Swiss National Bank Trims Stock Position in Independence Realty Trust, Inc. $IRT

Key Points

• The Swiss National Bank reduced its stake in Independence Realty Trust, Inc. by 4.0%, owning 436,100 shares valued at approximately $9.26 million after selling 18,300 shares in the first quarter.
• Independence Realty Trust's recent quarterly earnings met expectations, reporting $0.28 earnings per share on revenue of $161.89 million, which was slightly below analysts' projections.
• Analysts have mixed ratings for Independence Realty Trust; it has a consensus rating of "Moderate Buy" with target prices ranging from $20.00 to $25.00, indicating a range of outlooks on its future performance.

Swiss National Bank lessened its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 4.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 436,100 shares of the real estate investment trust's stock after selling 18,300 shares during the period. Swiss National Bank owned 0.19% of Independence Realty Trust worth $9,258,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Headlands Technologies LLC bought a new stake in shares of Independence Realty Trust during the 1st quarter valued at $53,000. Wealthquest Corp bought a new stake in shares of Independence Realty Trust during the 1st quarter valued at $85,000. GF Fund Management CO. LTD. bought a new stake in shares of Independence Realty Trust during the 4th quarter valued at $83,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Independence Realty Trust during the 1st quarter valued at $90,000. Finally, State of Wyoming boosted its holdings 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 valued at $86,000 after buying an additional 1,437 shares in the last quarter. Institutional investors own 88.25% of the company's stock.

Independence Realty Trust Trading Down 0.1%

NYSE:IRT traded down $0.0250 during mid-day trading on Wednesday, reaching $17.3850. The company's stock had a trading volume of 813,479 shares, compared to its average volume of 2,204,496. Independence Realty Trust, Inc. has a 12-month low of $16.59 and a 12-month high of $22.26. The firm's fifty day moving average price is $17.49 and its two-hundred day moving average price is $18.95. The stock has a market cap of $4.06 billion, a P/E ratio of 144.88, a PEG ratio of 2.37 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT - Get Free Report) last issued its earnings results 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. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.The business had revenue of $161.89 million during the quarter, compared to analyst estimates of $164.78 million. During the same quarter in the previous year, the firm earned $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Analysts predict that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on IRT. JMP Securities restated a "market outperform" rating and set a $25.00 target price on shares of Independence Realty Trust in a report on Monday, May 5th. Wall Street Zen raised Independence Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. UBS Group lowered their price target 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. 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 report on Tuesday, August 12th. Finally, Compass Point raised Independence Realty Trust from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $22.00 to $24.00 in a research report on Thursday, July 31st. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Independence Realty Trust has a consensus rating of "Moderate Buy" and an average target price of $22.56.

Independence Realty Trust 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.