Kovack Advisors Inc. Acquires New Shares in Independence Realty Trust, Inc. (NYSE:IRT)

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

Other hedge funds also recently added to or reduced their stakes in the company. Taylor Frigon Capital Management LLC grew its position in shares of Independence Realty Trust by 0.7% during the second quarter. Taylor Frigon Capital Management LLC now owns 79,217 shares of the real estate investment trust’s stock worth $1,485,000 after acquiring an additional 571 shares during the last quarter. Handelsbanken Fonder AB grew its position in Independence Realty Trust by 1.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 69,961 shares of the real estate investment trust’s stock worth $1,434,000 after purchasing an additional 900 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Independence Realty Trust by 2.0% in the second quarter. Arizona State Retirement System now owns 63,011 shares of the real estate investment trust’s stock valued at $1,181,000 after purchasing an additional 1,255 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in shares of Independence Realty Trust during the second quarter valued at approximately $25,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of Independence Realty Trust during the third quarter worth approximately $28,000. 88.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on IRT. BTIG Research lifted their target price 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. Deutsche Bank Aktiengesellschaft lifted 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. BMO Capital Markets upgraded shares of Independence Realty Trust from an “underperform” rating to a “market perform” rating and increased their target price for the company from $19.00 to $21.00 in a research report on Friday. KeyCorp boosted 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 report on Friday, September 6th. Finally, JMP Securities increased their price objective on shares of 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 issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $20.43.

Independence Realty Trust Price Performance

NYSE IRT opened at $20.97 on Friday. Independence Realty Trust, Inc. has a 12 month low of $12.99 and a 12 month high of $21.23. The company has a market capitalization of $4.72 billion, a P/E ratio of 18.34, a PEG ratio of 2.99 and a beta of 1.17. The company’s 50 day simple moving average is $20.11 and its 200 day simple moving average is $18.93.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders 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 3.05%.

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.