Short Interest in Independence Realty Trust, Inc. (NYSE:IRT) Expands By 90.3%

Independence Realty Trust, Inc. (NYSE:IRT) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 23,820,000 shares, an increase of 90.3% from the August 31st total of 12,520,000 shares. Based on an average daily volume of 2,060,000 shares, the days-to-cover ratio is currently 11.6 days.

Independence Realty Trust Stock Performance

Shares of NYSE IRT traded down $0.03 during midday trading on Friday, reaching $20.49. 1,467,072 shares of the stock were exchanged, compared to its average volume of 2,281,890. Independence Realty Trust has a twelve month low of $11.61 and a twelve month high of $21.20. The stock has a market capitalization of $4.61 billion, a P/E ratio of -683.17, a PEG ratio of 3.10 and a beta of 1.17. The company has a 50 day simple moving average of $19.96 and a 200 day simple moving average of $17.98.

Independence Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Monday, September 30th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Monday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -2,133.33%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. KeyCorp raised their price objective on shares of Independence Realty Trust from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Deutsche Bank Aktiengesellschaft raised their target price on Independence Realty Trust from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. JMP Securities upped their price target on Independence Realty Trust from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Monday, September 9th. Finally, BTIG Research raised their price objective on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.57.

Institutional Trading of Independence Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of IRT. Vanguard Group Inc. lifted its position in Independence Realty Trust by 1.1% in the first quarter. Vanguard Group Inc. now owns 32,744,270 shares of the real estate investment trust’s stock valued at $528,165,000 after buying an additional 343,334 shares during the last quarter. Long Pond Capital LP boosted its position in shares of Independence Realty Trust by 204.7% during the 1st quarter. Long Pond Capital LP now owns 10,414,483 shares of the real estate investment trust’s stock worth $167,986,000 after purchasing an additional 6,996,365 shares during the period. Jennison Associates LLC boosted its position in shares of Independence Realty Trust by 7.3% during the 1st quarter. Jennison Associates LLC now owns 4,429,594 shares of the real estate investment trust’s stock worth $71,449,000 after purchasing an additional 300,281 shares during the period. Norges Bank acquired a new stake in Independence Realty Trust in the 4th quarter valued at approximately $52,048,000. Finally, Dimensional Fund Advisors LP raised its position in Independence Realty Trust by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,308,557 shares of the real estate investment trust’s stock valued at $62,001,000 after purchasing an additional 176,119 shares during the period. 88.25% of the stock is owned by institutional investors and hedge funds.

About Independence Realty Trust

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.