Independence Realty Trust Inc (IRT) Short Interest Update
Independence Realty Trust Inc (NYSE:IRT) was the recipient of a large decline in short interest in 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. Currently, 4.6% of the shares of the company are short sold. Based on an average trading volume of 2,777,088 shares, the short-interest ratio is presently 1.1 days.
In related news, CEO Scott Schaeffer acquired 35,000 shares of Independence Realty Trust stock in a transaction dated Monday, August 7th. The stock was purchased at an average cost of $10.12 per share, for a total transaction of $354,200.00. Following the purchase, the chief executive officer now directly owns 155,306 shares of the company’s stock, valued at approximately $1,571,696.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.58% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Phocas Financial Corp. purchased a new stake in shares of Independence Realty Trust during the 2nd quarter worth about $10,757,000. Global X Management Co. LLC acquired a new position in Independence Realty Trust in the 2nd quarter worth about $10,068,000. Nuveen Asset Management LLC raised its holdings in Independence Realty Trust by 149.6% in the 1st quarter. Nuveen Asset Management LLC now owns 1,345,558 shares of the real estate investment trust’s stock worth $12,608,000 after purchasing an additional 806,509 shares during the period. Principal Financial Group Inc. raised its holdings in Independence Realty Trust by 5,759.7% in the 1st quarter. Principal Financial Group Inc. now owns 628,800 shares of the real estate investment trust’s stock worth $5,892,000 after purchasing an additional 618,069 shares during the period. Finally, PVG Asset Management Corp acquired a new position in Independence Realty Trust in the 1st quarter worth about $4,953,000. Institutional investors and hedge funds own 61.94% of the company’s stock.
A number of research analysts have recently weighed in on the company. Zacks Investment Research raised Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Tuesday, July 18th. ValuEngine upgraded Independence Realty Trust from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. BidaskClub raised shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Saturday, August 12th. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, August 2nd. Finally, FBR & Co restated a “buy” rating and set a $11.50 target price on shares of Independence Realty Trust in a research note on Tuesday, September 12th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Independence Realty Trust currently has a consensus rating of “Buy” and a consensus price target of $10.83.
Shares of Independence Realty Trust (IRT) opened at 10.35 on Wednesday. The firm’s 50-day moving average price is $10.16 and its 200-day moving average price is $9.77. Independence Realty Trust has a 12-month low of $7.74 and a 12-month high of $10.43.
Independence Realty Trust (NYSE:IRT) last announced its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.01. The firm had revenue of $39.43 million for the quarter, compared to the consensus estimate of $39.43 million. Independence Realty Trust had a net margin of 49.34% and a return on equity of 14.97%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.22 earnings per share. Analysts anticipate that Independence Realty Trust will post $0.46 EPS for the current fiscal year.
The company also recently disclosed a monthly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were issued a $0.06 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $0.72 dividend on an annualized basis and a yield of 6.96%. Independence Realty Trust’s payout ratio is -313.03%.
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About Independence Realty Trust
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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