Independence Realty Trust, Inc. (NYSE:IRT) Short Interest Down 20.3% in February

Independence Realty Trust, Inc. (NYSE:IRT) was the recipient of a significant decline in short interest in February. As of February 28th, there was short interest totalling 17,310,000 shares, a decline of 20.3% from the February 13th total of 21,710,000 shares. Approximately 7.5% of the company’s shares are sold short. Based on an average daily trading volume, of 1,830,000 shares, the short-interest ratio is presently 9.5 days.

Independence Realty Trust Stock Performance

Shares of NYSE:IRT traded down $0.19 during trading on Tuesday, hitting $20.81. The company’s stock had a trading volume of 1,875,175 shares, compared to its average volume of 2,011,871. The company has a market capitalization of $4.81 billion, a PE ratio of 115.62, a PEG ratio of 2.91 and a beta of 1.18. Independence Realty Trust has a fifty-two week low of $15.23 and a fifty-two week high of $22.26. The stock’s 50-day moving average price is $20.01 and its two-hundred day moving average price is $20.28.

Independence Realty Trust (NYSE:IRT) last announced its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Independence Realty Trust had a return on equity of 1.11% and a net margin of 6.15%. On average, equities analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current fiscal year.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Friday, March 28th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Friday, March 28th. Independence Realty Trust’s dividend payout ratio is currently 355.56%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on IRT shares. JMP Securities reissued a “market outperform” rating and issued a $22.00 price objective on shares of Independence Realty Trust in a research report on Tuesday, February 11th. Jefferies Financial Group upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and increased their price target for the company from $20.00 to $24.00 in a report on Monday, March 10th. Finally, Barclays reduced their price objective on Independence Realty Trust from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.71.

Institutional Investors Weigh In On Independence Realty Trust

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC raised its stake in Independence Realty Trust by 66.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,310 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 521 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Independence Realty Trust in the 3rd quarter valued at approximately $41,000. SRS Capital Advisors Inc. raised its position in shares of Independence Realty Trust by 627.5% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,328 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 2,008 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Independence Realty Trust by 67.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,491 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in Independence Realty Trust by 33.9% in the fourth quarter. Blue Trust Inc. now owns 2,735 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 692 shares during the period. Institutional investors own 88.25% of the company’s stock.

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.