Independence Realty Trust (NYSE:IRT) Announces Earnings Results

Independence Realty Trust (NYSE:IRT) released its earnings results on Wednesday. The real estate investment trust reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.23, Briefing.com reports. Independence Realty Trust had a return on equity of 1.34% and a net margin of 7.27%.The company had revenue of $165.32 million for the quarter, compared to the consensus estimate of $166.35 million. During the same quarter last year, the business posted $0.27 EPS. Independence Realty Trust’s quarterly revenue was up 2.7% compared to the same quarter last year. Independence Realty Trust updated its FY 2026 guidance to 1.120-1.160 EPS.

Independence Realty Trust Trading Down 0.5%

IRT traded down $0.08 during trading hours on Friday, hitting $16.24. The company’s stock had a trading volume of 707,568 shares, compared to its average volume of 2,700,085. Independence Realty Trust has a fifty-two week low of $14.60 and a fifty-two week high of $19.83. The firm has a market capitalization of $3.83 billion, a PE ratio of 81.24, a PEG ratio of 1.82 and a beta of 1.00. The company has a 50-day simple moving average of $15.81 and a 200 day simple moving average of $16.41.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 17th. Investors of record on Friday, March 27th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.2%. The ex-dividend date was Friday, March 27th. Independence Realty Trust’s dividend payout ratio (DPR) is currently 283.33%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on IRT shares. UBS Group increased their target price on Independence Realty Trust from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. Zacks Research raised Independence Realty Trust from a “strong sell” rating to a “hold” rating in a report on Monday, March 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Independence Realty Trust in a report on Friday, March 27th. BMO Capital Markets raised Independence Realty Trust from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $20.00 to $22.00 in a report on Friday, January 9th. Finally, Wall Street Zen downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Sunday, February 22nd. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.50.

Institutional Trading of Independence Realty Trust

Several large investors have recently added to or reduced their stakes in the business. State Street Corp increased its position in Independence Realty Trust by 0.6% in the 4th quarter. State Street Corp now owns 13,074,813 shares of the real estate investment trust’s stock valued at $230,705,000 after acquiring an additional 76,635 shares during the period. Alliancebernstein L.P. increased its position in Independence Realty Trust by 0.3% in the 2nd quarter. Alliancebernstein L.P. now owns 9,139,506 shares of the real estate investment trust’s stock valued at $161,678,000 after acquiring an additional 30,701 shares during the period. Morgan Stanley increased its position in Independence Realty Trust by 209.5% in the 4th quarter. Morgan Stanley now owns 5,649,829 shares of the real estate investment trust’s stock valued at $98,759,000 after acquiring an additional 3,824,512 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of 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 valued at $71,035,000 after purchasing an additional 236,912 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of Independence Realty Trust by 1.2% in 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 buying an additional 47,144 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Company 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.