T. Rowe Price Investment Management Inc. Decreases Stock Position in Independence Realty Trust, Inc. $IRT

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in Independence Realty Trust by 1.2%, selling 170,249 shares and holding a total of approximately 14.2 million shares by the end of the first quarter.
• Institutional investors now control 88.25% of Independence Realty Trust's stock, with several firms adjusting their stakes recently, including HSBC Holdings, which raised its share by 9.3%.
• Analysts show a generally positive outlook, with seven firms issuing a Buy rating, while others have set varied price targets ranging from $20.00 to $25.00 for the stock.

T. Rowe Price Investment Management Inc. cut its holdings in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 1.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,205,455 shares of the real estate investment trust's stock after selling 170,249 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 6.08% of Independence Realty Trust worth $301,582,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Independence Realty Trust in the first quarter valued at about $105,000. Hsbc Holdings PLC raised its stake in Independence Realty Trust by 9.3% in the first quarter. Hsbc Holdings PLC now owns 177,772 shares of the real estate investment trust's stock valued at $3,774,000 after buying an additional 15,110 shares during the last quarter. Wellington Management Group LLP raised its stake in Independence Realty Trust by 1.3% in the first quarter. Wellington Management Group LLP now owns 13,570,175 shares of the real estate investment trust's stock valued at $288,095,000 after buying an additional 171,228 shares during the last quarter. Brooklyn Investment Group raised its stake in Independence Realty Trust by 131.4% in the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust's stock valued at $27,000 after buying an additional 712 shares during the last quarter. Finally, Versor Investments LP purchased a new stake in Independence Realty Trust in the first quarter valued at about $212,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on IRT. Compass Point upgraded Independence Realty Trust from a "neutral" rating to a "buy" rating and increased their price target for the company from $22.00 to $24.00 in a research note on Thursday, July 31st. Wall Street Zen upgraded Independence Realty Trust from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Barclays reduced their price objective 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. UBS Group reduced their price objective on 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. Finally, JMP Securities restated a "market outperform" rating and issued a $25.00 price objective on shares of Independence Realty Trust in a research note on Monday, May 5th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $22.56.

Independence Realty Trust Price Performance

Independence Realty Trust stock opened at $17.2860 on Thursday. The stock has a market capitalization of $4.04 billion, a PE ratio of 144.05, a price-to-earnings-growth ratio of 2.40 and a beta of 0.94. Independence Realty Trust, Inc. has a 12 month low of $16.59 and a 12 month high of $22.26. The business has a 50 day simple moving average of $17.47 and a 200-day simple moving average of $18.94.

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 EPS for the quarter, meeting 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 analysts' expectations of $164.78 million. During the same period in the previous year, the business earned $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. On average, equities research analysts anticipate 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.

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