Kovack Advisors Inc. Purchases Shares of 17,222 Independence Realty Trust, Inc. (NYSE:IRT)

Kovack Advisors Inc. acquired a new position in Independence Realty Trust, Inc. (NYSE:IRT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,222 shares of the real estate investment trust’s stock, valued at approximately $353,000.

Other hedge funds have also made changes to their positions in the company. Long Pond Capital LP increased its holdings in Independence Realty Trust by 204.7% in the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock valued at $167,986,000 after purchasing an additional 6,996,365 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Independence Realty Trust in the second quarter worth about $22,464,000. B&I Capital AG acquired a new stake in shares of Independence Realty Trust in the second quarter valued at about $10,900,000. Easterly Investment Partners LLC purchased a new stake in shares of Independence Realty Trust during the 3rd quarter valued at about $11,132,000. Finally, Makena Capital Management LLC purchased a new stake in shares of Independence Realty Trust during the 2nd quarter valued at about $10,039,000. Hedge funds and other institutional investors own 88.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on IRT shares. BTIG Research increased their price objective on shares of Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted 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. KeyCorp upped 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. BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $19.00 to $21.00 in a research note on Friday. Finally, JMP Securities raised their price objective on Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Monday, September 9th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Independence Realty Trust currently has a consensus rating of “Moderate Buy” and an average price target of $20.43.

Independence Realty Trust Stock Up 0.6 %

Shares of Independence Realty Trust stock opened at $20.97 on Friday. The business has a 50-day moving average price of $20.11 and a 200 day moving average price of $18.93. Independence Realty Trust, Inc. has a fifty-two week low of $12.99 and a fifty-two week high of $21.23. The firm has a market cap of $4.72 billion, a P/E ratio of 18.34, a P/E/G ratio of 2.99 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The company also recently declared 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 was Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.05%.

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.