Independence Realty Trust, Inc. (NYSE:IRT) Short Interest Update

Independence Realty Trust, Inc. (NYSE:IRT) was the target of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 23,730,000 shares, an increase of 5.4% from the September 30th total of 22,510,000 shares. Based on an average daily trading volume, of 2,020,000 shares, the short-interest ratio is presently 11.7 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC acquired a new stake in Independence Realty Trust during the 2nd quarter worth approximately $25,000. Mattson Financial Services LLC bought a new position in shares of Independence Realty Trust during the second quarter valued at $28,000. V Square Quantitative Management LLC acquired a new position in shares of Independence Realty Trust during the third quarter worth $28,000. Pathway Financial Advisers LLC acquired a new position in shares of Independence Realty Trust during the first quarter worth $31,000. Finally, Blue Trust Inc. grew its stake in shares of Independence Realty Trust by 295.9% in the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 1,527 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IRT. KeyCorp raised their price target on Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. BTIG Research boosted 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 report on Monday, August 12th. JMP Securities lifted their price objective 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. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.57.

Independence Realty Trust Price Performance

IRT stock traded down $0.19 during trading on Friday, reaching $19.43. 107,396 shares of the company were exchanged, compared to its average volume of 2,264,363. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of 17.33, a P/E/G ratio of 2.88 and a beta of 1.17. The company has a 50-day moving average of $20.13 and a two-hundred day moving average of $18.61. Independence Realty Trust has a twelve month low of $12.50 and a twelve month high of $21.20.

Independence Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.29%.

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.