Engineers Gate Manager LP Purchases 6,973 Shares of Independence Realty Trust, Inc. (NYSE:IRT)

Engineers Gate Manager LP lifted its position in shares of Independence Realty Trust, Inc. (NYSE:IRT – Get Rating) by 44.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,791 shares of the real estate investment trust’s stock after purchasing an additional 6,973 shares during the quarter. Engineers Gate Manager LP’s holdings in Independence Realty Trust were worth $381,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CoreCap Advisors LLC bought a new position in shares of Independence Realty Trust during the second quarter worth $25,000. Insight Inv LLC bought a new position in shares of Independence Realty Trust during the second quarter worth $30,000. Pinnacle Bancorp Inc. bought a new position in shares of Independence Realty Trust during the third quarter worth $34,000. Quadrant Capital Group LLC boosted its position in shares of Independence Realty Trust by 178.4% during the second quarter. Quadrant Capital Group LLC now owns 1,943 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 1,245 shares in the last quarter. Finally, SeaCrest Wealth Management LLC bought a new position in shares of Independence Realty Trust during the second quarter worth $54,000. 81.01% of the stock is owned by institutional investors.

Independence Realty Trust Trading Up 0.4 %

Shares of IRT stock opened at $16.73 on Tuesday. Independence Realty Trust, Inc. has a 1 year low of $15.04 and a 1 year high of $28.42. The firm’s fifty day moving average price is $18.08 and its two-hundred day moving average price is $17.66. The firm has a market capitalization of $3.75 billion, a P/E ratio of 31.57, a PEG ratio of 7.24 and a beta of 1.00.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IRT. Citigroup raised their price objective on shares of Independence Realty Trust from $18.50 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, February 23rd. Barclays raised their price objective on shares of Independence Realty Trust from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, March 1st. TheStreet upgraded shares of Independence Realty Trust from a “c+” rating to a “b-” rating in a report on Wednesday, February 15th. JMP Securities began coverage on shares of Independence Realty Trust in a report on Monday, January 30th. They set a “market perform” rating on the stock. Finally, KeyCorp dropped their price objective on shares of Independence Realty Trust from $25.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, December 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $20.81.

About Independence Realty Trust

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Independence Realty Trust, Inc is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It aims to provide stockholders risk-adjusted returns through diligent portfolio management, operational performance and consistent return of capital through distributions and capital appreciation.