OVERSEA CHINESE BANKING Corp Ltd Takes $5.99 Million Position in Independence Realty Trust, Inc. $IRT

Key Points

• OVERSEA CHINESE BANKING Corp Ltd acquired 359,073 shares of Independence Realty Trust in the second quarter, worth approximately $5.99 million and representing about 0.15% of the REIT. Institutional investors collectively own 88.25% of the company.
• Independence Realty Trust reported quarterly revenue of $167.24 million, up 3.2% year over year, but earnings per share of $0.01 fell well short of the $0.27 analyst consensus. The company reaffirmed fiscal 2026 EPS guidance of $1.13–$1.15.
• Analyst sentiment is generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $19.56, above its recent share price of $16.66.

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 359,073 shares of the real estate investment trust's stock, valued at approximately $5,993,000. OVERSEA CHINESE BANKING Corp Ltd owned about 0.15% of Independence Realty Trust as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of Independence Realty Trust by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust's stock valued at $112,690,000 after purchasing an additional 148,449 shares during the period. Hsbc Holdings PLC raised its stake in Independence Realty Trust by 49.2% during the 1st quarter. Hsbc Holdings PLC now owns 572,161 shares of the real estate investment trust's stock valued at $8,518,000 after acquiring an additional 188,658 shares in the last quarter. Quantinno Capital Management LP boosted its position in Independence Realty Trust by 660.3% during the 1st quarter. Quantinno Capital Management LP now owns 318,941 shares of the real estate investment trust's stock worth $4,749,000 after acquiring an additional 276,994 shares during the period. Teacher Retirement System of Texas grew its stake in shares of Independence Realty Trust by 1,767.5% in the fourth quarter. Teacher Retirement System of Texas now owns 571,568 shares of the real estate investment trust's stock worth $9,991,000 after purchasing an additional 540,962 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Independence Realty Trust by 4.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,473,797 shares of the real estate investment trust's stock worth $51,725,000 after purchasing an additional 134,364 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company's stock.

Independence Realty Trust Stock Up 0.2%

Shares of IRT stock opened at $16.66 on Friday. Independence Realty Trust, Inc. has a 12 month low of $14.60 and a 12 month high of $18.18. The company has a market cap of $3.93 billion, a PE ratio of 92.56 and a beta of 0.94. The business's 50 day moving average is $16.70 and its two-hundred day moving average is $16.32.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.26). The firm had revenue of $167.24 million during the quarter, compared to analyst estimates of $166.93 million. Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%.Independence Realty Trust's quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.28 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. As a group, equities analysts expect that Independence Realty Trust, Inc. will post 1.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IRT. Weiss Ratings upgraded shares of Independence Realty Trust from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. Wells Fargo & Company raised their target price on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Monday, June 1st. Jefferies Financial Group raised Independence Realty Trust to a "strong-buy" rating in a report on Wednesday, July 22nd. Barclays upgraded shares of Independence Realty Trust from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $19.00 to $20.00 in a research report on Tuesday, July 14th. Finally, Royal Bank Of Canada increased their price objective on Independence Realty Trust from $18.00 to $19.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $19.56.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source