Systematic Financial Management LP Invests $1.01 Million in Independence Realty Trust, Inc. (NYSE:IRT)

Systematic Financial Management LP purchased a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 49,041 shares of the real estate investment trust’s stock, valued at approximately $1,005,000.

Several other institutional investors also recently modified their holdings of IRT. Ashton Thomas Private Wealth LLC bought a new position in Independence Realty Trust during the 2nd quarter valued at about $25,000. Mattson Financial Services LLC purchased a new position in shares of Independence Realty Trust during the second quarter valued at approximately $28,000. V Square Quantitative Management LLC purchased a new position in shares of Independence Realty Trust during the third quarter valued at approximately $28,000. Blue Trust Inc. lifted 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. Finally, Assetmark Inc. purchased a new stake in Independence Realty Trust in the third quarter worth approximately $41,000. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Down 1.0 %

IRT stock opened at $21.03 on Friday. The business’s 50-day moving average price is $20.36 and its 200-day moving average price is $19.45. The stock has a market cap of $4.73 billion, a P/E ratio of 18.74, a PEG ratio of 3.06 and a beta of 1.19. Independence Realty Trust, Inc. has a twelve month low of $14.06 and a twelve month high of $22.26.

Independence Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend was Monday, September 30th.

Analyst Upgrades and Downgrades

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

Independence Realty Trust 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.