MetLife Investment Management LLC Buys 682,815 Shares of 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 grew its stake 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 and Exchange Commission. The institutional investor owned 948,482 shares of the real estate investment trust's stock after acquiring an additional 682,815 shares during the quarter. MetLife Investment Management LLC owned 0.41% of Independence Realty Trust worth $20,136,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in IRT. Mariner LLC boosted its holdings in Independence Realty Trust by 13.7% in the fourth quarter. Mariner LLC now owns 25,165 shares of the real estate investment trust's stock worth $499,000 after acquiring an additional 3,037 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Independence Realty Trust by 142.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the real estate investment trust's stock valued at $293,000 after purchasing an additional 8,679 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of Independence Realty Trust by 5.4% during the fourth quarter. Stifel Financial Corp now owns 29,601 shares of the real estate investment trust's stock valued at $587,000 after purchasing an additional 1,517 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Independence Realty Trust by 14.3% during the fourth quarter. Hsbc Holdings PLC now owns 162,662 shares of the real estate investment trust's stock valued at $3,227,000 after purchasing an additional 20,327 shares in the last quarter. Finally, Susquehanna International Group LLP lifted its holdings in shares of Independence Realty Trust by 234.4% during the fourth quarter. Susquehanna International Group LLP now owns 107,180 shares of the real estate investment trust's stock valued at $2,126,000 after purchasing an additional 75,132 shares in the last quarter. 88.25% of the stock is owned by institutional investors.

Independence Realty Trust Stock Up 2.8%

Shares of IRT opened at $17.6490 on Monday. The business has a 50-day simple moving average of $17.44 and a two-hundred day simple moving average of $18.90. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 147.08, a PEG ratio of 2.44 and a beta of 0.94. Independence Realty Trust, Inc. has a 52 week low of $16.59 and a 52 week high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting analysts' consensus estimates of $0.28. The business had revenue of $161.89 million during the quarter, compared to analysts' expectations 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 prior year, the business posted $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, equities analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Independence Realty Trust Company 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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