Connor Clark & Lunn Investment Management Ltd. Purchases New Position in Independence Realty Trust, Inc. $IRT

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired a new stake in Independence Realty Trust, purchasing 104,846 shares valued at approximately $2.23 million.
• Several institutional investors have increased their stakes in Independence Realty Trust, with Wells Fargo and others lifting their positions during the fourth quarter of the previous year.
• Independence Realty Trust reported an earnings per share (EPS) of $0.28 for the last quarter, aligning with analyst expectations, despite revenues falling short of estimates.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 104,846 shares of the real estate investment trust's stock, valued at approximately $2,226,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of IRT. Headlands Technologies LLC purchased a new stake in Independence Realty Trust in the first quarter worth about $53,000. GF Fund Management CO. LTD. purchased a new stake in Independence Realty Trust in the fourth quarter worth about $83,000. Wealthquest Corp purchased a new stake in Independence Realty Trust in the first quarter worth about $85,000. State of Wyoming increased its position in Independence Realty Trust by 49.2% in the fourth quarter. State of Wyoming now owns 4,355 shares of the real estate investment trust's stock worth $86,000 after buying an additional 1,437 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Independence Realty Trust in the first quarter worth about $90,000. Hedge funds and other institutional investors own 88.25% of the company's stock.

Analyst Upgrades and Downgrades

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

Independence Realty Trust Stock Up 1.0%

Independence Realty Trust stock traded up $0.1750 during midday trading on Tuesday, reaching $17.3650. 429,013 shares of the stock traded hands, compared to its average volume of 2,200,459. The stock's fifty day moving average is $17.52 and its 200-day moving average is $18.96. Independence Realty Trust, Inc. has a 12 month low of $16.59 and a 12 month high of $22.26. The stock has a market cap of $4.06 billion, a P/E ratio of 144.72, a PEG ratio of 2.40 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting analysts' consensus estimates of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.The company had revenue of $161.89 million during the quarter, compared to analyst estimates of $164.78 million. During the same period in the prior year, the company earned $0.28 earnings per share. 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 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.