Short Interest in Independence Realty Trust Inc (NYSE:IRT) Grows By 26.8%

Independence Realty Trust Inc (NYSE:IRT) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 3,030,000 shares, a growth of 26.8% from the August 30th total of 2,390,000 shares. Approximately 3.4% of the company’s shares are short sold. Based on an average daily volume of 551,100 shares, the short-interest ratio is presently 5.5 days.

IRT has been the topic of several analyst reports. Zacks Investment Research downgraded shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Thursday. ValuEngine downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. National Securities initiated coverage on shares of Independence Realty Trust in a report on Friday, September 27th. They set a “buy” rating and a $14.00 price target on the stock. TheStreet upgraded shares of Independence Realty Trust from a “c” rating to a “b-” rating in a report on Thursday, August 1st. Finally, Capital One Financial restated an “equal weight” rating on shares of Independence Realty Trust in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $11.79.

In related news, Director Richard H. Ross sold 4,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $13.28, for a total transaction of $53,120.00. Following the transaction, the director now directly owns 28,843 shares in the company, valued at approximately $383,035.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.69% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Independence Realty Trust by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 10,158,984 shares of the real estate investment trust’s stock worth $117,540,000 after purchasing an additional 120,199 shares during the period. Renaissance Technologies LLC lifted its position in shares of Independence Realty Trust by 12.5% in the 2nd quarter. Renaissance Technologies LLC now owns 4,792,513 shares of the real estate investment trust’s stock worth $55,449,000 after purchasing an additional 534,219 shares during the period. Principal Financial Group Inc. lifted its position in shares of Independence Realty Trust by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 2,321,609 shares of the real estate investment trust’s stock worth $25,050,000 after purchasing an additional 56,546 shares during the period. Northern Trust Corp lifted its position in shares of Independence Realty Trust by 3.3% in the 2nd quarter. Northern Trust Corp now owns 1,823,762 shares of the real estate investment trust’s stock worth $21,101,000 after purchasing an additional 58,688 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Independence Realty Trust by 1.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,518,612 shares of the real estate investment trust’s stock worth $17,571,000 after purchasing an additional 24,379 shares during the period. Institutional investors and hedge funds own 87.24% of the company’s stock.

IRT stock traded up $0.06 during mid-day trading on Friday, reaching $14.69. The company had a trading volume of 347,211 shares, compared to its average volume of 529,529. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market capitalization of $1.32 billion, a PE ratio of 19.85 and a beta of 0.76. The firm has a 50 day moving average of $14.18 and a 200 day moving average of $12.16. Independence Realty Trust has a 12 month low of $8.75 and a 12 month high of $14.82.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.03). The company had revenue of $50.85 million during the quarter, compared to the consensus estimate of $50.17 million. Independence Realty Trust had a return on equity of 5.88% and a net margin of 18.42%. Analysts anticipate that Independence Realty Trust will post 0.72 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, September 27th will be paid a $0.18 dividend. The ex-dividend date is Thursday, September 26th. This represents a $0.72 dividend on an annualized basis and a yield of 4.90%. Independence Realty Trust’s dividend payout ratio is currently 97.30%.

About Independence Realty Trust

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that currently owns and operates 58 multifamily apartment properties, totaling 15,880 units, across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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