Bank of New York Mellon Corp Acquires New Stake in Independence Realty Trust, Inc. $IRT

Key Points

• Bank of New York Mellon acquired 1.97 million shares of Independence Realty Trust, valued at approximately $32.9 million, representing about 0.84% of the REIT. Institutional investors and hedge funds collectively own 88.25% of the company.
• Analysts have generally turned more positive, with Wells Fargo, Barclays and Jefferies upgrading or raising targets. IRT carries a consensus “Moderate Buy” rating and an average price target of $19.56.
• IRT shares opened at $16.35, while the company’s latest quarterly EPS of $0.01 missed expectations of $0.27 despite revenue slightly exceeding forecasts. Analysts expect full-year EPS of approximately $1.14.

Bank of New York Mellon Corp bought a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,969,321 shares of the real estate investment trust's stock, valued at approximately $32,868,000. Bank of New York Mellon Corp owned about 0.84% of Independence Realty Trust as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IRT. Geode Capital Management LLC increased its stake in shares of Independence Realty Trust by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust's stock worth $112,690,000 after buying an additional 148,449 shares during the last quarter. Quantinno Capital Management LP boosted its stake in Independence Realty Trust by 660.3% during the 1st quarter. Quantinno Capital Management LP now owns 318,941 shares of the real estate investment trust's stock valued at $4,749,000 after acquiring an additional 276,994 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Independence Realty Trust by 49.2% during the 1st quarter. Hsbc Holdings PLC now owns 572,161 shares of the real estate investment trust's stock valued at $8,518,000 after acquiring an additional 188,658 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Independence Realty Trust by 4.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,473,797 shares of the real estate investment trust's stock worth $51,725,000 after acquiring an additional 134,364 shares in the last quarter. Finally, Vanderbilt University acquired a new position in Independence Realty Trust during the 1st quarter worth $1,572,000. 88.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on IRT shares. Wells Fargo & Company upped their target price on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Monday, June 1st. Jefferies Financial Group raised Independence Realty Trust to a "strong-buy" rating in a report on Wednesday, July 22nd. Barclays upgraded Independence Realty Trust from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $19.00 to $20.00 in a research note on Tuesday, July 14th. Wall Street Zen raised Independence Realty Trust from a "strong sell" rating to a "sell" rating in a report on Saturday, August 15th. Finally, Weiss Ratings upgraded Independence Realty Trust from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $19.56.

Independence Realty Trust Trading Down 0.3%

Shares of NYSE:IRT opened at $16.35 on Friday. The company has a 50 day moving average of $16.74 and a 200-day moving average of $16.33. The firm has a market cap of $3.85 billion, a P/E ratio of 90.83 and a beta of 0.94. Independence Realty Trust, Inc. has a twelve month low of $14.60 and a twelve month 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 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.26). The firm had revenue of $167.24 million for the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $0.28 EPS. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. Equities research analysts forecast that Independence Realty Trust, Inc. will post 1.14 EPS for the current year.

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.

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