Short Interest in Independence Realty Trust, Inc. (IRT) Decreases By 34.7%
Independence Realty Trust, Inc. (NYSE:IRT) was the recipient of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 2,427,628 shares, a drop of 34.7% from the October 31st total of 3,720,027 shares. Currently, 2.9% of the company’s shares are sold short. Based on an average daily trading volume, of 550,552 shares, the days-to-cover ratio is presently 4.4 days.
A number of institutional investors have recently added to or reduced their stakes in the stock. Virtu KCG Holdings LLC lifted its stake in shares of Independence Realty Trust by 10.2% in the 2nd quarter. Virtu KCG Holdings LLC now owns 20,492 shares of the real estate investment trust’s stock worth $202,000 after acquiring an additional 1,900 shares during the period. Citigroup Inc. raised its holdings in shares of Independence Realty Trust by 1,367.4% in the second quarter. Citigroup Inc. now owns 60,589 shares of the real estate investment trust’s stock valued at $598,000 after purchasing an additional 56,460 shares during the last quarter. Thrivent Financial For Lutherans raised its holdings in shares of Independence Realty Trust by 138.7% in the second quarter. Thrivent Financial For Lutherans now owns 35,800 shares of the real estate investment trust’s stock valued at $353,000 after purchasing an additional 20,800 shares during the last quarter. RMR Advisors LLC grew its stake in shares of Independence Realty Trust by 4.2% in the third quarter. RMR Advisors LLC now owns 433,161 shares of the real estate investment trust’s stock valued at $4,405,000 after buying an additional 17,452 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Independence Realty Trust by 3.3% in the second quarter. Alliancebernstein L.P. now owns 4,208,515 shares of the real estate investment trust’s stock valued at $41,538,000 after buying an additional 132,990 shares in the last quarter. 78.63% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts recently commented on the company. BidaskClub upgraded Independence Realty Trust from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. FBR & Co restated a “buy” rating and issued a $11.50 price objective on shares of Independence Realty Trust in a research note on Tuesday, September 12th. Zacks Investment Research downgraded shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. National Securities increased their target price on shares of Independence Realty Trust from $9.00 to $11.00 and gave the company a “neutral” rating in a report on Wednesday, November 22nd. Finally, Robert W. Baird restated a “buy” rating and set a $11.00 target price on shares of Independence Realty Trust in a report on Tuesday, October 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $11.33.
Independence Realty Trust (NYSE:IRT) last issued its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.11. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. The business had revenue of $39.86 million for the quarter, compared to analysts’ expectations of $40.38 million. During the same period in the previous year, the firm posted $0.21 EPS. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. equities analysts forecast that Independence Realty Trust will post 0.74 earnings per share for the current year.
The firm also recently announced a monthly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.72 annualized dividend and a dividend yield of 6.97%. Independence Realty Trust’s payout ratio is -276.92%.
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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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