Commerce Bank Takes Position in Independence Realty Trust, Inc. (NYSE:IRT)

Commerce Bank purchased a new position in Independence Realty Trust, Inc. (NYSE:IRT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 22,440 shares of the real estate investment trust’s stock, valued at approximately $460,000.

A number of other hedge funds also recently bought and sold shares of IRT. Ashton Thomas Private Wealth LLC bought a new stake in shares of Independence Realty Trust in the 2nd quarter worth about $25,000. Mattson Financial Services LLC purchased a new position in Independence Realty Trust in the second quarter worth about $28,000. V Square Quantitative Management LLC purchased a new position in Independence Realty Trust in the third quarter worth about $28,000. Pathway Financial Advisers LLC bought a new stake in Independence Realty Trust during the first quarter worth approximately $31,000. Finally, Blue Trust Inc. raised its position 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 purchasing an additional 1,527 shares during the period. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Analyst Ratings Changes

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

Independence Realty Trust Price Performance

Shares of IRT opened at $21.73 on Wednesday. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of 18.84, a PEG 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 company has a 50-day moving average of $20.27 and a 200 day moving average of $19.26.

Independence Realty Trust Dividend Announcement

The company also recently declared 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 was Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.95%.

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.