Quantbot Technologies LP Sells 88,603 Shares of Independence Realty Trust, Inc. $IRT

Key Points

• Quantbot Technologies LP significantly reduced its position in Independence Realty Trust by 62.8% in the first quarter, selling 88,603 shares and retaining 52,566 shares worth approximately $1.12 million.
• Multiple institutional investors, including Deutsche Bank AG and Bamco Inc. NY, have increased their stakes in Independence Realty Trust, with overall hedge funds owning 88.25% of the stock.
• Analysts have mixed views on Independence Realty Trust, with price targets ranging from $20.00 to $25.00 and an average consensus rating of "Moderate Buy."

Quantbot Technologies LP decreased its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 62.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 52,566 shares of the real estate investment trust's stock after selling 88,603 shares during the period. Quantbot Technologies LP's holdings in Independence Realty Trust were worth $1,116,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. D. E. Shaw & Co. Inc. bought a new stake in shares of Independence Realty Trust in the 4th quarter valued at approximately $1,781,000. Principal Financial Group Inc. grew its stake in shares of Independence Realty Trust by 3.5% in the 1st quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust's stock valued at $15,864,000 after buying an additional 25,124 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Independence Realty Trust by 889.9% in the 1st quarter. Victory Capital Management Inc. now owns 410,801 shares of the real estate investment trust's stock valued at $8,721,000 after buying an additional 369,303 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Independence Realty Trust in the 1st quarter valued at approximately $53,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Independence Realty Trust by 1.6% in 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 buying an additional 57,108 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company's stock.

Independence Realty Trust Stock Performance

Shares of IRT traded up $0.31 during mid-day trading on Wednesday, hitting $17.73. The company's stock had a trading volume of 1,856,549 shares, compared to its average volume of 2,206,462. The stock's 50-day moving average is $17.42 and its two-hundred day moving average is $18.87. The firm has a market capitalization of $4.14 billion, a PE ratio of 147.71, a price-to-earnings-growth ratio of 2.41 and a beta of 0.94. Independence Realty Trust, Inc. has a one year low of $16.59 and a one year high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The firm had revenue of $161.89 million during the quarter, compared to analysts' expectations of $164.78 million. During the same period in the prior year, the company earned $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on IRT. JMP Securities reissued 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 lowered their price target on Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 12th. Wells Fargo & Company lowered their price target on Independence Realty Trust from $24.00 to $20.00 and set an "overweight" rating for the company in a research note on Wednesday. Compass Point raised 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 research report on Thursday, July 31st. Finally, UBS Group decreased their target price on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating for the company in a research report on Tuesday, July 15th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Independence Realty Trust currently has an average rating of "Moderate Buy" and a consensus price target of $22.11.

About Independence Realty Trust

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.