Independence Realty Trust, Inc. (NYSE:IRT) Short Interest Update

Independence Realty Trust, Inc. (NYSE:IRTGet Rating) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 16,390,000 shares, an increase of 37.7% from the March 15th total of 11,900,000 shares. Based on an average trading volume of 4,590,000 shares, the short-interest ratio is currently 3.6 days.

IRT has been the subject of several recent research reports. Compass Point upgraded Independence Realty Trust from a “neutral” rating to a “buy” rating and boosted their price target for the company from $26.75 to $27.75 in a research note on Monday, January 10th. Royal Bank of Canada initiated coverage on Independence Realty Trust in a research note on Monday, January 10th. They issued an “outperform” rating and a $28.00 price target for the company. StockNews.com initiated coverage on Independence Realty Trust in a research note on Thursday, March 31st. They issued a “sell” rating for the company. Barclays initiated coverage on Independence Realty Trust in a research note on Tuesday, January 18th. They issued an “overweight” rating and a $30.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Independence Realty Trust from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, March 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $26.97.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Teamwork Financial Advisors LLC lifted its position in Independence Realty Trust by 15.9% in the 1st quarter. Teamwork Financial Advisors LLC now owns 21,727 shares of the real estate investment trust’s stock valued at $574,000 after acquiring an additional 2,973 shares in the last quarter. AE Wealth Management LLC lifted its position in Independence Realty Trust by 16.9% in the 1st quarter. AE Wealth Management LLC now owns 52,329 shares of the real estate investment trust’s stock valued at $1,384,000 after acquiring an additional 7,566 shares in the last quarter. FirstPurpose Wealth LLC bought a new position in Independence Realty Trust in the 1st quarter valued at about $248,000. Annex Advisory Services LLC lifted its position in Independence Realty Trust by 67.6% in the 1st quarter. Annex Advisory Services LLC now owns 14,171 shares of the real estate investment trust’s stock valued at $375,000 after acquiring an additional 5,714 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Independence Realty Trust by 109.4% in the 1st quarter. State of Alaska Department of Revenue now owns 266,985 shares of the real estate investment trust’s stock valued at $7,058,000 after acquiring an additional 139,500 shares in the last quarter. 92.52% of the stock is currently owned by institutional investors and hedge funds.

Shares of IRT stock traded down $0.10 on Monday, reaching $26.86. 1,383,317 shares of the company were exchanged, compared to its average volume of 4,527,932. The company has a market cap of $5.94 billion, a price-to-earnings ratio of 70.95, a PEG ratio of 12.92 and a beta of 0.95. The company has a 50-day moving average of $25.68 and a 200-day moving average of $24.31. Independence Realty Trust has a one year low of $15.62 and a one year high of $27.61.

Independence Realty Trust (NYSE:IRTGet Rating) last released its quarterly earnings data on Wednesday, February 16th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.23. Independence Realty Trust had a net margin of 17.82% and a return on equity of 3.05%. During the same quarter in the previous year, the firm posted $0.22 EPS. Equities research analysts predict that Independence Realty Trust will post 1.04 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 22nd. Stockholders of record on Friday, April 1st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 31st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.79%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 126.32%.

About Independence Realty Trust (Get Rating)

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties 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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