T. Rowe Price Investment Management Inc. Sells 170,249 Shares of 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. reduced its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 1.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 quarter.

A number of other large investors also recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Independence Realty Trust in the first quarter valued at approximately $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 purchasing an additional 15,110 shares in 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 purchasing an additional 171,228 shares in 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 purchasing an additional 712 shares in the last quarter. Finally, Versor Investments LP purchased a new stake in Independence Realty Trust in the first quarter valued at approximately $212,000. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Trading Up 0.4%

Independence Realty Trust stock traded up $0.07 during midday trading on Tuesday, hitting $17.55. The stock had a trading volume of 503,733 shares, compared to its average volume of 2,196,197. The firm's fifty day moving average is $17.43 and its two-hundred day moving average is $18.88. The company has a market capitalization of $4.10 billion, a PE ratio of 146.21, a P/E/G ratio of 2.44 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.

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

Analyst Ratings Changes

Several research analysts have commented on IRT shares. UBS Group decreased their price target on shares of 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. Barclays cut their price target on shares of 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. Wall Street Zen upgraded shares of Independence Realty Trust from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. 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. Finally, Compass Point upgraded shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and boosted their target price for the company from $22.00 to $24.00 in a report on Thursday, July 31st. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Independence Realty Trust currently has a consensus rating of "Moderate Buy" and an average price target of $22.56.

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.