Independence Realty Trust Inc (NYSE:IRT) saw a large growth in short interest in December. As of December 29th, there was short interest totalling 3,259,742 shares, a growth of 55.4% from the December 15th total of 2,097,230 shares. Currently, 3.9% of the company’s stock are short sold. Based on an average daily volume of 483,814 shares, the short-interest ratio is presently 6.7 days.
A number of large investors have recently added to or reduced their stakes in IRT. Jennison Associates LLC purchased a new position in Independence Realty Trust during the 3rd quarter worth approximately $12,713,000. Phocas Financial Corp. purchased a new position in Independence Realty Trust during the 2nd quarter worth approximately $10,757,000. Principal Financial Group Inc. grew its stake in Independence Realty Trust by 93.7% during the 3rd quarter. Principal Financial Group Inc. now owns 2,121,772 shares of the real estate investment trust’s stock worth $21,578,000 after buying an additional 1,026,415 shares during the last quarter. Barings LLC purchased a new position in Independence Realty Trust during the 3rd quarter worth approximately $9,490,000. Finally, Citadel Advisors LLC grew its stake in Independence Realty Trust by 1,006.0% during the 3rd quarter. Citadel Advisors LLC now owns 759,896 shares of the real estate investment trust’s stock worth $7,728,000 after buying an additional 691,187 shares during the last quarter. Hedge funds and other institutional investors own 78.49% of the company’s stock.
Independence Realty Trust (NYSE:IRT) opened at $9.50 on Wednesday. Independence Realty Trust has a 1-year low of $8.57 and a 1-year high of $10.63. The company has a market capitalization of $793.43, a PE ratio of -36.54 and a beta of 1.08. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.40 and a quick ratio of 0.40.
Independence Realty Trust (NYSE:IRT) last released its quarterly earnings data on Tuesday, October 31st. The real estate investment trust reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.11. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. The business had revenue of $39.86 million for the quarter, compared to the consensus estimate of $40.38 million. During the same quarter in the prior year, the business posted $0.21 EPS. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. sell-side analysts forecast that Independence Realty Trust will post 0.74 earnings per share for the current year.
A number of research firms have recently commented on IRT. ValuEngine upgraded Independence Realty Trust from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Zacks Investment Research downgraded Independence Realty Trust from a “hold” rating to a “sell” rating in a report on Thursday, November 9th. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Independence Realty Trust in a report on Wednesday, November 1st. National Securities increased their price objective on Independence Realty Trust from $9.00 to $11.00 and gave the company a “neutral” rating in a report on Wednesday, November 22nd. Finally, KeyCorp began coverage on Independence Realty Trust in a report on Tuesday, December 5th. They issued a “sector weight” rating on the stock. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $11.33.
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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.
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