Royal Bank of Canada Sells 40,143 Shares of Independence Realty Trust, Inc. $IRT

Royal Bank of Canada trimmed its position in Independence Realty Trust, Inc. (NYSE:IRT) by 67.3% in the 1st quarter, according to its most recent 13F filing 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.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of Independence Realty Trust by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 6,445,967 shares of the real estate investment trust’s stock worth $112,690,000 after purchasing an additional 148,449 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of 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 period. Hsbc Holdings PLC lifted its stake in shares of Independence Realty Trust by 49.2% during the 1st quarter. Hsbc Holdings PLC now owns 572,161 shares of the real estate investment trust’s stock valued at $8,518,000 after buying an additional 188,658 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Independence Realty Trust by 4.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,473,797 shares of the real estate investment trust’s stock valued at $51,725,000 after buying an additional 134,364 shares in the last quarter. Finally, Vanderbilt University bought a new position in Independence Realty Trust in the 1st quarter worth $1,572,000. Institutional investors own 88.25% of the company’s stock.

Independence Realty Trust Stock Down 1.1%

IRT stock opened at $16.43 on Friday. Independence Realty Trust, Inc. has a 52 week low of $14.60 and a 52 week high of $18.18. The firm has a market capitalization of $3.87 billion, a P/E ratio of 91.26 and a beta of 0.94. The company has a fifty day simple moving average of $16.73 and a two-hundred day simple moving average of $16.33.

Independence Realty Trust (NYSE:IRT) last posted its 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). The business 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%.The business’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.28 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. As a group, analysts anticipate 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 analyst reports. Barclays upgraded Independence Realty Trust from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $19.00 to $20.00 in a research note on Tuesday, July 14th. Wells Fargo & Company increased their target price on Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 1st. Royal Bank Of Canada lifted their target price on Independence Realty Trust from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. Jefferies Financial Group raised Independence Realty Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Wall Street Zen upgraded Independence Realty Trust from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Independence Realty Trust has an average rating of “Moderate Buy” and a consensus target price of $19.56.

About Independence Realty Trust

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.