter, compared to analyst estimates of $168.31 million. Independence Realty Trust had a net margin of 3.42% and a return on equity of 0.62%. During the same period last year, the business posted $0.29 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. Sell-side analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Alliancebernstein L.P. boosted its stake in shares of 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 acquiring an additional 30,701 shares in the last quarter. Jennison Associates LLC increased its position in shares of Independence Realty Trust by 12.9% in the second quarter. Jennison Associates LLC now owns 6,926,454 shares of the real estate investment trust’s stock worth $122,529,000 after acquiring an additional 789,515 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Independence Realty Trust by 2.3% during the second quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust’s stock valued at $109,524,000 after acquiring an additional 138,817 shares during the period. Long Pond Capital LP boosted its stake in Independence Realty Trust by 564.5% in the 2nd quarter. Long Pond Capital LP now owns 5,500,502 shares of the real estate investment trust’s stock worth $97,304,000 after purchasing an additional 4,672,690 shares during the period. Finally, Franklin Resources Inc. boosted its position in shares of Independence Realty Trust by 1,435.4% in the third quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock worth $62,733,000 after buying an additional 3,578,221 shares during the period. Institutional investors own 88.25% of the company’s stock.

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.