Kovitz Investment Group Partners LLC Makes New Investment in Independence Realty Trust, Inc. $IRT

Key Points

• Kovitz Investment Group Partners LLC acquired **18,000 shares** of Independence Realty Trust, Inc. (IRT) valued at approximately **$382,000** in the first quarter, as per their Form 13F filing with the SEC.
• Analyst ratings for IRT show a consensus **average rating of "Moderate Buy"** with a price target of **$22.56**, while JMP Securities has issued a price objective of **$25.00**.
• Independence Realty Trust's stock has recently seen a slight decline, down **0.8% to $17.1360**, with a market capitalization of **$4.01 billion** and a P/E ratio of **142.80**.

Kovitz Investment Group Partners LLC acquired a new stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,000 shares of the real estate investment trust's stock, valued at approximately $382,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. D. E. Shaw & Co. Inc. acquired a new stake in Independence Realty Trust in the fourth quarter valued at $1,781,000. Principal Financial Group Inc. grew its holdings in Independence Realty Trust by 3.5% during the 1st quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust's stock worth $15,864,000 after acquiring an additional 25,124 shares during the period. Victory Capital Management Inc. grew its holdings in Independence Realty Trust by 889.9% during the 1st quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust's stock worth $8,721,000 after acquiring an additional 369,303 shares during the period. Headlands Technologies LLC acquired a new stake in Independence Realty Trust during the 1st quarter worth about $53,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Independence Realty Trust by 1.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust's stock worth $76,825,000 after acquiring an additional 57,108 shares during the period. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IRT. UBS Group decreased their price target on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. Wall Street Zen raised shares of Independence Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. JMP Securities reissued a "market outperform" rating and set a $25.00 price objective on shares of Independence Realty Trust in a research report on Monday, May 5th. Barclays cut their price objective on shares of Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 12th. Finally, Wells Fargo & Company cut their price objective on shares of Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Wednesday. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $22.11.

Independence Realty Trust Trading Up 1.8%

NYSE IRT traded up $0.31 during trading hours on Wednesday, hitting $17.73. The company's stock had a trading volume of 1,856,549 shares, compared to its average volume of 2,849,971. Independence Realty Trust, Inc. has a 52 week low of $16.59 and a 52 week high of $22.26. The company has a market capitalization of $4.14 billion, a PE ratio of 147.71, a price-to-earnings-growth ratio of 2.40 and a beta of 0.94. The company's 50-day simple moving average is $17.42 and its two-hundred day simple moving average is $18.86.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The firm had revenue of $161.89 million during the quarter, compared to analyst estimates of $164.78 million. During the same quarter last year, the business posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

About Independence Realty Trust

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.