Inspire Investing LLC Buys 5,302 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Inspire Investing LLC lifted its stake in shares of Independence Realty Trust, Inc. (NYSE:IRT) by 28.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 24,150 shares of the real estate investment trust’s stock after acquiring an additional 5,302 shares during the period. Inspire Investing LLC’s holdings in Independence Realty Trust were worth $495,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Advisor Resource Council bought a new stake in shares of Independence Realty Trust during the first quarter worth $936,000. Bayesian Capital Management LP bought a new position in Independence Realty Trust in the first quarter valued at about $499,000. Vanguard Group Inc. boosted its stake in shares of Independence Realty Trust by 1.1% during the first quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock valued at $528,165,000 after purchasing an additional 343,334 shares in the last quarter. Boston Partners bought a new stake in shares of Independence Realty Trust during the first quarter worth about $892,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Independence Realty Trust by 35.9% in the first quarter. Russell Investments Group Ltd. now owns 205,491 shares of the real estate investment trust’s stock valued at $3,315,000 after buying an additional 54,279 shares during the period. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Independence Realty Trust Trading Up 1.4 %

Shares of Independence Realty Trust stock opened at $19.46 on Tuesday. The company has a market cap of $4.38 billion, a P/E ratio of -648.50, a PEG ratio of 2.79 and a beta of 1.17. The business has a 50-day moving average price of $20.09 and a two-hundred day moving average price of $18.30. Independence Realty Trust, Inc. has a 1-year low of $11.61 and a 1-year high of $21.20.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Monday, September 30th will be issued a $0.16 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.64 dividend on an annualized basis and a yield of 3.29%. Independence Realty Trust’s payout ratio is currently -2,133.33%.

Analyst Upgrades and Downgrades

Several research firms recently commented on IRT. JMP Securities lifted their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Monday, September 9th. Deutsche Bank Aktiengesellschaft boosted their price objective 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. BTIG Research lifted their target price on Independence Realty Trust from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, KeyCorp increased their price target on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $19.57.

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.