Connor Clark & Lunn Investment Management Ltd. Buys New Stake in Independence Realty Trust, Inc. (NYSE:IRT)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 77,747 shares of the real estate investment trust’s stock, valued at approximately $1,594,000.

A number of other institutional investors have also modified their holdings of IRT. Hilton Capital Management LLC purchased a new position in shares of Independence Realty Trust in the 3rd quarter valued at about $7,573,000. Jennison Associates LLC increased its holdings in Independence Realty Trust by 1.4% in the 3rd quarter. Jennison Associates LLC now owns 5,860,693 shares of the real estate investment trust’s stock worth $120,144,000 after acquiring an additional 83,030 shares in the last quarter. Commerce Bank acquired a new position in Independence Realty Trust during the third quarter worth $460,000. Avior Wealth Management LLC lifted its holdings in Independence Realty Trust by 437.8% during the third quarter. Avior Wealth Management LLC now owns 3,001 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 2,443 shares in the last quarter. Finally, Pathstone Holdings LLC lifted its stake in Independence Realty Trust by 140.5% in the 3rd quarter. Pathstone Holdings LLC now owns 101,272 shares of the real estate investment trust’s stock valued at $2,076,000 after buying an additional 59,157 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Analyst Upgrades and Downgrades

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

Independence Realty Trust Price Performance

IRT stock opened at $21.73 on Wednesday. The company’s 50 day simple moving average is $20.27 and its 200-day simple moving average is $19.26. The firm has a market capitalization of $4.89 billion, a PE ratio of 18.84, a P/E/G ratio of 3.11 and a beta of 1.17. Independence Realty Trust, Inc. has a 12 month low of $13.24 and a 12 month high of $22.26.

Independence Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were issued a $0.16 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a yield of 2.95%.

Independence Realty Trust Company Profile

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.