Northern Trust Corp Reduces Stock Position in Independence Realty Trust, Inc. $IRT

Key Points

• Northern Trust Corp reduced its holdings in Independence Realty Trust, Inc. by 1.7%, owning 3,490,314 shares after selling 60,933 shares during the first quarter.
• Independence Realty Trust's shares opened at $17.4950, with a market capitalization of $4.09 billion and an average target price of $22.56 as determined by equity analysts.
• Despite a quarterly earnings of $0.28 per share matching analysts' estimates, the company reported revenue below expectations, highlighting mixed performance in its latest financial report.

Northern Trust Corp lowered its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,490,314 shares of the real estate investment trust's stock after selling 60,933 shares during the quarter. Northern Trust Corp owned 1.49% of Independence Realty Trust worth $74,099,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings 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 acquiring an additional 554,729 shares during the period. Deutsche Bank AG boosted its holdings in Independence Realty Trust by 44.2% during the 1st quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust's stock valued at $103,535,000 after acquiring an additional 1,495,132 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Independence Realty Trust by 1.6% during the 1st 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 acquiring an additional 57,108 shares during the period. Bamco Inc. NY boosted its holdings in Independence Realty Trust by 592.0% during the 4th quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust's stock valued at $33,961,000 after acquiring an additional 1,464,400 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in Independence Realty Trust by 34.1% during the 1st quarter. Russell Investments Group Ltd. now owns 1,559,482 shares of the real estate investment trust's stock valued at $33,108,000 after acquiring an additional 396,959 shares during the period. Hedge funds and other institutional investors own 88.25% of the company's stock.

Independence Realty Trust Price Performance

Shares of NYSE IRT opened at $17.4950 on Tuesday. The stock has a market capitalization of $4.09 billion, a P/E ratio of 145.79, a price-to-earnings-growth ratio of 2.44 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 business has a fifty day moving average price of $17.43 and a 200 day moving average price of $18.88.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings data 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 firm 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 period in the prior year, the business posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. As a group, 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

Several equities research analysts have weighed in on the company. JMP Securities reiterated a "market outperform" rating and issued a $25.00 target price on shares of Independence Realty Trust in a report on Monday, May 5th. UBS Group lowered their target price 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. Barclays lowered their target price 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. Wall Street Zen upgraded Independence Realty Trust from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Compass Point upgraded Independence Realty Trust from a "neutral" rating to a "buy" rating and upped their target price for the stock from $22.00 to $24.00 in a report on Thursday, July 31st. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.