Short Interest in Independence Realty Trust, Inc. (NYSE:IRT) Rises By 90.3%

Independence Realty Trust, Inc. (NYSE:IRT) saw a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 23,820,000 shares, an increase of 90.3% from the August 31st total of 12,520,000 shares. Based on an average daily volume of 2,060,000 shares, the days-to-cover ratio is currently 11.6 days.

Institutional Trading of Independence Realty Trust

A number of hedge funds have recently bought and sold shares of the stock. Advisor Resource Council bought a new position in shares of Independence Realty Trust during the 1st quarter worth about $936,000. Bayesian Capital Management LP bought a new position in shares of Independence Realty Trust during the 1st quarter worth about $499,000. Vanguard Group Inc. lifted its holdings in shares of Independence Realty Trust by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock worth $528,165,000 after acquiring an additional 343,334 shares during the period. Boston Partners bought a new position in shares of Independence Realty Trust during the 1st quarter worth about $892,000. Finally, Lighthouse Investment Partners LLC lifted its holdings in shares of Independence Realty Trust by 22.9% during the 4th quarter. Lighthouse Investment Partners LLC now owns 725,000 shares of the real estate investment trust’s stock worth $11,092,000 after acquiring an additional 135,000 shares during the period. 88.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. JMP Securities raised their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Monday, September 9th. KeyCorp raised their target price on shares of Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, BTIG Research raised their target price on shares of Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Two research analysts have rated the stock with a sell rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.57.

Independence Realty Trust Stock Down 0.1 %

Independence Realty Trust stock traded down $0.03 during mid-day trading on Friday, reaching $20.49. The company had a trading volume of 1,467,072 shares, compared to its average volume of 2,281,890. Independence Realty Trust has a 52 week low of $11.61 and a 52 week high of $21.20. The company has a 50 day moving average of $19.96 and a 200-day moving average of $17.98. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of -683.17, a PEG ratio of 3.10 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Monday, September 30th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Monday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -2,133.33%.

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.