Aew Capital Management L P Decreases Position in Independence Realty Trust, Inc. $IRT

Key Points

• Aew Capital Management L P reduced its stake in Independence Realty Trust by 2.3%, selling 53,200 shares, leaving it with approximately 2,263,715 shares worth around $48 million.
• Independence Realty Trust reported a quarterly EPS of $0.28, meeting analyst expectations, while its revenue fell short at $161.89 million compared to forecasts.
• Analyst ratings for Independence Realty Trust show an average rating of "Moderate Buy" with a consensus target price of $22.56, despite varying price targets set by different analysts.

Aew Capital Management L P cut its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 2.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,263,715 shares of the real estate investment trust's stock after selling 53,200 shares during the period. Independence Realty Trust accounts for about 2.3% of Aew Capital Management L P's portfolio, making the stock its 14th biggest position. Aew Capital Management L P owned about 0.97% of Independence Realty Trust worth $48,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Independence Realty Trust by 2.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust's stock worth $442,000 after buying an additional 488 shares during the period. Xponance Inc. raised its holdings in shares of Independence Realty Trust by 2.1% in the first quarter. Xponance Inc. now owns 32,632 shares of the real estate investment trust's stock worth $693,000 after buying an additional 678 shares during the period. Brooklyn Investment Group raised its holdings in shares of Independence Realty Trust by 131.4% in the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock worth $27,000 after buying an additional 712 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Independence Realty Trust by 0.3% in the first quarter. Envestnet Asset Management Inc. now owns 252,949 shares of the real estate investment trust's stock worth $5,370,000 after buying an additional 731 shares during the period. Finally, Lindbrook Capital LLC raised its holdings in shares of Independence Realty Trust by 10.7% in the first quarter. Lindbrook Capital LLC now owns 8,730 shares of the real estate investment trust's stock worth $185,000 after buying an additional 841 shares during the period. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Trading Up 2.8%

Shares of NYSE IRT opened at $17.6490 on Friday. The stock has a market capitalization of $4.13 billion, a PE ratio of 147.08, a price-to-earnings-growth ratio of 2.36 and a beta of 0.94. The stock's fifty day simple moving average is $17.44 and its two-hundred day simple moving average is $18.91. Independence Realty Trust, Inc. has a 12-month low of $16.59 and a 12-month high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.28. The business had revenue of $161.89 million for the quarter, compared to analysts' expectations of $164.78 million. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.During the same quarter last year, the firm earned $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, equities analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on IRT shares. JMP Securities reiterated a "market outperform" rating and issued a $25.00 price target on shares of Independence Realty Trust in a report on Monday, May 5th. Barclays reduced their price target on Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 12th. Compass Point upgraded Independence Realty Trust from a "neutral" rating to a "buy" rating and increased their price target for the stock from $22.00 to $24.00 in a report on Thursday, July 31st. UBS Group dropped their price objective on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a research note on Tuesday, July 15th. Finally, Wall Street Zen raised Independence Realty Trust from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.56.

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.

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