Commerce Bank Invests $460,000 in Independence Realty Trust, Inc. (NYSE:IRT)

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

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IRT. 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 purchased a new position in Independence Realty Trust during the second quarter valued at $28,000. V Square Quantitative Management LLC bought a new stake in Independence Realty Trust during the third quarter valued at about $28,000. Pathway Financial Advisers LLC purchased a new stake in Independence Realty Trust in the first quarter worth about $31,000. Finally, Blue Trust Inc. raised its stake in shares of Independence Realty Trust by 295.9% in 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 owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Independence Realty Trust Stock Performance

IRT opened at $21.73 on Wednesday. The stock 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. The company has a fifty day moving average of $20.27 and a 200 day moving average of $19.26. Independence Realty Trust, Inc. has a fifty-two week low of $13.24 and a fifty-two week high of $22.26.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were issued a $0.16 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 annualized dividend and a dividend yield of 2.95%.

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.