Investors Real Estate Trust Reit (NYSE:IRET) Sees Significant Drop in Short Interest

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Investors Real Estate Trust Reit (NYSE:IRET) was the target of a significant drop in short interest in November. As of November 29th, there was short interest totalling 103,800 shares, a drop of 28.4% from the November 14th total of 145,000 shares. Based on an average trading volume of 69,200 shares, the short-interest ratio is presently 1.5 days. Approximately 0.9% of the company’s shares are short sold.

Several institutional investors and hedge funds have recently modified their holdings of IRET. Millennium Management LLC lifted its position in shares of Investors Real Estate Trust Reit by 89.2% in the third quarter. Millennium Management LLC now owns 123,037 shares of the real estate investment trust’s stock worth $9,187,000 after purchasing an additional 58,004 shares in the last quarter. Squarepoint Ops LLC increased its stake in Investors Real Estate Trust Reit by 41.7% in the 3rd quarter. Squarepoint Ops LLC now owns 12,200 shares of the real estate investment trust’s stock valued at $911,000 after buying an additional 3,589 shares during the period. Public Employees Retirement System of Ohio increased its stake in Investors Real Estate Trust Reit by 894.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 8,765 shares of the real estate investment trust’s stock valued at $654,000 after buying an additional 7,884 shares during the period. Adirondack Research & Management Inc. purchased a new stake in Investors Real Estate Trust Reit in the 3rd quarter worth approximately $932,000. Finally, Russell Investments Group Ltd. lifted its position in Investors Real Estate Trust Reit by 18.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 314,592 shares of the real estate investment trust’s stock worth $23,487,000 after buying an additional 48,442 shares in the last quarter. Institutional investors own 64.13% of the company’s stock.

IRET has been the topic of a number of recent analyst reports. BMO Capital Markets boosted their price target on shares of Investors Real Estate Trust Reit from $74.00 to $76.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Raymond James began coverage on shares of Investors Real Estate Trust Reit in a research note on Thursday, October 17th. They issued an “outperform” rating and a $83.00 price objective for the company. Zacks Investment Research raised shares of Investors Real Estate Trust Reit from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research note on Tuesday, November 12th. ValuEngine cut shares of Investors Real Estate Trust Reit from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Finally, BTIG Research initiated coverage on shares of Investors Real Estate Trust Reit in a research note on Monday, September 16th. They set a “buy” rating and a $79.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $77.30.

Investors Real Estate Trust Reit stock traded down $1.81 during mid-day trading on Wednesday, hitting $74.27. The company’s stock had a trading volume of 97,693 shares, compared to its average volume of 60,000. Investors Real Estate Trust Reit has a 52-week low of $46.30 and a 52-week high of $79.00. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.90. The firm’s 50 day moving average is $75.20 and its 200 day moving average is $68.32.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.80 annualized dividend and a yield of 3.77%.

About Investors Real Estate Trust Reit

IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of December 31, 2018, IRET owned interests in 87 apartment communities consisting of 13,702 apartment homes. IRET's common shares and Series C preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRET PRC, respectively).

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