Norges Bank Invests $17.64 Million in Independence Realty Trust, Inc. $IRT

Norges Bank acquired a new stake in Independence Realty Trust, Inc. (NYSE:IRT) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 997,282 shares of the real estate investment trust’s stock, valued at approximately $17,642,000. Norges Bank owned approximately 0.43% of Independence Realty Trust as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Independence Realty Trust by 1.7% during the first quarter. Vanguard Group Inc. now owns 32,806,493 shares of the real estate investment trust’s stock valued at $696,482,000 after purchasing an additional 554,729 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Independence Realty Trust by 1.3% during the 1st quarter. Wellington Management Group LLP now owns 13,570,175 shares of the real estate investment trust’s stock worth $288,095,000 after buying an additional 171,228 shares during the period. Jennison Associates LLC grew its stake in Independence Realty Trust by 12.9% in the 2nd quarter. Jennison Associates LLC now owns 6,926,454 shares of the real estate investment trust’s stock valued at $122,529,000 after buying an additional 789,515 shares during the last quarter. Geode Capital Management LLC grew its stake in Independence Realty Trust by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 6,190,693 shares of the real estate investment trust’s stock valued at $109,524,000 after buying an additional 138,817 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Independence Realty Trust by 1.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,618,723 shares of the real estate investment trust’s stock worth $76,825,000 after acquiring an additional 57,108 shares during the period. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Colliers Securities cut shares of Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. Wells Fargo & Company lowered their target price on Independence Realty Trust from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, August 27th. Wall Street Zen downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. KeyCorp reduced their price objective on Independence Realty Trust from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, UBS Group lowered their price objective on shares of Independence Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.56.

Independence Realty Trust Trading Down 0.4%

IRT opened at $16.47 on Tuesday. The stock’s 50 day simple moving average is $16.40 and its 200-day simple moving average is $17.16. The stock has a market cap of $3.94 billion, a PE ratio of 164.67, a P/E/G ratio of 2.29 and a beta of 1.01. Independence Realty Trust, Inc. has a 1 year low of $15.06 and a 1 year high of $21.89.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $167.14 million for the quarter, compared to analyst estimates of $168.31 million. Independence Realty Trust had a return on equity of 0.62% and a net margin of 3.42%.During the same quarter in the prior year, the firm earned $0.29 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.200-1.210 EPS. Equities analysts forecast that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Company Profile

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.