Mitsubishi UFJ Asset Management Co. Ltd. Purchases 6,149 Shares of Independence Realty Trust, Inc. $IRT

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 3.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 166,543 shares of the real estate investment trust’s stock after purchasing an additional 6,149 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.07% of Independence Realty Trust worth $2,946,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of IRT. Deutsche Bank AG lifted its stake in shares of Independence Realty Trust by 44.2% in the first quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust’s stock worth $103,535,000 after buying an additional 1,495,132 shares in the last quarter. Nuveen LLC purchased a new position in Independence Realty Trust in the 1st quarter worth approximately $29,149,000. Cbre Investment Management Listed Real Assets LLC raised its holdings in Independence Realty Trust by 120.0% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,233,851 shares of the real estate investment trust’s stock worth $47,425,000 after acquiring an additional 1,218,559 shares during the last quarter. Woodline Partners LP bought a new position in Independence Realty Trust in the 1st quarter valued at approximately $23,829,000. Finally, Jennison Associates LLC boosted its stake in Independence Realty Trust by 12.9% during the 2nd quarter. Jennison Associates LLC now owns 6,926,454 shares of the real estate investment trust’s stock valued at $122,529,000 after purchasing an additional 789,515 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IRT shares. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. Wells Fargo & Company reduced their price objective on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, August 27th. Weiss Ratings restated a “hold (c-)” rating on shares of Independence Realty Trust in a research note on Friday, October 31st. UBS Group dropped their price target on shares of Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Monday. Finally, Barclays decreased their price objective on shares of 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. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $21.86.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT opened at $16.47 on Friday. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of 164.67, a PEG ratio of 2.29 and a beta of 0.98. The stock’s 50-day simple moving average is $16.52 and its two-hundred day simple moving average is $17.47. 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 released its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate 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 business 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 company earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. As a group, equities analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Tuesday, September 30th were given a $0.17 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.68 annualized dividend and a yield of 4.1%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 680.00%.

Independence Realty Trust 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.