Independence Realty Trust, Inc. (NYSE:IRT) saw a large increase in short interest during the month of September. As of September 29th, there was short interest totalling 4,692,101 shares, an increase of 49.8% from the September 15th total of 3,131,921 shares. Based on an average daily volume of 1,142,692 shares, the days-to-cover ratio is currently 4.1 days. Currently, 5.6% of the company’s shares are sold short.

Independence Realty Trust (NYSE IRT) opened at 10.47 on Friday. The company’s 50 day moving average is $10.27 and its 200 day moving average is $9.87. Independence Realty Trust has a 12-month low of $7.74 and a 12-month high of $10.58. The firm’s market cap is $720.83 million.

Independence Realty Trust (NYSE:IRT) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. The firm had revenue of $39.43 million during the quarter, compared to analysts’ expectations of $39.43 million. Independence Realty Trust had a negative net margin of 10.28% and a negative return on equity of 3.22%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.22 EPS. On average, equities analysts anticipate that Independence Realty Trust will post $0.46 earnings per share for the current year.

The business also recently disclosed a monthly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be given a $0.06 dividend. This represents a $0.72 annualized dividend and a yield of 6.88%. The ex-dividend date is Thursday, December 28th. Independence Realty Trust’s payout ratio is presently -313.03%.

In related news, CEO Scott Schaeffer purchased 35,000 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were bought at an average price of $10.12 per share, for a total transaction of $354,200.00. Following the acquisition, the chief executive officer now directly owns 155,306 shares in the company, valued at $1,571,696.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.58% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Parametric Portfolio Associates LLC increased its position in Independence Realty Trust by 0.4% in the 1st quarter. Parametric Portfolio Associates LLC now owns 69,887 shares of the real estate investment trust’s stock valued at $655,000 after acquiring an additional 261 shares in the last quarter. UBS Group AG increased its position in Independence Realty Trust by 0.6% in the 1st quarter. UBS Group AG now owns 67,706 shares of the real estate investment trust’s stock valued at $634,000 after acquiring an additional 384 shares in the last quarter. Kissinger Financial Services LLC increased its position in Independence Realty Trust by 1.0% in the 2nd quarter. Kissinger Financial Services LLC now owns 94,825 shares of the real estate investment trust’s stock valued at $936,000 after acquiring an additional 925 shares in the last quarter. Bard Associates Inc. increased its position in Independence Realty Trust by 0.5% in the 2nd quarter. Bard Associates Inc. now owns 189,725 shares of the real estate investment trust’s stock valued at $1,873,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its position in Independence Realty Trust by 10.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 14,400 shares of the real estate investment trust’s stock valued at $142,000 after acquiring an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 61.94% of the company’s stock.

A number of brokerages have weighed in on IRT. Robert W. Baird reiterated a “buy” rating and issued a $11.00 price target on shares of Independence Realty Trust in a report on Tuesday. Zacks Investment Research lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. FBR & Co reiterated a “buy” rating and issued a $11.50 price target on shares of Independence Realty Trust in a report on Tuesday, September 12th. ValuEngine upgraded shares of Independence Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, BidaskClub lowered shares of Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $11.00.

ILLEGAL ACTIVITY NOTICE: This report was published by TheOlympiaReport and is the property of of TheOlympiaReport. If you are accessing this report on another domain, it was stolen and republished in violation of U.S. & international trademark and copyright laws. The original version of this report can be read at https://theolympiareport.com/2017/10/20/independence-realty-trust-inc-irt-short-interest-up-49-8-in-september.html.

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.

Receive News & Ratings for Independence Realty Trust Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Realty Trust Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.