PNC Financial Services Group Inc. Sells 680 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

PNC Financial Services Group Inc. cut its position in Independence Realty Trust, Inc. (NYSE:IRT) by 4.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,862 shares of the real estate investment trust’s stock after selling 680 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Independence Realty Trust were worth $294,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Northern Trust Corp raised its position in Independence Realty Trust by 28.8% in the fourth quarter. Northern Trust Corp now owns 3,551,247 shares of the real estate investment trust’s stock valued at $70,457,000 after purchasing an additional 793,403 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Independence Realty Trust by 72.5% in the fourth quarter. Deutsche Bank AG now owns 3,381,684 shares of the real estate investment trust’s stock valued at $67,093,000 after buying an additional 1,421,377 shares during the period. Bamco Inc. NY increased its stake in shares of Independence Realty Trust by 592.0% in the fourth quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust’s stock valued at $33,961,000 after buying an additional 1,464,400 shares during the period. Millennium Management LLC increased its stake in shares of Independence Realty Trust by 2,601.9% in the fourth quarter. Millennium Management LLC now owns 837,787 shares of the real estate investment trust’s stock valued at $16,622,000 after buying an additional 806,780 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Independence Realty Trust by 3.5% in the first quarter. Principal Financial Group Inc. now owns 747,252 shares of the real estate investment trust’s stock valued at $15,864,000 after buying an additional 25,124 shares during the period. 88.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. 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 decreased their price target 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 increased their price target for the company from $22.00 to $24.00 in a research note on Thursday, July 31st. Barclays decreased their price target on Independence Realty Trust from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 12th. Finally, JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of Independence Realty Trust in a research note on Monday, May 5th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.56.

Independence Realty Trust Price Performance

NYSE IRT opened at $17.44 on Friday. The business has a 50 day simple moving average of $17.54 and a 200 day simple moving average of $18.97. Independence Realty Trust, Inc. has a one year low of $16.59 and a one year high of $22.26. The stock has a market capitalization of $4.08 billion, a P/E ratio of 145.33, a P/E/G ratio of 2.40 and a beta of 0.94.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%. The business had revenue of $161.89 million during the quarter, compared to analysts’ expectations of $164.78 million. During the same quarter last year, the firm posted $0.28 earnings per share. Equities analysts expect that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

About Independence Realty Trust

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.