Police & Firemen s Retirement System of New Jersey Acquires 4,171 Shares of Independence Realty Trust, Inc. $IRT

Police & Firemen s Retirement System of New Jersey boosted its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 8.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 52,342 shares of the real estate investment trust’s stock after buying an additional 4,171 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in Independence Realty Trust were worth $926,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in Independence Realty Trust by 2.3% in 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 last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Independence Realty Trust by 3.8% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 166,543 shares of the real estate investment trust’s stock worth $2,946,000 after purchasing an additional 6,149 shares during the period. Metis Global Partners LLC raised its holdings in shares of Independence Realty Trust by 32.2% in the 2nd quarter. Metis Global Partners LLC now owns 38,595 shares of the real estate investment trust’s stock worth $683,000 after purchasing an additional 9,398 shares during the period. Cbre Investment Management Listed Real Assets LLC lifted its stake in Independence Realty Trust by 32.8% in the second quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,966,540 shares of the real estate investment trust’s stock valued at $52,478,000 after purchasing an additional 732,689 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Independence Realty Trust by 5.2% in the second quarter. Bank of New York Mellon Corp now owns 2,008,640 shares of the real estate investment trust’s stock valued at $35,533,000 after purchasing an additional 99,286 shares during the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Performance

NYSE:IRT opened at $16.97 on Friday. The business’s fifty day moving average is $16.38 and its 200 day moving average is $17.33. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of 169.67, a PEG ratio of 2.34 and a beta of 0.98. Independence Realty Trust, Inc. has a 52-week low of $15.06 and a 52-week high of $22.26.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Independence Realty Trust had a net margin of 3.42% and a return on equity of 0.62%. The company had revenue of $167.14 million for the quarter, compared to analysts’ expectations of $168.31 million. During the same period in the previous year, the firm earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. Equities analysts predict that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 24th. Investors of record on Tuesday, September 30th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Tuesday, September 30th. Independence Realty Trust’s dividend payout ratio is 680.00%.

Wall Street Analyst Weigh In

IRT has been the topic of several research reports. UBS Group lowered their target price on Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Barclays decreased their price objective on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Tuesday, August 12th. Wall Street Zen cut Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Wells Fargo & Company cut their target price on shares of Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, August 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Independence Realty Trust in a research note on Thursday. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.00.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.