Balyasny Asset Management LLC Has $37.07 Million Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Posted by Defense World Staff on Mar 15th, 2023

Balyasny Asset Management LLC raised its position in Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 21.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,215,716 shares of the real estate investment trust’s stock after purchasing an additional 391,836 shares during the quarter. Balyasny Asset Management LLC owned 0.99% of Independence Realty Trust worth $37,069,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Independence Realty Trust by 58.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 59,048 shares of the real estate investment trust’s stock worth $1,561,000 after acquiring an additional 21,858 shares during the period. PNC Financial Services Group Inc. raised its position in Independence Realty Trust by 174.1% during the first quarter. PNC Financial Services Group Inc. now owns 19,091 shares of the real estate investment trust’s stock valued at $504,000 after purchasing an additional 12,126 shares in the last quarter. Bank of Montreal Can raised its position in Independence Realty Trust by 104.2% during the first quarter. Bank of Montreal Can now owns 190,015 shares of the real estate investment trust’s stock valued at $5,102,000 after purchasing an additional 96,945 shares in the last quarter. MetLife Investment Management LLC increased its holdings in shares of Independence Realty Trust by 219.8% during the first quarter. MetLife Investment Management LLC now owns 116,831 shares of the real estate investment trust’s stock worth $3,089,000 after buying an additional 80,293 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Independence Realty Trust by 105.9% during the first quarter. Rhumbline Advisers now owns 621,639 shares of the real estate investment trust’s stock worth $16,436,000 after buying an additional 319,772 shares in the last quarter. Institutional investors and hedge funds own 81.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on IRT shares. BTIG Research lowered their price target on shares of Independence Realty Trust from $27.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 11th. JMP Securities started coverage on Independence Realty Trust in a report on Monday, January 30th. They issued a “market perform” rating for the company. KeyCorp decreased their price objective on Independence Realty Trust from $25.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, December 7th. Barclays increased their price objective on Independence Realty Trust from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, March 1st. Finally, Deutsche Bank Aktiengesellschaft downgraded Independence Realty Trust from a “buy” rating to a “hold” rating and decreased their price objective for the company from $22.00 to $19.00 in a report on Wednesday, January 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.81.

Independence Realty Trust Price Performance

IRT stock opened at $16.75 on Wednesday. The stock has a market capitalization of $3.76 billion, a PE ratio of 31.60, a price-to-earnings-growth ratio of 7.24 and a beta of 1.00. The company’s 50-day moving average is $18.09 and its 200-day moving average is $17.63. Independence Realty Trust, Inc. has a 1 year low of $15.04 and a 1 year high of $28.42.

Independence Realty Trust Company Profile

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Independence Realty Trust, Inc is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It aims to provide stockholders risk-adjusted returns through diligent portfolio management, operational performance and consistent return of capital through distributions and capital appreciation.