MetLife Investment Management LLC Has $20.14 Million Position in Independence Realty Trust, Inc. $IRT

Key Points

• MetLife Investment Management LLC significantly increased its stake in Independence Realty Trust, acquiring an additional 682,815 shares, representing a 257% growth in ownership.
• Independence Realty Trust's stock has shown a 2.8% increase recently, with a market cap of $4.13 billion and a current stock price of $17.6490.
• Analysts are generally optimistic about Independence Realty Trust, with a consensus rating of "Moderate Buy" and an average price target of $22.56.

MetLife Investment Management LLC raised its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 257.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 948,482 shares of the real estate investment trust's stock after buying an additional 682,815 shares during the period. MetLife Investment Management LLC owned about 0.41% of Independence Realty Trust worth $20,136,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brooklyn Investment Group increased its stake in shares of Independence Realty Trust by 131.4% during the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 712 shares during the period. Headlands Technologies LLC bought a new position in shares of Independence Realty Trust during the first quarter worth approximately $53,000. GKV Capital Management Co. Inc. bought a new position in shares of Independence Realty Trust during the first quarter worth approximately $57,000. GF Fund Management CO. LTD. bought a new position in shares of Independence Realty Trust during the fourth quarter worth approximately $83,000. Finally, Wealthquest Corp bought a new position in shares of Independence Realty Trust during the first quarter worth approximately $85,000. Institutional investors own 88.25% of the company's stock.

Independence Realty Trust Price Performance

Shares of NYSE IRT traded up $0.23 during mid-day trading on Friday, hitting $18.10. 2,085,526 shares of the stock traded hands, compared to its average volume of 2,630,678. Independence Realty Trust, Inc. has a twelve month low of $16.59 and a twelve month high of $22.26. The company has a market cap of $4.23 billion, a PE ratio of 150.79, a price-to-earnings-growth ratio of 2.49 and a beta of 0.94. The firm has a 50 day simple moving average of $17.43 and a two-hundred day simple moving average of $18.83.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, meeting the consensus estimate 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 for the quarter, compared to the consensus estimate of $164.78 million. During the same quarter last year, the business posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, equities research analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on IRT shares. UBS Group lowered their target price on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a research note on Tuesday, July 15th. Barclays dropped their price objective 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. Compass Point raised Independence Realty Trust from a "neutral" rating to a "buy" rating and raised their target price for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Wells Fargo & Company reduced their target price on Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Wednesday. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $25.00 target price on shares of Independence Realty Trust in a report on Monday, May 5th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $22.11.

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.