Bank of America Corp DE Sells 611,463 Shares of Independence Realty Trust, Inc. $IRT

Key Points

• Bank of America reduced its Independence Realty Trust stake by 23.5%, selling 611,463 shares during the first quarter and retaining 1.99 million shares valued at approximately $29.7 million.
• Institutional ownership remains high at 88.25%, with several major investors—including Morgan Stanley, Franklin Resources, and Engineers Gate—significantly increasing their positions.
• IRT shares opened at $17.02, while analysts maintain a “Moderate Buy” consensus with an average price target of $19.56. The company recently missed quarterly EPS estimates, reporting $0.01 versus the expected $0.27, despite revenue modestly exceeding forecasts.

Bank of America Corp DE lessened its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 23.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,992,948 shares of the real estate investment trust's stock after selling 611,463 shares during the period. Bank of America Corp DE owned about 0.85% of Independence Realty Trust worth $29,675,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Engineers Gate Manager LP raised its holdings in Independence Realty Trust by 16,719.4% in the 4th quarter. Engineers Gate Manager LP now owns 4,299,707 shares of the real estate investment trust's stock valued at $75,159,000 after acquiring an additional 4,274,143 shares in the last quarter. Morgan Stanley grew its holdings in shares of 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. Franklin Resources Inc. grew its holdings in shares of Independence Realty Trust by 1,435.4% during the 3rd quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust's stock worth $62,733,000 after purchasing an additional 3,578,221 shares in the last quarter. Rush Island Management LP bought a new stake in shares of Independence Realty Trust during the first quarter valued at approximately $51,462,000. Finally, Norges Bank bought a new stake in shares of Independence Realty Trust during the fourth quarter valued at approximately $52,122,000. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Stock Performance

Shares of IRT opened at $17.02 on Friday. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 94.58 and a beta of 0.94. The stock has a fifty day moving average price of $16.72 and a two-hundred day moving average price of $16.33. Independence Realty Trust, Inc. has a 52-week low of $14.60 and a 52-week high of $18.18.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.26). The company had revenue of $167.24 million for the quarter, compared to analyst estimates of $166.93 million. Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%.Independence Realty Trust's revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.28 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. As a group, research analysts predict that Independence Realty Trust, Inc. will post 1.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Royal Bank Of Canada raised their target price on Independence Realty Trust from $18.00 to $19.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Wells Fargo & Company boosted their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an "overweight" rating in a report on Monday, June 1st. Wall Street Zen upgraded shares of Independence Realty Trust from a "strong sell" rating to a "sell" rating in a research note on Saturday. UBS Group reduced their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 14th. Finally, Weiss Ratings upgraded shares of Independence Realty Trust from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $19.56.

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.

Want to see what other hedge funds are holding IRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independence Realty Trust, Inc. (NYSE:IRT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source