Readystate Asset Management LP Makes New Investment in Independence Realty Trust, Inc. $IRT

Readystate Asset Management LP bought a new stake in Independence Realty Trust, Inc. (NYSE:IRT) during the second quarter, HoldingsChannel reports. The institutional investor bought 123,465 shares of the real estate investment trust’s stock, valued at approximately $2,061,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of IRT. Danske Bank A S purchased a new stake in shares of Independence Realty Trust during the 3rd quarter worth approximately $26,000. SHP Wealth Management purchased a new position in Independence Realty Trust in the fourth quarter valued at approximately $30,000. Smartleaf Asset Management LLC lifted its stake in Independence Realty Trust by 97.9% in the fourth 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 last quarter. Sunbelt Securities Inc. grew its holdings in Independence Realty Trust by 84.4% during the first quarter. Sunbelt Securities Inc. now owns 3,550 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 1,625 shares during the period. Finally, Assetmark Inc. grew its holdings in Independence Realty Trust by 73.2% during the first quarter. Assetmark Inc. now owns 3,630 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 1,534 shares during the period. 88.25% of the stock is owned by institutional investors.

Independence Realty Trust Price Performance

Shares of IRT stock opened at $16.10 on Tuesday. The company’s fifty day simple moving average is $16.70 and its two-hundred day simple moving average is $16.31. Independence Realty Trust, Inc. has a 1 year low of $14.60 and a 1 year high of $18.18. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 89.44 and a beta of 0.93.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.26). The company 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%.Independence Realty Trust’s revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.28 earnings per share. Independence Realty Trust has set its FY 2026 guidance at 1.130-1.150 EPS. Equities research analysts anticipate that Independence Realty Trust, Inc. will post 1.14 EPS for the current year.

Wall Street Analysts Forecast Growth

IRT has been the topic of several research reports. Wall Street Zen upgraded Independence Realty Trust from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. Jefferies Financial Group upgraded Independence Realty Trust to a “strong-buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings raised Independence Realty Trust from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Royal Bank Of Canada boosted their price objective 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. Finally, UBS Group dropped their price objective on shares of Independence Realty Trust from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.56.

Independence Realty Trust 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.