Legal & General Group Plc Makes New Investment in Independence Realty Trust, Inc. $IRT

Legal & General Group Plc bought a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,196,792 shares of the real estate investment trust’s stock, valued at approximately $19,975,000.

Other institutional investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company bought a new stake in shares of Independence Realty Trust in the second quarter worth approximately $3,522,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Independence Realty Trust during the second quarter valued at approximately $266,000. Commerce Bank purchased a new stake in Independence Realty Trust in the second quarter worth approximately $359,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Independence Realty Trust in the second quarter worth approximately $127,000. Finally, CFO4Life Group LLC bought a new stake in Independence Realty Trust in the 2nd quarter worth approximately $273,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Price Performance

Shares of IRT stock opened at $16.35 on Friday. The company has a market cap of $3.85 billion, a price-to-earnings ratio of 90.83 and a beta of 0.94. Independence Realty Trust, Inc. has a 1 year low of $14.60 and a 1 year high of $18.18. The firm has a fifty day moving average price of $16.74 and a 200-day moving average price of $16.33.

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

Analyst Ratings Changes

IRT has been the subject of a number of research reports. Royal Bank Of Canada boosted 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 note on Wednesday, August 5th. Wall Street Zen upgraded Independence Realty Trust from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. Weiss Ratings raised Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Jefferies Financial Group upgraded Independence Realty Trust to a “strong-buy” rating in a research report on Wednesday, July 22nd. Finally, Barclays raised Independence Realty Trust from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $19.00 to $20.00 in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.56.

Independence Realty Trust Company 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.