Norges Bank Acquires Shares of 2,981,783 Independence Realty Trust, Inc. $IRT

Norges Bank bought a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the fourth quarter, HoldingsChannel reports. The firm bought 2,981,783 shares of the real estate investment trust’s stock, valued at approximately $52,122,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Solstein Capital LLC bought a new position in shares of Independence Realty Trust in the 3rd quarter worth about $25,000. Danske Bank A S bought a new stake in Independence Realty Trust during the third quarter worth about $26,000. Farther Finance Advisors LLC grew its holdings in Independence Realty Trust by 70.3% in the fourth quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 747 shares during the period. Huntington National Bank increased its stake in shares of Independence Realty Trust by 46.4% during the third quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 725 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Independence Realty Trust by 1,420.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,329 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 3,110 shares during the last quarter. 88.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on IRT shares. Wells Fargo & Company raised their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Zacks Research raised Independence Realty Trust from a “strong sell” rating to a “hold” rating in a research note on Monday, March 23rd. Barclays lifted their price target on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Wall Street Zen cut shares of Independence Realty Trust from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. 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. 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 company. Based on data from MarketBeat, Independence Realty Trust has an average rating of “Hold” and a consensus price target of $20.06.

Independence Realty Trust Stock Performance

NYSE IRT opened at $16.63 on Monday. Independence Realty Trust, Inc. has a one year low of $14.60 and a one year high of $18.74. The stock has a 50-day moving average of $15.95 and a 200 day moving average of $16.45. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 83.15, a PEG ratio of 1.85 and a beta of 0.96.

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

Independence Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 4.3%. This is a positive change from Independence Realty Trust’s previous quarterly dividend of $0.17. The ex-dividend date is Friday, June 26th. Independence Realty Trust’s payout ratio is currently 360.00%.

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.