Short Interest in Independence Realty Trust, Inc. (NYSE:IRT) Decreases By 21.6%

Key Points

• Short interest fell 21.6% from March 15 to March 31 to 9,482,097 shares (4.1% of shares sold short), with a short-interest ratio of 3.8 days based on average daily volume.
• Analyst sentiment is mixed but overall positive — MarketBeat shows a consensus "Moderate Buy" with an average price target of $20.61 after several recent downgrades and upgrades.
• Dividend disclosed: a quarterly $0.17 payment ($0.68 annual) implying a 4.3% yield, though the dividend payout ratio is an elevated 283.33%.

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) was the recipient of a significant decrease in short interest in March. As of March 31st, there was short interest totaling 9,482,097 shares, a decrease of 21.6% from the March 15th total of 12,092,966 shares. Based on an average daily volume of 2,504,248 shares, the short-interest ratio is currently 3.8 days. Currently, 4.1% of the company's shares are sold short.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on IRT shares. Citigroup reissued an "outperform" rating on shares of Independence Realty Trust in a report on Friday, January 9th. Deutsche Bank Aktiengesellschaft lowered Independence Realty Trust from a "buy" rating to a "hold" rating and set a $18.00 target price on the stock. in a report on Tuesday, January 20th. Wall Street Zen downgraded Independence Realty Trust from a "hold" rating to a "sell" rating in a report on Sunday, February 22nd. Barclays dropped their price target on Independence Realty Trust from $21.00 to $18.00 and set an "equal weight" rating on the stock in a research report on Friday, March 6th. Finally, BMO Capital Markets upgraded Independence Realty Trust from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $20.00 to $22.00 in a report on Friday, January 9th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $20.61.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. IFM Investors Pty Ltd increased its stake in Independence Realty Trust by 1.6% in the 4th quarter. IFM Investors Pty Ltd now owns 38,532 shares of the real estate investment trust's stock valued at $674,000 after buying an additional 607 shares during the last quarter. Perigon Wealth Management LLC boosted its stake in shares of Independence Realty Trust by 5.6% during the 3rd quarter. Perigon Wealth Management LLC now owns 12,357 shares of the real estate investment trust's stock worth $203,000 after buying an additional 658 shares during the last quarter. Global Retirement Partners LLC grew its holdings in shares of Independence Realty Trust by 15.9% in the 4th quarter. Global Retirement Partners LLC now owns 4,921 shares of the real estate investment trust's stock valued at $86,000 after acquiring an additional 676 shares in the last quarter. CWM LLC grew its holdings in shares of Independence Realty Trust by 1.8% in the 4th quarter. CWM LLC now owns 39,365 shares of the real estate investment trust's stock valued at $688,000 after acquiring an additional 712 shares in the last quarter. Finally, Huntington National Bank increased its position in shares of Independence Realty Trust by 46.4% in the third quarter. Huntington National Bank now owns 2,289 shares of the real estate investment trust's stock valued at $38,000 after acquiring an additional 725 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company's stock.

Independence Realty Trust Trading Down 0.2%

Shares of Independence Realty Trust stock traded down $0.03 during trading on Thursday, reaching $15.64. The stock had a trading volume of 2,436,097 shares, compared to its average volume of 2,741,308. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 65.15, a P/E/G ratio of 1.75 and a beta of 1.00. The stock has a fifty day moving average price of $15.93 and a two-hundred day moving average price of $16.43. Independence Realty Trust has a 52 week low of $14.60 and a 52 week high of $19.94.

Independence Realty Trust (NYSE:IRT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.32. The business had revenue of $167.13 million during the quarter, compared to the consensus estimate of $170.26 million. Independence Realty Trust had a return on equity of 1.58% and a net margin of 8.60%.Independence Realty Trust's quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. On average, equities analysts forecast that Independence Realty Trust will post 1.19 EPS for the current fiscal year.

Independence Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Friday, March 27th will be issued a $0.17 dividend. The ex-dividend date is Friday, March 27th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.3%. Independence Realty Trust's dividend payout ratio (DPR) is 283.33%.

Independence Realty Trust Company Profile

Independence Realty Trust is a self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities. The company focuses on workforce housing, targeting Class A and B garden-style apartments in suburban and urban infill locations. Its core activities include sourcing value-add acquisitions, overseeing property renovations and delivering in-house property management services to optimize rental income and occupancy levels.

Headquartered in Wayne, Pennsylvania, Independence Realty Trust maintains a geographically diverse portfolio across several high-growth U.S.

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