This trade activity should not be overlooked: Independence Realty Trust Inc. (IRT)

Independence Realty Trust Inc. (NYSE: IRT) stock fell -0.24% on Thursday to $16.66 against a previous-day closing price of $16.70. With 2.53 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.85 million shares. During the session, the REIT – Residential company that operates in wider Real Estate sector, reached to the highest price of $16.84 whereas the lowest price it dropped to was $16.33. The 52-week range on IRT shows that it touched its highest point at $23.61 and its lowest point at $14.55 during that stretch. It currently has a 1-year price target of $20.42. With its current market cap of 3.74 billion, IRT has annualized dividend of $0.64 while the current yield stands at 3.84%. Beta for the stock currently stands at 1.00.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of IRT was down-trending over the past week, with a drop of -0.77%, but this was up by 5.71% over a month. Three-month performance dropped to -7.34% while six-month performance fell -4.44%. The stock lost -26.00% in the past year, while it has lost -1.19% so far this year. A look at the trailing 12-month EPS for IRT yields 0.23 with Next year EPS estimates of 0.30. For the next quarter, that number is 0.05. This implies an EPS growth rate of 29.40% for this year and 42.45% for next year. EPS is expected to decline by -6.06% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 5.10%.

Float and Shares Shorts:

At present, 224.23 million IRT shares are outstanding with a float of 222.66 million shares on hand for trading. On May 14, 2023, short shares totaled 7.93 million, which was 3.53% higher than short shares on Apr 13, 2023. In addition to Mr. Scott F. Schaeffer as the firm’s Pres, CEO & Chairman, Mr. James J. Sebra serves as its CFO & Treasurer.

Institutional Ownership:

Through their ownership of 88.76% of IRT’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 49.99% of IRT, in contrast to 38.85% held by mutual funds. Shares owned by individuals account for 3.32%. As the largest shareholder in IRT with 14.50% of the stake, The Vanguard Group, Inc. holds 32,529,960 shares worth 32,529,960. A second-largest stockholder of IRT, BlackRock Fund Advisors, holds 26,898,701 shares, controlling over 11.99% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in IRT, holding 13,744,998 shares or 6.13% stake. With a 4.39% stake in IRT, the Vanguard Real Estate Index Fund is the largest stakeholder. A total of 9,844,359 shares are owned by the mutual fund manager. The iShares Core S&P Mid Cap ETF, which owns about 3.11% of IRT stock, is the second-largest Mutual Fund holder. It holds 6,985,009 shares valued at 116.3 million. Vanguard Total Stock Market ETF holds 3.09% of the stake in IRT, owning 6,920,326 shares worth 115.22 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, IRT reported revenue of $154.76M and operating income of $9.89M. The EBITDA in the recently reported quarter was $82.10M and diluted EPS was -$0.03.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for IRT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With IRT analysts setting a high price target of $25.00 and a low target of $16.00, the average target price over the next 12 months is $20.42. Based on these targets, IRT could surge 50.06% to reach the target high and fall by -3.96% to reach the target low. Reaching the average price target will result in a growth of 22.57% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded IRT stock several times over the past three months with 0 Buys and 13 Sells. In these transactions, 0 shares were bought while 30,829 shares were sold. The number of buy transactions has increased to 11 while that of sell transactions has risen to 23 over the past year. The total number of shares bought during that period was 378,807 while 351,837 shares were sold.

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