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Northern Trust Corp reduced its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT – Free Report) by 1.7% in the first quarter, HoldingsChannel reports. The firm owned 3,490,314 shares of the real estate investment trust’s stock after selling 60,933 shares during the period. Northern Trust Corp’s holdings in Independence Realty Trust were worth $74,099,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Brooklyn Investment Group boosted its holdings 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 worth $27,000 after acquiring an additional 712 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Independence Realty Trust in the first quarter worth about $53,000. GKV Capital Management Co. Inc. acquired a new stake in Independence Realty Trust in the first quarter worth about $57,000. Wealthquest Corp acquired a new stake in Independence Realty Trust in the first quarter worth about $85,000. Finally, GF Fund Management CO. LTD. acquired a new stake in Independence Realty Trust in the fourth quarter worth about $83,000. 88.25% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on IRT shares. Compass Point raised Independence Realty Trust from a “neutral” rating to a “buy” rating and raised their price target for the stock from $22.00 to $24.00 in a report on Thursday, July 31st. Wall Street Zen raised Independence Realty Trust from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. 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 report on Tuesday, August 12th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of Independence Realty Trust in a report on Monday, May 5th. Finally, UBS Group cut their price objective 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. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $22.56.
Get Our Latest Stock Analysis on IRT
Independence Realty Trust Stock Performance
Shares of IRT stock opened at $17.4950 on Tuesday. The stock’s 50-day simple moving average is $17.43 and its 200-day simple moving average is $18.88. The firm has a market capitalization of $4.09 billion, a PE ratio of 145.79, a P/E/G ratio of 2.44 and a beta of 0.94. Independence Realty Trust, Inc. has a fifty-two week low of $16.59 and a fifty-two week high of $22.26.
Independence Realty Trust (NYSE:IRT – Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.28. The business had revenue of $161.89 million for the quarter, compared to analyst estimates 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 company earned $0.28 earnings per share. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Sell-side analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.
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.
Further Reading
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).
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