Legal & General Group Plc Purchases New Position in Independence Realty Trust, Inc. $IRT

Legal & General Group Plc purchased a new position in Independence Realty Trust, Inc. (NYSE:IRT) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,196,792 shares of the real estate investment trust’s stock, valued at approximately $19,975,000. Legal & General Group Plc owned approximately 0.51% of Independence Realty Trust at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Independence Realty Trust in the 2nd quarter worth approximately $601,975,000. Engineers Gate Manager LP boosted its position in shares of Independence Realty Trust by 16,719.4% during the fourth quarter. Engineers Gate Manager LP now owns 4,299,707 shares of the real estate investment trust’s stock valued at $75,159,000 after purchasing an additional 4,274,143 shares in the last quarter. Morgan Stanley boosted its position in shares of Independence Realty Trust by 209.5% during the fourth quarter. Morgan Stanley now owns 5,649,829 shares of the real estate investment trust’s stock valued at $98,759,000 after purchasing an additional 3,824,512 shares in the last quarter. Franklin Resources Inc. grew its stake in Independence Realty Trust by 1,435.4% in the third quarter. Franklin Resources Inc. now owns 3,827,503 shares of the real estate investment trust’s stock worth $62,733,000 after purchasing an additional 3,578,221 shares during the period. Finally, Rush Island Management LP purchased a new stake in Independence Realty Trust in the first quarter worth $51,462,000. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

Shares of NYSE IRT opened at $16.35 on Friday. The firm’s 50 day moving average price is $16.74 and its 200-day moving average price is $16.33. 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 $3.85 billion, a PE ratio of 90.83 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 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 for the quarter, compared to the consensus estimate of $166.93 million. During the same period last year, the business earned $0.28 EPS. Independence Realty Trust’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, analysts forecast that Independence Realty Trust, Inc. will post 1.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

IRT has been the subject of several recent research reports. Barclays raised Independence Realty Trust from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $19.00 to $20.00 in a research report on Tuesday, July 14th. Weiss Ratings upgraded shares of Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. UBS Group lowered their price target on shares of Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, May 14th. Jefferies Financial Group raised shares of Independence Realty Trust to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company upped their price objective on shares of Independence Realty Trust from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.