Swiss National Bank Sells 18,300 Shares of 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 lowered its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 4.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 436,100 shares of the real estate investment trust's stock after selling 18,300 shares during the quarter. Swiss National Bank owned 0.19% of Independence Realty Trust worth $9,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in IRT. Headlands Technologies LLC acquired a new position in shares of Independence Realty Trust in the first quarter valued at approximately $53,000. GF Fund Management CO. LTD. acquired a new position in shares of Independence Realty Trust in the fourth quarter valued at approximately $83,000. Wealthquest Corp acquired a new position in shares of Independence Realty Trust in the first quarter valued at approximately $85,000. State of Wyoming increased its stake in shares of Independence Realty Trust by 49.2% in the fourth 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 during the period. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Independence Realty Trust in the first quarter valued at approximately $90,000. Institutional investors and hedge funds own 88.25% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on IRT shares. Wall Street Zen raised Independence Realty Trust from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Barclays reduced their target price on Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 12th. JMP Securities reiterated a "market outperform" rating and issued a $25.00 target price on shares of Independence Realty Trust in a report on Monday, May 5th. UBS Group reduced their target price on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Finally, 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 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 company. According to MarketBeat, Independence Realty Trust currently has an average rating of "Moderate Buy" and an average price target of $22.56.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock traded down $0.1440 on Thursday, reaching $17.1360. 1,682,038 shares of the company's stock were exchanged, compared to its average volume of 2,826,199. The company has a market capitalization of $4.01 billion, a P/E ratio of 142.80, a price-to-earnings-growth ratio of 2.38 and a beta of 0.94. Independence Realty Trust, Inc. has a 52 week low of $16.59 and a 52 week high of $22.26. The firm's 50-day moving average is $17.44 and its two-hundred day moving average is $18.92.

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

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.