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

Independence Realty Trust, Inc. (NYSE:IRTGet Rating) was the recipient of a large increase in short interest during the month of December. As of December 30th, there was short interest totalling 6,820,000 shares, an increase of 10.5% from the December 15th total of 6,170,000 shares. Based on an average daily volume of 1,860,000 shares, the days-to-cover ratio is presently 3.7 days.

Independence Realty Trust Trading Up 0.8 %

Independence Realty Trust stock opened at $18.05 on Tuesday. Independence Realty Trust has a 1-year low of $15.04 and a 1-year high of $28.42. The firm has a market capitalization of $4.04 billion, a PE ratio of 29.59, a price-to-earnings-growth ratio of 7.70 and a beta of 0.95. The firm’s 50 day simple moving average is $17.41 and its 200 day simple moving average is $18.36.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 20th. Investors of record on Friday, December 30th were given a $0.14 dividend. The ex-dividend date was Thursday, December 29th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.10%. Independence Realty Trust’s dividend payout ratio (DPR) is presently 91.80%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on IRT shares. KeyCorp reduced their price objective on Independence Realty Trust from $25.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, December 7th. Barclays lowered their price objective on Independence Realty Trust from $28.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, November 10th. BTIG Research cut their target price on shares of Independence Realty Trust from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 11th. Royal Bank of Canada lowered their price target on shares of Independence Realty Trust from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Friday, October 28th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Independence Realty Trust from a “buy” rating to a “hold” rating and dropped their price target for the company from $22.00 to $19.00 in a research note on Wednesday, January 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $20.64.

Insider Activity

In related news, CEO Scott Schaeffer sold 155,830 shares of the business’s stock in a transaction dated Tuesday, December 6th. The shares were sold at an average price of $17.24, for a total value of $2,686,509.20. Following the transaction, the chief executive officer now directly owns 583,865 shares of the company’s stock, valued at approximately $10,065,832.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Independence Realty Trust

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Independence Realty Trust by 98.9% during the first quarter. Vanguard Group Inc. now owns 24,329,328 shares of the real estate investment trust’s stock valued at $643,267,000 after purchasing an additional 12,099,993 shares during the last quarter. State Street Corp grew its position in Independence Realty Trust by 121.7% in the first quarter. State Street Corp now owns 12,302,671 shares of the real estate investment trust’s stock worth $326,733,000 after acquiring an additional 6,753,959 shares in the last quarter. Long Pond Capital LP grew its position in Independence Realty Trust by 158.7% in the third quarter. Long Pond Capital LP now owns 10,240,518 shares of the real estate investment trust’s stock worth $171,324,000 after acquiring an additional 6,282,035 shares in the last quarter. Macquarie Group Ltd. increased its stake in Independence Realty Trust by 151.8% in the second quarter. Macquarie Group Ltd. now owns 5,042,952 shares of the real estate investment trust’s stock valued at $104,585,000 after acquiring an additional 3,040,046 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in Independence Realty Trust by 6,509.5% during the third quarter. Prudential Financial Inc. now owns 1,528,053 shares of the real estate investment trust’s stock valued at $32,090,000 after purchasing an additional 1,504,934 shares in the last quarter. Institutional investors own 81.01% of the company’s stock.

Independence Realty Trust Company Profile

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Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers.

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