311,688 Shares in Independence Realty Trust, Inc. $IRT Bought by Mill Creek Capital Advisors LLC

Key Points

• Mill Creek Capital Advisors LLC acquired 311,688 shares of Independence Realty Trust, Inc. (NYSE:IRT), valued at approximately $6.6 million, constituting about 0.13% of the company's stock.
• The latest earnings report indicated that the company met consensus estimates with $0.28 EPS and reported a revenue of $161.89 million, slightly below the expected $164.78 million.
• Analysts generally hold a positive outlook on the stock, with a consensus rating of "Moderate Buy" and a target price of $22.56; several have recently raised their ratings and price targets.

Mill Creek Capital Advisors LLC purchased a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 311,688 shares of the real estate investment trust's stock, valued at approximately $6,617,000. Mill Creek Capital Advisors LLC owned about 0.13% of Independence Realty Trust as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Independence Realty Trust by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust's stock valued at $696,482,000 after purchasing an additional 554,729 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of Independence Realty Trust by 44.2% during the first quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust's stock valued at $103,535,000 after purchasing an additional 1,495,132 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Independence Realty Trust by 1.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust's stock valued at $76,825,000 after buying an additional 57,108 shares during the last quarter. Northern Trust Corp increased its holdings in Independence Realty Trust by 28.8% in the 4th quarter. Northern Trust Corp now owns 3,551,247 shares of the real estate investment trust's stock worth $70,457,000 after buying an additional 793,403 shares in the last quarter. Finally, Bamco Inc. NY raised its position in Independence Realty Trust by 592.0% in the 4th quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust's stock worth $33,961,000 after buying an additional 1,464,400 shares during the last quarter. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock traded up $0.4740 on Friday, hitting $17.6340. 929,477 shares of the company's stock were exchanged, compared to its average volume of 2,202,989. The stock has a market capitalization of $4.12 billion, a PE ratio of 146.88, a PEG ratio of 2.38 and a beta of 0.94. Independence Realty Trust, Inc. has a 1 year low of $16.59 and a 1 year high of $22.26. The company has a 50-day simple moving average of $17.44 and a 200-day simple moving average of $18.92.

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, hitting 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 for the quarter, compared to analysts' expectations of $164.78 million. During the same period last year, the firm earned $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IRT has been the subject of a number of research analyst reports. JMP Securities reiterated a "market outperform" rating and issued a $25.00 price target on shares of Independence Realty Trust in a research note on Monday, May 5th. Barclays dropped their target price on shares of 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. UBS Group decreased their target price 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. Compass Point raised Independence Realty Trust from a "neutral" rating to a "buy" rating and increased their price target for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Finally, Wall Street Zen raised Independence Realty Trust from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $22.56.

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.