Independence Realty Trust, Inc. (NYSE:IRT) Short Interest Update

19 Oct 2024, 01:12 by Scott Moore · The Cerbat Gem

Independence Realty Trust, Inc. (NYSE:IRT – Get Free Report) was the target of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 22,510,000 shares, a decline of 5.5% from the September 15th total of 23,820,000 shares. Based on an average trading volume of 1,920,000 shares, the short-interest ratio is presently 11.7 days.

Institutional Trading of Independence Realty Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC bought a new position in shares of Independence Realty Trust in the second quarter valued at approximately $25,000. Mattson Financial Services LLC bought a new position in shares of Independence Realty Trust in the second quarter valued at approximately $28,000. V Square Quantitative Management LLC bought a new position in shares of Independence Realty Trust in the third quarter valued at approximately $28,000. Pathway Financial Advisers LLC bought a new position in shares of Independence Realty Trust in the first quarter valued at approximately $31,000. Finally, Blue Trust Inc. grew its holdings in shares of Independence Realty Trust by 295.9% in the third quarter. Blue Trust Inc. now owns 2,043 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 1,527 shares in the last quarter. 88.25% of the stock is owned by hedge funds and other institutional investors.

Independence Realty Trust Stock Performance

IRT stock opened at $19.95 on Friday. The stock’s 50 day simple moving average is $20.11 and its 200 day simple moving average is $18.37. Independence Realty Trust has a fifty-two week low of $11.61 and a fifty-two week high of $21.20. The company has a market cap of $4.49 billion, a P/E ratio of -665.00, a price-to-earnings-growth ratio of 2.79 and a beta of 1.17.

Independence Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Monday, September 30th. Independence Realty Trust’s dividend payout ratio (DPR) is presently -2,133.33%.

Analyst Upgrades and Downgrades

A number of research firms have commented on IRT. Deutsche Bank Aktiengesellschaft upped their price target 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 company a “market outperform” rating in a research report on Monday, September 9th. BTIG Research upped their price target on Independence Realty Trust from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, KeyCorp upped their price target on Independence Realty Trust from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.57.

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