Independence Realty Trust, Inc. (NYSE:IRT) Short Interest Down 5.5% in September

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) was the target of a large decline in short interest in 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 daily volume of 1,920,000 shares, the days-to-cover ratio is presently 11.7 days.

Institutional Investors Weigh In On Independence Realty Trust

Large investors have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC bought a new position in Independence Realty Trust in the 2nd quarter valued at $25,000. Mattson Financial Services LLC bought a new position in Independence Realty Trust in the 2nd quarter valued at $28,000. Pathway Financial Advisers LLC bought a new position in Independence Realty Trust in the 1st quarter valued at $31,000. Lazard Asset Management LLC bought a new position in Independence Realty Trust in the 1st quarter valued at $40,000. Finally, Advisors Asset Management Inc. boosted its position in Independence Realty Trust by 146.6% in the 1st quarter. Advisors Asset Management Inc. now owns 2,833 shares of the real estate investment trust's stock valued at $46,000 after buying an additional 1,684 shares during the last quarter. 88.25% of the stock is currently owned by institutional investors.

Independence Realty Trust Stock Up 1.2 %

Independence Realty Trust stock opened at $19.97 on Thursday. The business has a 50 day moving average price of $20.10 and a two-hundred day moving average price of $18.33. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of -665.67, a price-to-earnings-growth ratio of 2.79 and a beta of 1.17. Independence Realty Trust has a 12 month low of $11.61 and a 12 month high of $21.20.

Independence Realty Trust Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.20%. Independence Realty Trust's dividend payout ratio is currently -2,133.33%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on IRT. JMP Securities lifted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company a "market outperform" rating in a research note on Monday, September 9th. BTIG Research lifted their target price on Independence Realty Trust from $18.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted their target price on Independence Realty Trust from $18.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, September 10th. Finally, KeyCorp lifted their target price on Independence Realty Trust from $20.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. One analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.57.

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.