Royal Bank of Canada Lowers Holdings in Independence Realty Trust, Inc. $IRT

Royal Bank of Canada trimmed its stake in Independence Realty Trust, Inc. (NYSE:IRT) by 67.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,492 shares of the real estate investment trust’s stock after selling 40,143 shares during the quarter. Royal Bank of Canada’s holdings in Independence Realty Trust were worth $290,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of IRT. Rush Island Management LP bought a new position in shares of Independence Realty Trust during the first quarter valued at $51,462,000. Quantinno Capital Management LP grew its position in Independence Realty Trust by 660.3% during the 1st quarter. Quantinno Capital Management LP now owns 318,941 shares of the real estate investment trust’s stock valued at $4,749,000 after purchasing an additional 276,994 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Independence Realty Trust during the 1st quarter valued at about $2,021,000. Inceptionr LLC bought a new stake in Independence Realty Trust during the 1st quarter valued at about $296,000. Finally, Sei Investments Co. increased its stake in Independence Realty Trust by 19.7% during the 1st quarter. Sei Investments Co. now owns 298,589 shares of the real estate investment trust’s stock valued at $4,446,000 after purchasing an additional 49,088 shares in the last quarter. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Trading Down 1.1%

Shares of IRT stock opened at $16.43 on Friday. Independence Realty Trust, Inc. has a 12 month low of $14.60 and a 12 month high of $18.18. The stock has a market cap of $3.87 billion, a P/E ratio of 91.26 and a beta of 0.94. The company has a 50 day simple moving average of $16.73 and a two-hundred day simple moving average of $16.33.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.26). Independence Realty Trust had a return on equity of 1.22% and a net margin of 6.52%.The business had revenue of $167.24 million for the quarter, compared to analysts’ expectations of $166.93 million. During the same quarter in the prior year, the business earned $0.28 EPS. The company’s revenue was up 3.2% compared to the same quarter last year. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. As a group, equities analysts forecast that Independence Realty Trust, Inc. will post 1.14 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Wall Street Zen raised shares of Independence Realty Trust from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Wells Fargo & Company raised their price target on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Barclays raised Independence Realty Trust from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $19.00 to $20.00 in a research report on Tuesday, July 14th. Weiss Ratings raised Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Finally, UBS Group decreased their price target on Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, May 14th. 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.56.

Independence Realty Trust Profile

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.