Independence Realty Trust, Inc. (IRT) Sees Large Decrease in Short Interest

Independence Realty Trust, Inc. (NYSE:IRT) was the target of a large decrease in short interest during the month of November. As of November 15th, there was short interest totalling 2,427,628 shares, a decrease of 34.7% from the October 31st total of 3,720,027 shares. Based on an average daily volume of 550,552 shares, the days-to-cover ratio is presently 4.4 days. Approximately 2.9% of the shares of the stock are short sold.

Hedge funds and other institutional investors have recently modified their holdings of the company. Loeb Partners Corp acquired a new stake in shares of Independence Realty Trust in the 3rd quarter valued at approximately $102,000. Oppenheimer Asset Management Inc. raised its position in shares of Independence Realty Trust by 147.8% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the real estate investment trust’s stock valued at $100,000 after acquiring an additional 6,056 shares during the period. Advisor Group Inc. raised its position in shares of Independence Realty Trust by 76.8% in the 2nd quarter. Advisor Group Inc. now owns 10,251 shares of the real estate investment trust’s stock valued at $102,000 after acquiring an additional 4,454 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Independence Realty Trust in the 3rd quarter valued at approximately $105,000. Finally, Profund Advisors LLC acquired a new stake in shares of Independence Realty Trust in the 2nd quarter valued at approximately $103,000. 78.63% of the stock is currently owned by institutional investors.

Shares of Independence Realty Trust (IRT) opened at $10.20 on Monday. Independence Realty Trust has a fifty-two week low of $8.26 and a fifty-two week high of $10.63. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 1.14. The company has a market cap of $851.89, a PE ratio of 13.97 and a beta of 1.08.

Independence Realty Trust (NYSE:IRT) last issued its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.11. The company had revenue of $39.86 million for the quarter, compared to analyst estimates of $40.38 million. Independence Realty Trust had a negative net margin of 10.91% and a negative return on equity of 3.08%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.21 EPS. equities analysts forecast that Independence Realty Trust will post 0.74 earnings per share for the current year.

The firm also recently announced a monthly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be paid a $0.06 dividend. This represents a $0.72 annualized dividend and a dividend yield of 7.06%. The ex-dividend date of this dividend is Thursday, December 28th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -276.92%.

A number of equities research analysts have commented on the stock. Zacks Investment Research lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Ladenburg Thalmann Financial Services reissued a “buy” rating and set a $11.00 price objective on shares of Independence Realty Trust in a report on Friday, September 8th. ValuEngine raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, September 1st. B. Riley reissued a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. Finally, BidaskClub raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Saturday, August 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $11.33.

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About Independence Realty Trust

Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.

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