Short Interest in Independence Realty Trust, Inc. (IRT) Declines By 37.0%

Independence Realty Trust, Inc. (NYSE:IRT) saw a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 3,131,921 shares, a decline of 37.0% from the August 31st total of 4,969,718 shares. Based on an average daily volume of 2,777,088 shares, the short-interest ratio is presently 1.1 days. Approximately 4.6% of the shares of the company are short sold.

Several analysts have weighed in on the stock. Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Friday, August 25th. ValuEngine downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. BidaskClub downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. FBR & Co raised shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $9.75 to $11.50 in a research report on Thursday, June 15th. Finally, JMP Securities reissued an “outperform” rating and set a $11.50 target price (up previously from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $10.83.

Shares of Independence Realty Trust (IRT) opened at 10.37 on Monday. The firm’s 50-day moving average is $10.18 and its 200 day moving average is $9.79. Independence Realty Trust has a 52 week low of $7.74 and a 52 week high of $10.52.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $39.43 million for the quarter, compared to analyst estimates of $39.43 million. Independence Realty Trust had a negative net margin of 10.28% and a negative return on equity of 3.22%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the firm posted $0.22 earnings per share. On average, equities research analysts forecast that Independence Realty Trust will post $0.46 EPS for the current year.

The firm also recently announced a monthly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a dividend of $0.06 per share. The ex-dividend date was Tuesday, August 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.94%. Independence Realty Trust’s dividend payout ratio (DPR) is presently -313.03%.

In related news, CEO Scott Schaeffer bought 35,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were bought at an average price of $10.12 per share, with a total value of $354,200.00. Following the transaction, the chief executive officer now owns 155,306 shares in the company, valued at $1,571,696.72. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.58% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. grew its position in 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 buying an additional 6,056 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in Independence Realty Trust in the 1st quarter valued at $102,000. Advisor Group Inc. grew its position in 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 buying an additional 4,454 shares during the last quarter.

Several analysts have weighed in on the stock. Zacks Investment Research raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Friday, August 25th. ValuEngine downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. BidaskClub downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. FBR & Co raised shares of Independence Realty Trust from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $9.75 to $11.50 in a research report on Thursday, June 15th. Finally, JMP Securities reissued an “outperform” rating and set a $11.50 target price (up previously from $10.50) on shares of Independence Realty Trust in a research report on Friday, June 30th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $10.83.

Shares of Independence Realty Trust (IRT) opened at 10.37 on Monday. The firm’s 50-day moving average is $10.18 and its 200 day moving average is $9.79. Independence Realty Trust has a 52 week low of $7.74 and a 52 week high of $10.52.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $39.43 million for the quarter, compared to analyst estimates of $39.43 million. Independence Realty Trust had a negative net margin of 10.28% and a negative return on equity of 3.22%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the firm posted $0.22 earnings per share. On average, equities research analysts forecast that Independence Realty Trust will post $0.46 EPS for the current year.

The firm also recently announced a monthly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a dividend of $0.06 per share. The ex-dividend date was Tuesday, August 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.94%. Independence Realty Trust’s dividend payout ratio (DPR) is presently -313.03%.

In related news, CEO Scott Schaeffer bought 35,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were bought at an average price of $10.12 per share, with a total value of $354,200.00. Following the transaction, the chief executive officer now owns 155,306 shares in the company, valued at $1,571,696.72. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.58% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. grew its position in 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 buying an additional 6,056 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in Independence Realty Trust in the 1st quarter valued at $102,000. Advisor Group Inc. grew its position in 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 buying an additional 4,454 shares during the last quarter. Profund Advisors LLC purchased a new position in Independence Realty Trust in the 2nd quarter valued at $103,000. Finally, Koch Industries Inc. purchased a new position in Independence Realty Trust in the 2nd quarter valued at $112,000. Hedge funds and other institutional investors own 61.94% of the company’s stock.

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Independence Realty Trust Company Profile

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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