MetLife Investment Management LLC Grows Stake in Independence Realty Trust, Inc. $IRT

MetLife Investment Management LLC increased its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 257.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 948,482 shares of the real estate investment trust’s stock after purchasing an additional 682,815 shares during the quarter. MetLife Investment Management LLC’s holdings in Independence Realty Trust were worth $20,136,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in IRT. Brooklyn Investment Group grew its position in shares of Independence Realty Trust by 131.4% during the first quarter. Brooklyn Investment Group now owns 1,254 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 712 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Independence Realty Trust during the first quarter worth about $53,000. GKV Capital Management Co. Inc. purchased a new position in Independence Realty Trust during the 1st quarter valued at approximately $57,000. GF Fund Management CO. LTD. purchased a new position in Independence Realty Trust during the 4th quarter valued at approximately $83,000. Finally, Wealthquest Corp purchased a new position in Independence Realty Trust during the 1st quarter valued at approximately $85,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Barclays cut 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. Wall Street Zen raised Independence Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. UBS Group lowered their price objective on Independence Realty Trust from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, July 15th. Compass Point raised Independence Realty Trust from a “neutral” rating to a “buy” rating and raised their price objective for the company from $22.00 to $24.00 in a research note on Thursday, July 31st. Finally, JMP Securities reissued a “market outperform” rating and set a $25.00 price target on shares of Independence Realty Trust in a research note on Monday, May 5th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.56.

Independence Realty Trust Stock Up 2.8%

IRT opened at $17.6490 on Monday. The stock’s fifty day moving average is $17.44 and its two-hundred day moving average is $18.90. The company has a market capitalization of $4.13 billion, a P/E ratio of 147.08, a PEG ratio of 2.44 and a beta of 0.94. Independence Realty Trust, Inc. has a 52 week low of $16.59 and a 52 week high of $22.26.

Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. The company had revenue of $161.89 million for the quarter, compared to the consensus estimate 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 last year, the business posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Equities analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current 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.