Long Pond Capital LP Sells 7,677,361 Shares of Independence Realty Trust, Inc. $IRT

Key Points

• Long Pond Capital LP has significantly reduced its stake in Independence Realty Trust by 90.3%, selling 7,677,361 shares and holding only 827,812 shares afterwards.
• Various institutional investors are actively trading Independence Realty Trust, with Brooklyn Investment Group increasing its holdings by 131.4%, while several others established new positions valued between $53,000 to $85,000.
• Multiple analysts have weighed in on Independence Realty Trust, with current ratings showing a consensus of "Moderate Buy" and a target price of $22.56, amid mixed revisions on price targets from various firms.

Long Pond Capital LP lowered its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 90.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 827,812 shares of the real estate investment trust's stock after selling 7,677,361 shares during the period. Independence Realty Trust accounts for approximately 1.1% of Long Pond Capital LP's holdings, making the stock its 23rd biggest holding. Long Pond Capital LP owned 0.35% of Independence Realty Trust worth $17,574,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Brooklyn Investment Group boosted its holdings in Independence Realty Trust by 131.4% in the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock valued at $27,000 after acquiring an additional 712 shares in the last quarter. Headlands Technologies LLC purchased a new position in Independence Realty Trust during the first quarter valued at $53,000. GKV Capital Management Co. Inc. purchased a new position in Independence Realty Trust during the first quarter valued at $57,000. GF Fund Management CO. LTD. purchased a new position in Independence Realty Trust during the fourth quarter valued at $83,000. Finally, Wealthquest Corp purchased a new position in Independence Realty Trust during the first quarter valued at $85,000. Institutional investors own 88.25% of the company's stock.

Analyst Upgrades and Downgrades

IRT has been the subject of several recent research reports. JMP Securities reissued a "market outperform" rating and set a $25.00 price objective on shares of Independence Realty Trust in a research report on Monday, May 5th. Wall Street Zen raised Independence Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. 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 research report on Tuesday, July 15th. 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 research report on Tuesday, August 12th. Finally, Compass Point raised Independence Realty Trust from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.56.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT opened at $17.6490 on Monday. Independence Realty Trust, Inc. has a fifty-two week low of $16.59 and a fifty-two week high of $22.26. The business has a 50-day simple moving average of $17.44 and a two-hundred day simple moving average of $18.90. The firm has a market cap of $4.13 billion, a price-to-earnings ratio of 147.08, a price-to-earnings-growth ratio of 2.44 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, hitting analysts' consensus estimates of $0.28. The business had revenue of $161.89 million during the quarter, compared to analyst estimates of $164.78 million. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.During the same quarter in the previous year, the firm earned $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. As a group, research analysts predict 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.

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