OVERSEA CHINESE BANKING Corp Ltd Buys Shares of 359,073 Independence Realty Trust, Inc. $IRT

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Independence Realty Trust, Inc. (NYSE:IRT) during the 2nd quarter, HoldingsChannel reports. The firm purchased 359,073 shares of the real estate investment trust’s stock, valued at approximately $5,993,000.

Other large investors also recently modified their holdings of the company. Geode Capital Management LLC grew 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 acquiring an additional 148,449 shares during the last quarter. Hsbc Holdings PLC raised its stake in 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 purchasing an additional 188,658 shares during the last quarter. Quantinno Capital Management LP raised its stake 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. Teacher Retirement System of Texas raised its stake in Independence Realty Trust by 1,767.5% during the 4th quarter. Teacher Retirement System of Texas now owns 571,568 shares of the real estate investment trust’s stock valued at $9,991,000 after purchasing an additional 540,962 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Independence Realty Trust by 4.0% in 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 purchasing an additional 134,364 shares during the period. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IRT. Weiss Ratings upgraded shares of Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Royal Bank Of Canada upped their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. Wells Fargo & Company increased their target price on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Monday, June 1st. Jefferies Financial Group raised Independence Realty Trust to a “strong-buy” rating in a research 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 investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.56.

Independence Realty Trust Price Performance

IRT opened at $16.66 on Friday. Independence Realty Trust, Inc. has a fifty-two week low of $14.60 and a fifty-two week high of $18.18. The firm’s fifty day moving average price is $16.70 and its two-hundred day moving average price is $16.32. The company has a market capitalization of $3.93 billion, a P/E ratio of 92.56 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.26). Independence Realty Trust had a net margin of 6.52% and a return on equity of 1.22%. The business had revenue of $167.24 million during the quarter, compared to the consensus estimate of $166.93 million. During the same period last year, the firm earned $0.28 EPS. The company’s quarterly 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. On average, equities research analysts expect that Independence Realty Trust, Inc. will post 1.14 EPS for the current fiscal year.

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.