Fortis Group Advisors LLC Purchases 95,804 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Fortis Group Advisors LLC grew its holdings in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 4,790,200.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 95,806 shares of the real estate investment trust’s stock after acquiring an additional 95,804 shares during the period. Fortis Group Advisors LLC’s holdings in Independence Realty Trust were worth $1,964,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Long Pond Capital LP boosted its stake in Independence Realty Trust by 204.7% during the first quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock worth $167,986,000 after acquiring an additional 6,996,365 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in shares of Independence Realty Trust during the 2nd quarter worth about $22,464,000. B&I Capital AG acquired a new stake in shares of Independence Realty Trust in the 2nd quarter valued at about $10,900,000. Mesirow Institutional Investment Management Inc. bought a new stake in Independence Realty Trust in the 1st quarter valued at about $8,867,000. Finally, Makena Capital Management LLC acquired a new position in Independence Realty Trust during the 2nd quarter worth approximately $10,039,000. 88.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on IRT. BTIG Research raised their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 12th. JMP Securities lifted 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. KeyCorp boosted their price target on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. According to MarketBeat.com, Independence Realty Trust presently has a consensus rating of “Moderate Buy” and an average price target of $19.57.

Independence Realty Trust Stock Performance

NYSE:IRT remained flat at $19.45 on Tuesday. 65,102 shares of the company’s stock traded hands, compared to its average volume of 2,276,875. Independence Realty Trust, Inc. has a 52-week low of $11.61 and a 52-week high of $21.20. The firm’s 50-day simple moving average is $20.11 and its two-hundred day simple moving average is $18.44. The firm has a market cap of $4.38 billion, a PE ratio of -648.83, a P/E/G ratio of 2.79 and a beta of 1.17.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Monday, September 30th were issued a dividend of $0.16 per share. The ex-dividend date was Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a yield of 3.29%. Independence Realty Trust’s dividend payout ratio (DPR) is currently -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.