Independence Realty Trust, Inc. $IRT Shares Bought by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in Independence Realty Trust, Inc. by 97.8%, acquiring an additional 498,331 shares during the first quarter, now holding approximately 1,007,772 shares worth $21.4 million.
• Wall Street analysts show a mixed outlook, with seven analysts rating the stock as a "Buy" and a current consensus price target of $22.56, while also noting a recent downgrade from UBS Group and Barclays.
• Independence Realty Trust reported earnings per share (EPS) of $0.28 for the last quarter, matching consensus estimates, with projected FY 2025 EPS guidance set between 1.195 and 1.215.

Invesco Ltd. raised its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 97.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,007,772 shares of the real estate investment trust's stock after acquiring an additional 498,331 shares during the period. Invesco Ltd. owned approximately 0.43% of Independence Realty Trust worth $21,395,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Headlands Technologies LLC acquired a new stake in Independence Realty Trust in the first quarter valued at approximately $53,000. Wealthquest Corp acquired a new stake in shares of Independence Realty Trust during the first quarter worth $85,000. GF Fund Management CO. LTD. acquired a new stake in shares of Independence Realty Trust during the fourth quarter worth $83,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of Independence Realty Trust during the first quarter worth $90,000. Finally, State of Wyoming lifted its stake in shares of Independence Realty Trust by 49.2% during 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 during the period. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Independence Realty Trust Price Performance

NYSE IRT opened at $17.2860 on Thursday. The company has a market capitalization of $4.04 billion, a PE ratio of 144.05, a P/E/G ratio of 2.40 and a beta of 0.94. The company has a fifty day moving average of $17.47 and a 200 day moving average of $18.94. Independence Realty Trust, Inc. has a 1 year low of $16.59 and a 1 year high of $22.26.

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

Independence Realty Trust 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.