Algert Global LLC Purchases 131,760 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Algert Global LLC raised its position in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 417.2% in the third quarter, Holdings Channel reports. The fund owned 163,343 shares of the real estate investment trust’s stock after buying an additional 131,760 shares during the quarter. Algert Global LLC’s holdings in Independence Realty Trust were worth $3,349,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in IRT. Ashton Thomas Private Wealth LLC acquired a new position in Independence Realty Trust during the 2nd quarter valued at $25,000. Mattson Financial Services LLC bought a new stake in shares of Independence Realty Trust in the second quarter valued at about $28,000. V Square Quantitative Management LLC bought a new stake in shares of Independence Realty Trust in the third quarter valued at about $28,000. Pathway Financial Advisers LLC bought a new position in Independence Realty Trust during the first quarter valued at about $31,000. Finally, Blue Trust Inc. increased its stake in Independence Realty Trust by 295.9% during the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 1,527 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

Independence Realty Trust Stock Performance

NYSE:IRT opened at $21.75 on Tuesday. The stock has a market capitalization of $4.90 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 3.11 and a beta of 1.17. Independence Realty Trust, Inc. has a 1 year low of $13.24 and a 1 year high of $22.26. The firm has a 50 day moving average of $20.25 and a 200-day moving average of $19.22.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend was Monday, September 30th.

Analyst Upgrades and Downgrades

IRT has been the topic of several recent research reports. BTIG Research lifted their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 12th. JMP Securities boosted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Monday, September 9th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. KeyCorp upped their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $19.00 to $21.00 in a research note on Friday, November 15th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

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.