Hilton Capital Management LLC Invests $7.57 Million in Independence Realty Trust, Inc. (NYSE:IRT)

Hilton Capital Management LLC acquired a new stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 369,415 shares of the real estate investment trust's stock, valued at approximately $7,573,000. Hilton Capital Management LLC owned about 0.16% of Independence Realty Trust as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC purchased a new position in shares of Independence Realty Trust during the 2nd quarter worth $25,000. Mattson Financial Services LLC acquired a new stake in shares of Independence Realty Trust during the 2nd quarter worth about $28,000. V Square Quantitative Management LLC acquired a new stake in shares of Independence Realty Trust during the 3rd quarter worth about $28,000. Pathway Financial Advisers LLC acquired a new position in Independence Realty Trust during the first quarter worth approximately $31,000. Finally, Blue Trust Inc. increased 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 worth $38,000 after buying an additional 1,527 shares during the period. 88.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on IRT shares. BTIG Research upped 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. KeyCorp upped their price target on Independence Realty Trust from $20.00 to $22.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. JMP Securities increased their price target on 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 increased their price target on Independence Realty Trust from $18.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, September 10th. 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 report on Friday, November 15th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Independence Realty Trust has an average rating of "Moderate Buy" and a consensus target price of $20.43.

Independence Realty Trust Stock Down 0.0 %

Shares of IRT traded down $0.01 during trading hours on Wednesday, reaching $21.35. The stock had a trading volume of 1,229,434 shares, compared to its average volume of 2,268,672. Independence Realty Trust, Inc. has a 52 week low of $13.11 and a 52 week high of $21.49. The firm has a 50-day moving average of $20.19 and a 200 day moving average of $19.09. The company has a market cap of $4.81 billion, a P/E ratio of 18.41, a P/E/G ratio of 3.00 and a beta of 1.17.

Independence Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date was Monday, September 30th.

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.