Independence Realty Trust, Inc. (NYSE:IRT) Sees Large Drop in Short Interest

Independence Realty Trust, Inc. (NYSE:IRT) saw a large decrease in short interest in the month of February. As of February 13th, there was short interest totaling 10,413,078 shares, a decrease of 15.3% from the January 29th total of 12,290,693 shares. Currently, 4.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,398,824 shares, the short-interest ratio is presently 3.1 days. Based on an average daily trading volume, of 3,398,824 shares, the short-interest ratio is presently 3.1 days. Currently, 4.4% of the shares of the stock are short sold.

Institutional Trading of Independence Realty Trust

Large investors have recently made changes to their positions in the business. Solstein Capital LLC bought a new position in shares of Independence Realty Trust in the 3rd quarter valued at about $25,000. Danske Bank A S purchased a new stake in Independence Realty Trust during the third quarter valued at approximately $26,000. First Horizon Corp purchased a new stake in Independence Realty Trust during the third quarter valued at approximately $27,000. SHP Wealth Management bought a new stake in shares of Independence Realty Trust in the 4th quarter valued at approximately $30,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Independence Realty Trust by 70.3% in the 4th quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 747 shares during the period. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Trading Down 0.5%

Shares of Independence Realty Trust stock opened at $16.66 on Friday. The firm has a market cap of $3.95 billion, a PE ratio of 69.42, a PEG ratio of 2.12 and a beta of 0.99. The stock has a 50 day moving average of $16.87 and a 200 day moving average of $16.83. Independence Realty Trust has a 12 month low of $15.06 and a 12 month high of $21.67.

Independence Realty Trust (NYSE:IRT) last issued its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. The business had revenue of $167.13 million for the quarter, compared to analysts’ expectations of $170.26 million. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 EPS. As a group, equities research analysts forecast that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. Independence Realty Trust’s dividend payout ratio is presently 283.33%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IRT. Wells Fargo & Company lowered their price objective on Independence Realty Trust from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday. Zacks Research downgraded Independence Realty Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Colliers Securities cut Independence Realty Trust from a “moderate buy” rating to a “hold” rating in a report on Thursday, December 4th. Wall Street Zen lowered shares of Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Sunday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a research report on Tuesday, January 20th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Independence Realty Trust currently has an average rating of “Moderate Buy” and an average price target of $21.25.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.