211,042 Shares in Independence Realty Trust, Inc. $IRT Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 211,042 shares of the real estate investment trust’s stock, valued at approximately $3,522,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IRT. Danske Bank A S bought a new stake in shares of Independence Realty Trust in the third quarter worth about $26,000. SHP Wealth Management bought a new position in shares of Independence Realty Trust during the 4th quarter valued at about $30,000. Farther Finance Advisors LLC lifted its holdings in shares of Independence Realty Trust by 70.3% during the 4th quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 747 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Independence Realty Trust by 97.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,875 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 1,422 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Independence Realty Trust by 1,420.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,329 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 3,110 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Barclays upgraded shares of Independence Realty Trust from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $19.00 to $20.00 in a report on Tuesday, July 14th. Wall Street Zen raised shares of Independence Realty Trust from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. Weiss Ratings raised shares of Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Jefferies Financial Group upgraded shares of Independence Realty Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.56.

Independence Realty Trust Stock Performance

NYSE:IRT opened at $16.23 on Wednesday. The stock has a 50-day simple moving average of $16.74 and a 200 day simple moving average of $16.32. Independence Realty Trust, Inc. has a 52-week low of $14.60 and a 52-week high of $18.18. The company has a market cap of $3.83 billion, a PE ratio of 90.17 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 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 firm had revenue of $167.24 million during the quarter, compared to the consensus estimate of $166.93 million. During the same quarter in the previous year, the firm posted $0.28 EPS. The company’s revenue was up 3.2% on a year-over-year basis. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. On average, research analysts predict that Independence Realty Trust, Inc. will post 1.14 earnings per share 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.