Independence Realty Trust, Inc. $IRT Shares Bought by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Independence Realty Trust by 34.1%, purchasing an additional 396,959 shares to own a total of 1,559,482 shares worth approximately $33.1 million.
• Independence Realty Trust recently reported earnings per share of $0.28 for the quarter, meeting expectations, while the business generated $161.89 million in revenue, slightly below analysts’ expectations.
• Analysts have varying outlooks on Independence Realty Trust, with a consensus rating of "Moderate Buy" and a target price of $22.56, although some analysts have raised and lowered their price targets recently.

Russell Investments Group Ltd. raised its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 34.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,559,482 shares of the real estate investment trust's stock after purchasing an additional 396,959 shares during the period. Russell Investments Group Ltd. owned 0.67% of Independence Realty Trust worth $33,108,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new position in Independence Realty Trust during the first quarter worth approximately $53,000. GF Fund Management CO. LTD. acquired a new stake in shares of Independence Realty Trust during the fourth quarter valued at about $83,000. Wealthquest Corp acquired a new position in shares of Independence Realty Trust during the first quarter worth about $85,000. State of Wyoming lifted its position in shares of Independence Realty Trust by 49.2% during the 4th quarter. State of Wyoming now owns 4,355 shares of the real estate investment trust's stock worth $86,000 after buying an additional 1,437 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new position in shares of Independence Realty Trust during the first quarter worth about $90,000. Institutional investors and hedge funds own 88.25% of the company's stock.

Analyst Ratings Changes

IRT has been the subject of several research reports. UBS Group decreased their price objective 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. Barclays dropped their price objective on Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 12th. JMP Securities restated a "market outperform" rating and set a $25.00 price objective on shares of Independence Realty Trust in a research note on Monday, May 5th. Wall Street Zen raised shares of Independence Realty Trust from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Compass Point upgraded Independence Realty Trust from a "neutral" rating to a "buy" rating and increased their price target for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $22.56.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT traded up $0.0950 during midday trading on Tuesday, reaching $17.2850. 604,193 shares of the company's stock traded hands, compared to its average volume of 2,201,946. The company has a market cap of $4.04 billion, a P/E ratio of 144.13, a PEG ratio of 2.40 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 fifty day simple moving average of $17.52 and a two-hundred day simple moving average of $18.96.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share 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 firm had revenue of $161.89 million for the quarter, compared to analyst estimates of $164.78 million. During the same period last year, the company posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. As a group, research analysts forecast that Independence Realty Trust, Inc. will post 1.19 EPS for the current fiscal year.

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.