Blue Zone Wealth Advisors LLC Invests $4.44 Million in Independence Realty Trust, Inc. (NYSE:IRT)

Blue Zone Wealth Advisors LLC purchased a new stake in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 216,427 shares of the real estate investment trust's stock, valued at approximately $4,437,000. Blue Zone Wealth Advisors LLC owned about 0.10% of Independence Realty Trust at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Long Pond Capital LP raised its position in Independence Realty Trust by 204.7% during the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust's stock worth $167,986,000 after buying an additional 6,996,365 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Independence Realty Trust during the 2nd quarter worth $22,464,000. B&I Capital AG purchased a new position in Independence Realty Trust during the 2nd quarter worth $10,900,000. Mesirow Institutional Investment Management Inc. acquired a new position in shares of Independence Realty Trust during the 1st quarter worth $8,867,000. Finally, Makena Capital Management LLC acquired a new position in shares of Independence Realty Trust during the 2nd quarter worth $10,039,000. Hedge funds and other institutional investors own 88.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IRT. Deutsche Bank Aktiengesellschaft upped their price target on shares of Independence Realty Trust from $18.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, September 10th. JMP Securities upped their price target 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. BTIG Research upped their price target 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, KeyCorp upped their price target 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 sell rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $19.57.

Independence Realty Trust Stock Performance

NYSE IRT traded down $0.10 during trading hours on Tuesday, reaching $19.11. The company's stock had a trading volume of 453,630 shares, compared to its average volume of 2,260,367. The stock has a market cap of $4.30 billion, a PE ratio of -637.33, a PEG ratio of 3.10 and a beta of 1.17. Independence Realty Trust, Inc. has a fifty-two week low of $11.61 and a fifty-two week high of $21.20. The company's 50-day moving average is $20.08 and its two-hundred day moving average is $18.19.

Independence Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Monday, September 30th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a yield of 3.35%. Independence Realty Trust's payout ratio is -2,133.33%.

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.