Raymond James Financial Inc. Reduces Stock Position in Independence Realty Trust, Inc. $IRT

Key Points

• Raymond James Financial Inc. sold 14,202 shares of Independence Realty Trust, reducing its stake to approximately 595,890 shares, which is valued at $12.65 million.
• Institutional investors hold 88.25% of the company’s stock, with significant increases in holdings from other firms such as Deutsche Bank AG, which raised its stake by 44.2%.
• Independence Realty Trust reported EPS of $0.28 for the last quarter, meeting analyst expectations, but its revenue of $161.89 million fell short of the $164.78 million forecast.

Raymond James Financial Inc. trimmed its stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 2.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 595,890 shares of the real estate investment trust's stock after selling 14,202 shares during the quarter. Raymond James Financial Inc. owned approximately 0.25% of Independence Realty Trust worth $12,651,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in IRT. Headlands Technologies LLC purchased a new stake in Independence Realty Trust during the 1st quarter worth about $53,000. GKV Capital Management Co. Inc. acquired a new stake in shares of Independence Realty Trust during the 1st quarter worth about $57,000. Wealthquest Corp purchased a new stake in shares of Independence Realty Trust during the first quarter worth about $85,000. GF Fund Management CO. LTD. acquired a new position in shares of Independence Realty Trust in the fourth quarter valued at approximately $83,000. Finally, Financial Gravity Asset Management Inc. purchased a new position in shares of Independence Realty Trust during the first quarter valued at approximately $90,000. Institutional investors and hedge funds own 88.25% of the company's stock.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT traded down $0.07 during mid-day trading on Wednesday, hitting $17.54. 1,093,128 shares of the company traded hands, compared to its average volume of 2,198,440. The firm's 50 day simple moving average is $17.43 and its 200 day simple moving average is $18.79. The firm has a market cap of $4.10 billion, a P/E ratio of 146.13, a PEG ratio of 2.49 and a beta of 0.96. 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 posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.28. Independence Realty Trust had a net margin of 4.31% and a return on equity of 0.78%. The company had revenue of $161.89 million for the quarter, compared to analyst estimates of $164.78 million. During the same quarter last year, the firm posted $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Equities research analysts expect that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

IRT has been the subject of several recent analyst reports. Barclays lowered their target price on shares of 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. Wall Street Zen downgraded Independence Realty Trust from a "hold" rating to a "sell" rating in a research report on Saturday. Compass Point upgraded Independence Realty Trust from a "neutral" rating to a "buy" rating and upped their target price for the company from $22.00 to $24.00 in a research note on Thursday, July 31st. UBS Group decreased their price target on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a research note on Tuesday, July 15th. Finally, 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 report on Wednesday, August 27th. 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 company has a consensus rating of "Moderate Buy" and a consensus target price of $22.11.

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.