Independence Realty Trust, Inc. (NYSE:IRT) Sees Significant Drop in Short Interest

Independence Realty Trust, Inc. (NYSE:IRT - Get Free Report) saw a large drop in short interest in February. As of February 13th, there was short interest totaling 10,413,078 shares, a drop of 15.3% from the January 29th total of 12,290,693 shares. Approximately 4.4% of the shares of the company are short sold. Based on an average trading volume of 3,398,824 shares, the days-to-cover ratio is currently 3.1 days. Based on an average trading volume of 3,398,824 shares, the days-to-cover ratio is currently 3.1 days. Approximately 4.4% of the shares of the company are short sold.Independence Realty Trust Stock PerformanceThe 3 Most Promising Real Estate Stocks to Watch this QuarterShares of IRT stock traded up $0.20 during midday trading on Wednesday, reaching $16.73. 2,297,387 shares of the company were exchanged, compared to its average volume of 3,008,088. The company's 50 day moving average price is $16.90 and its two-hundred day moving average price is $16.83. The company has a market cap of $3.97 billion, a P/E ratio of 69.71, a PEG ratio of 2.10 and a beta of 0.99. Independence Realty Trust has a 12 month low of $15.06 and a 12 month high of $21.67. 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 EPS for the quarter, meeting analysts' consensus estimates of $0.32. Independence Realty Trust had a net margin of 8.60% and a return on equity of 1.58%. The business had revenue of $167.13 million for the quarter, compared to analyst estimates of $170.26 million. During the same quarter last year, the business earned $0.32 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, sell-side analysts predict that Independence Realty Trust will post 1.19 earnings per share for the current year. Independence Realty Trust Announces DividendThe company also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Wednesday, December 31st were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Independence Realty Trust's payout ratio is presently 283.33%. Institutional Inflows and OutflowsSeveral hedge funds have recently added to or reduced their stakes in IRT. Solstein Capital LLC acquired a new stake in shares of Independence Realty Trust during the 3rd quarter valued at $25,000. Danske Bank A S acquired a new stake in shares of Independence Realty Trust during the third quarter worth $26,000. First Horizon Corp purchased a new stake in shares of Independence Realty Trust during the third quarter valued at $27,000. SHP Wealth Management acquired a new position in shares of Independence Realty Trust in the 4th quarter valued at $30,000. Finally, Farther Finance Advisors LLC increased its stake in Independence Realty Trust by 70.3% in the 4th quarter. Farther Finance Advisors LLC now owns 1,810 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 747 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company's stock. Wall Street Analysts Forecast GrowthSeveral equities analysts recently issued reports on IRT shares. Wall Street Zen cut Independence Realty Trust from a "hold" rating to a "sell" rating in a research note on Sunday, February 22nd. Citigroup reaffirmed an "outperform" rating on shares of Independence Realty Trust in a research report on Friday, January 9th. KeyCorp reduced their price objective on Independence Realty Trust from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, December 4th. Zacks Research lowered Independence Realty Trust from a "hold" rating to a "strong sell" rating in a research report on Thursday, January 22nd. Finally, UBS Group raised their target price on Independence Realty Trust from $19.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, January 8th. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Independence Realty Trust currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.35.Read Our Latest Research Report on IRTAbout Independence Realty Trust (Get Free Report)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.Featured StoriesFive stocks we like better than Independence Realty TrustCSE: ALEN.U is targeting a fast-growing digital wellness marketNew Copper-Rich “Kraken” Zone DiscoveredYour name isn't on our protected list yet1,500 Banks Just Handed the Fed Your Bank AccountElon Musk’s $1 Quadrillion AI IPOThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Independence Realty Trust Right Now?Before you consider Independence Realty Trust, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Independence Realty Trust wasn't on the list.While Independence Realty Trust currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here