Welcome to the forum.
You do indeed have what appears to be a Model of 1926 (3rd Model) .44 HE. But the low serial number would normally be associated with an N frame from late 1921 2nd Model.
It's possibly a 2nd Model with a 3rd Model shrouded barrel.
It appears to be a factory target model, however aftermarket Micro Site front and rear sights have been installed on top of the factory sights.
It also has early post war high shoulder Magna stocks, valuable in their own right.
We're going to need some more info:
1. Is there a serial number in the barrel shroud and does it match the Butt #?
2. If you can remove the rear sight and the tang of the factory rear sight, there should be a serial # on the bottom of the sight tang that will verify if it is an original factory target model:
Photo by Mike Priwer
3. The star indicates it went back to the factory for a rework/refinish. There will be a date on the lower left side of the grip frame for when it was done. Do you see a date?