Independence Realty Trust, Inc. (NYSE:IRT) Sees Significant Increase in Short Interest

Independence Realty Trust, Inc. (NYSE:IRT) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 7,100,000 shares, an increase of 6.0% from the October 15th total of 6,700,000 shares. Based on an average daily trading volume, of 1,920,000 shares, the short-interest ratio is currently 3.7 days.

Independence Realty Trust Stock Down 1.1 %

Shares of NYSE IRT traded down $0.14 during midday trading on Friday, reaching $13.11. The company had a trading volume of 1,613,358 shares, compared to its average volume of 1,958,699. The stock has a market cap of $2.95 billion, a PE ratio of 50.94, a price-to-earnings-growth ratio of 5.85 and a beta of 1.06. Independence Realty Trust has a one year low of $11.61 and a one year high of $19.68. The firm’s fifty day moving average price is $13.89 and its 200-day moving average price is $16.07.

Independence Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 20th. Stockholders of record on Friday, September 29th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 4.88%. The ex-dividend date was Thursday, September 28th. Independence Realty Trust’s dividend payout ratio is 246.16%.

Institutional Investors Weigh In On Independence Realty Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lindbrook Capital LLC raised its stake in shares of Independence Realty Trust by 11.5% during the second quarter. Lindbrook Capital LLC now owns 5,912 shares of the real estate investment trust’s stock valued at $108,000 after acquiring an additional 611 shares during the last quarter. M&T Bank Corp lifted its holdings in Independence Realty Trust by 3.4% in the 1st quarter. M&T Bank Corp now owns 19,518 shares of the real estate investment trust’s stock worth $313,000 after buying an additional 641 shares during the period. Ziegler Capital Management LLC grew its position in shares of Independence Realty Trust by 0.3% in the 1st quarter. Ziegler Capital Management LLC now owns 242,292 shares of the real estate investment trust’s stock worth $3,884,000 after buying an additional 656 shares during the last quarter. Sentinus LLC increased its stake in shares of Independence Realty Trust by 3.8% during the first quarter. Sentinus LLC now owns 18,304 shares of the real estate investment trust’s stock valued at $293,000 after buying an additional 678 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of Independence Realty Trust by 1.1% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 63,209 shares of the real estate investment trust’s stock valued at $1,066,000 after acquiring an additional 679 shares in the last quarter. 85.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IRT has been the subject of several recent analyst reports. JMP Securities reduced their price objective on shares of Independence Realty Trust from $20.00 to $15.00 and set a “market outperform” rating for the company in a research note on Wednesday, November 1st. StockNews.com assumed coverage on Independence Realty Trust in a research report on Thursday, October 5th. They set a “sell” rating for the company. Finally, Royal Bank of Canada lowered their price target on Independence Realty Trust from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $18.89.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.