The Manufacturers Life Insurance Company bought a new stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 211,042 shares of the real estate investment trust's stock, valued at approximately $3,522,000. The Manufacturers Life Insurance Company owned 0.09% of Independence Realty Trust as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in IRT. Danske Bank A S bought a new position in Independence Realty Trust in the third quarter valued at about $26,000. SHP Wealth Management acquired a new stake in Independence Realty Trust in the fourth quarter worth about $30,000. Farther Finance Advisors LLC raised its holdings in Independence Realty Trust by 70.3% during the 4th quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 747 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in Independence Realty Trust by 97.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,875 shares of the real estate investment trust's stock valued at $51,000 after purchasing an additional 1,422 shares during the period. Finally, Sunbelt Securities Inc. lifted its position in Independence Realty Trust by 84.4% during the 1st quarter. Sunbelt Securities Inc. now owns 3,550 shares of the real estate investment trust's stock valued at $53,000 after purchasing an additional 1,625 shares during the period. Institutional investors own 88.25% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Independence Realty Trust from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 15th. Barclays upgraded shares of Independence Realty Trust from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $19.00 to $20.00 in a report on Tuesday, July 14th. Wells Fargo & Company raised their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Monday, June 1st. Jefferies Financial Group raised shares of Independence Realty Trust to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, Royal Bank Of Canada upped their target price on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $19.56.
Check Out Our Latest Stock Report on IRT
Independence Realty Trust Trading Up 0.3%
Independence Realty Trust stock opened at $16.23 on Wednesday. The firm has a market capitalization of $3.83 billion, a P/E ratio of 90.17 and a beta of 0.94. The business has a 50-day moving average of $16.74 and a 200-day moving average of $16.32. Independence Realty Trust, Inc. has a 1 year low of $14.60 and a 1 year high of $18.18.
Independence Realty Trust (NYSE:IRT - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.26). Independence Realty Trust had a net margin of 6.52% and a return on equity of 1.22%. The firm had revenue of $167.24 million during the quarter, compared to analyst estimates of $166.93 million. During the same quarter in the prior year, the business earned $0.28 earnings per share. The business's revenue was up 3.2% on a year-over-year basis. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. Research analysts anticipate that Independence Realty Trust, Inc. will post 1.14 EPS for the current fiscal year.
Independence Realty Trust Company Profile
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Free Report)
Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.
Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.
See Also
Want to see what other hedge funds are holding IRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independence Realty Trust, Inc. (NYSE:IRT - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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