BlackRock Inc. Invests $601.98 Million in Independence Realty Trust, Inc. $IRT

Key Points

• BlackRock acquired 36.1 million shares of Independence Realty Trust in the second quarter, valued at approximately $602 million, giving it a 15.3% ownership stake. Institutional investors collectively own 88.25% of the REIT.
• Independence Realty Trust reported quarterly EPS of $0.01, missing analysts’ $0.27 estimate by $0.26, while revenue rose 3.2% year over year to $167.24 million.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $19.56, compared with the stock’s reported price of $16.58.

BlackRock Inc. acquired a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 36,067,985 shares of the real estate investment trust's stock, valued at approximately $601,975,000. BlackRock Inc. owned approximately 15.30% of Independence Realty Trust as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Danske Bank A S bought a new stake in shares of Independence Realty Trust during the third quarter valued at approximately $26,000. SHP Wealth Management purchased a new stake in shares of Independence Realty Trust during the fourth quarter valued at $30,000. Farther Finance Advisors LLC boosted its position in shares of Independence Realty Trust by 70.3% during the fourth quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 747 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Independence Realty Trust by 97.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,875 shares of the real estate investment trust's stock worth $51,000 after buying an additional 1,422 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Independence Realty Trust by 1,420.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,329 shares of the real estate investment trust's stock worth $55,000 after buying an additional 3,110 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company's stock.

Independence Realty Trust Stock Down 0.1%

NYSE IRT opened at $16.58 on Monday. Independence Realty Trust, Inc. has a 52 week low of $14.60 and a 52 week high of $18.18. The company has a market capitalization of $3.91 billion, a P/E ratio of 92.11 and a beta of 0.94. The stock's 50-day moving average price is $16.69 and its 200-day moving average price is $16.32.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on IRT shares. Royal Bank Of Canada raised their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. Barclays raised shares of Independence Realty Trust from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $19.00 to $20.00 in a report on Tuesday, July 14th. Jefferies Financial Group upgraded shares of Independence Realty Trust to a "strong-buy" rating in a report on Wednesday, July 22nd. Wells Fargo & Company boosted 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. Finally, UBS Group lowered their price target on Independence Realty Trust from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Independence Realty Trust has a consensus rating of "Moderate Buy" and a consensus price target of $19.56.

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.

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