Invesco Ltd. Increases Stake in Independence Realty Trust, Inc. $IRT

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

Other hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Independence Realty Trust by 2.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 22,292 shares of the real estate investment trust's stock worth $442,000 after acquiring an additional 488 shares during the last quarter. Xponance Inc. increased its stake in shares of Independence Realty Trust by 2.1% in the 1st quarter. Xponance Inc. now owns 32,632 shares of the real estate investment trust's stock worth $693,000 after acquiring an additional 678 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Independence Realty Trust by 0.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 252,949 shares of the real estate investment trust's stock worth $5,370,000 after acquiring an additional 731 shares during the last quarter. Lindbrook Capital LLC increased its stake in shares of Independence Realty Trust by 10.7% in the 1st quarter. Lindbrook Capital LLC now owns 8,730 shares of the real estate investment trust's stock worth $185,000 after acquiring an additional 841 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its holdings in shares of Independence Realty Trust by 2.2% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,763 shares of the real estate investment trust's stock worth $993,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 88.25% of the company's stock.

Independence Realty Trust Trading Down 0.2%

Independence Realty Trust stock traded down $0.04 during midday trading on Tuesday, reaching $17.45. 2,476,724 shares of the stock traded hands, compared to its average volume of 2,823,280. The company has a 50-day simple moving average of $17.42 and a two-hundred day simple moving average of $18.87. Independence Realty Trust, Inc. has a 12-month low of $16.59 and a 12-month high of $22.26. The firm has a market cap of $4.08 billion, a PE ratio of 145.38, a price-to-earnings-growth ratio of 2.41 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its 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 analysts' expectations of $164.78 million. During the same period last year, the business posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Equities research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Analysts Set New Price Targets

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

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.