Independence Realty Trust, Inc. (NYSE:IRT) saw a large growth in short interest in June. As of June 30th, there was short interest totalling 3,999,284 shares, a growth of 7.8% from the June 15th total of 3,710,836 shares. Based on an average daily trading volume, of 668,587 shares, the short-interest ratio is currently 6.0 days. Currently, 5.8% of the shares of the stock are short sold.

Shares of Independence Realty Trust (NYSE IRT) opened at 10.13 on Monday. The company’s 50 day moving average price is $9.99 and its 200-day moving average price is $9.45. Independence Realty Trust has a 12 month low of $7.74 and a 12 month high of $10.70. The stock’s market capitalization is $697.27 million.

Independence Realty Trust (NYSE:IRT) last released its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.01. The company had revenue of $39.43 million for the quarter, compared to analyst estimates 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 firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.22 EPS. Equities analysts predict that Independence Realty Trust will post $0.31 earnings per share for the current year.

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be given a $0.06 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.11%. The ex-dividend date is Thursday, July 27th. Independence Realty Trust’s dividend payout ratio is presently -313.03%.

Several large investors have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of Independence Realty Trust by 39.7% in the fourth quarter. State Street Corp now owns 1,851,044 shares of the real estate investment trust’s stock worth $16,515,000 after buying an additional 526,231 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Independence Realty Trust by 67.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 403,300 shares of the real estate investment trust’s stock worth $3,597,000 after buying an additional 162,998 shares in the last quarter. Allianz Asset Management AG increased its stake in shares of Independence Realty Trust by 90.4% in the fourth quarter. Allianz Asset Management AG now owns 36,948 shares of the real estate investment trust’s stock worth $329,000 after buying an additional 17,541 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in Independence Realty Trust by 37.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 43,649 shares of the real estate investment trust’s stock worth $389,000 after buying an additional 11,898 shares during the period. Finally, Numeric Investors LLC bought a new position in Independence Realty Trust during the fourth quarter worth approximately $315,000. 70.18% of the stock is currently owned by institutional investors.

Several brokerages have recently weighed in on IRT. Zacks Investment Research upgraded Independence Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Tuesday, July 18th. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, August 2nd. ValuEngine lowered Independence Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. JMP Securities reiterated an “outperform” rating and issued a $11.50 price target (up previously from $10.50) on shares of Independence Realty Trust in a report on Friday, June 30th. Finally, FBR & Co upgraded Independence Realty Trust from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $9.75 to $11.50 in a report on Thursday, June 15th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $10.45.

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Independence Realty Trust Company Profile

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.

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