Independence Realty Trust (NYSE:IRT) Announces Quarterly Earnings Results

Independence Realty Trust (NYSE:IRT) posted its earnings results on Wednesday. The real estate investment trust reported $0.26 EPS for the quarter, beating the consensus estimate of $0.03 by $0.23, Briefing.com reports. The firm had revenue of $165.32 million during the quarter, compared to the consensus estimate of $167.24 million. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the company earned $0.27 earnings per share. Independence Realty Trust updated its FY 2026 guidance to 1.120-1.160 EPS.

Independence Realty Trust Trading Up 0.1%

IRT stock traded up $0.01 during trading on Thursday, reaching $16.30. 1,035,710 shares of the stock were exchanged, compared to its average volume of 2,693,934. The firm’s 50 day moving average is $15.81 and its 200 day moving average is $16.41. Independence Realty Trust has a twelve month low of $14.60 and a twelve month high of $19.83. The firm has a market cap of $3.84 billion, a P/E ratio of 67.90, a price-to-earnings-growth ratio of 1.77 and a beta of 1.00.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 17th. Investors of record on Friday, March 27th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Friday, March 27th. Independence Realty Trust’s dividend payout ratio is 283.33%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its stake 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 period. Alliancebernstein L.P. increased 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 purchasing an additional 30,701 shares in the last quarter. Morgan Stanley increased 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 purchasing an additional 3,824,512 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Independence Realty Trust by 6.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,063,759 shares of the real estate investment trust’s stock worth $71,035,000 after purchasing an additional 236,912 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Independence Realty Trust by 1.2% during the 4th quarter. Franklin Resources Inc. now owns 3,874,647 shares of the real estate investment trust’s stock worth $67,729,000 after purchasing an additional 47,144 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on IRT. Deutsche Bank Aktiengesellschaft downgraded Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research report on Tuesday, January 20th. UBS Group increased their price target on Independence Realty Trust from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a research note on Friday, March 27th. Wall Street Zen cut Independence Realty Trust from a “hold” rating to a “sell” rating in a research note on Sunday, February 22nd. Finally, Wells Fargo & Company cut their target price on Independence Realty Trust from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

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.