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

Commerce Bank has made a significant investment in Independence Realty Trust, Inc. (NYSE:IRT – Free Report) during the third quarter of the fiscal year. This information was revealed in the bank's recent 13F filing with the Securities and Exchange Commission (SEC). Specifically, Commerce Bank acquired a total of 22,440 shares in this real estate investment trust (REIT), which is valued at roughly $460,000.

In addition to Commerce Bank's investment, multiple other hedge funds have also entered positions in Independence Realty Trust lately. For example, Ashton Thomas Private Wealth LLC purchased a new stake in the REIT valued at about $25,000 during the second quarter. Similarly, Mattson Financial Services LLC took a new position worth around $28,000 in the same quarter. V Square Quantitative Management LLC also acquired a new stake during the third quarter, valued at approximately $28,000. Moreover, Pathway Financial Advisers LLC established a new position in the first quarter worth about $31,000. Finally, Blue Trust Inc. increased its stakes in Independence Realty Trust by an impressive 295.9% during the third quarter, now owning 2,043 shares valued at $38,000 after an additional purchase of 1,527 shares during that period. In total, hedge funds and institutional investors control around 88.25% of the company's stock.

Changes in Analyst Ratings

Several equities analysts have provided updates on their ratings and price targets for Independence Realty Trust shares recently. For instance, JMP Securities raised their price target from $20.00 to $22.00 and assigned the company a “market outperform” rating in a research report on September 9th. Likewise, Deutsche Bank Aktiengesellschaft increased their price objective from $18.00 to $22.00 and gave the stock a “buy” rating on September 10th. KeyCorp also boosted their target price from $20.00 to $22.00, categorizing the stock as “overweight” in a report released on September 6th. BTIG Research increased their price target from $18.00 to $21.00 with a “buy” rating on August 12th. BMO Capital Markets adjusted their rating from “underperform” to “market perform,” while increasing their price target from $19.00 to $21.00 on November 15th. Out of various research analysts, one has recommended holding the stock, while six have issued a buy rating. MarketBeat.com data indicates that the average rating for the stock is a “Moderate Buy,” along with a consensus target price of approximately $20.43.

Independence Realty Trust Performance

As of Wednesday, shares of Independence Realty Trust opened at $21.73. The company boasts a market capitalization of $4.89 billion with a price-to-earnings (P/E) ratio of 18.84 and a price-to-earnings growth (PEG) ratio of 3.11. Its stock has a beta of 1.17, indicating higher volatility compared to the market average. Over the past year, Independence Realty Trust's shares reached a low of $13.24 and a high of $22.26. Currently, the firm has a 50-day moving average of $20.27 and a 200-day moving average of $19.26.

Dividend Information

Independence Realty Trust has recently declared a quarterly dividend, which was paid to investors on October 18th. Those on record as of September 30th received a dividend payment of $0.16 per share. The ex-dividend date for this payment was also September 30th. This translates to an annualized dividend of $0.64, equating to a dividend yield of 2.95%.

Overview of Independence Realty Trust

Independence Realty Trust, Inc. (NYSE: IRT) is a prominent real estate investment trust that specializes in owning and managing multifamily residential communities. The company's properties are located across non-gateway markets in the United States, including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.

investment, realestate, stocks