Algert Global LLC Acquires Shares of 31,583 Independence Realty Trust, Inc. (NYSE:IRT)

Algert Global LLC bought a new stake in shares of Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 31,583 shares of the real estate investment trust's stock, valued at approximately $592,000.

Other hedge funds have also bought and sold shares of the company. Advisor Resource Council bought a new stake in Independence Realty Trust during the first quarter valued at approximately $936,000. Bayesian Capital Management LP bought a new stake in shares of Independence Realty Trust in the 1st quarter worth approximately $499,000. Vanguard Group Inc. lifted its holdings in shares of Independence Realty Trust by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust's stock worth $528,165,000 after acquiring an additional 343,334 shares during the last quarter. Boston Partners bought a new stake in shares of Independence Realty Trust in the 1st quarter worth approximately $892,000. Finally, Lighthouse Investment Partners LLC lifted its holdings in shares of Independence Realty Trust by 22.9% in the 4th quarter. Lighthouse Investment Partners LLC now owns 725,000 shares of the real estate investment trust's stock worth $11,092,000 after acquiring an additional 135,000 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Price Performance

Independence Realty Trust stock traded down $0.31 during mid-day trading on Monday, reaching $19.22. 1,747,292 shares of the company traded hands, compared to its average volume of 2,269,981. The firm's 50 day moving average price is $20.07 and its 200 day moving average price is $18.16. The firm has a market capitalization of $4.33 billion, a price-to-earnings ratio of -640.33, a P/E/G ratio of 3.10 and a beta of 1.17. Independence Realty Trust, Inc. has a 52-week low of $11.61 and a 52-week high of $21.20.

Independence Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Monday, September 30th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date is Monday, September 30th. Independence Realty Trust's payout ratio is currently -2,133.33%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on IRT. Deutsche Bank Aktiengesellschaft boosted 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 lifted their target price 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. BTIG Research lifted their target price on shares of Independence Realty Trust from $18.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, August 12th. Finally, JMP Securities lifted their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a "market outperform" rating in a research note on Monday, September 9th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $19.57.

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.