Kite Realty Group Trust (NYSE:KRG) Sets New 1-Year High After Analyst Upgrade

Shares of Kite Realty Group Trust (NYSE:KRG) reached a new 52-week high during trading on Tuesday after Piper Sandler raised their price target on the stock from $30.00 to $33.00. Piper Sandler currently has an overweight rating on the stock. Kite Realty Group Trust traded as high as $26.24 and last traded at $26.12, with a volume of 68209 shares traded. The stock had previously closed at $26.08.

A number of other brokerages have also recently issued reports on KRG. Raymond James raised shares of Kite Realty Group Trust from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research report on Friday, August 16th. Wells Fargo & Company raised shares of Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $23.00 to $26.00 in a research report on Wednesday, August 28th. Robert W. Baird boosted their target price on shares of Kite Realty Group Trust from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Finally, KeyCorp upped their price objective on shares of Kite Realty Group Trust from $25.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Kite Realty Group Trust has an average rating of “Moderate Buy” and an average target price of $27.33.

Institutional Trading of Kite Realty Group Trust

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Kite Realty Group Trust by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 33,597,373 shares of the real estate investment trust’s stock worth $728,391,000 after purchasing an additional 881,502 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Kite Realty Group Trust by 2.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,344,191 shares of the real estate investment trust’s stock valued at $76,448,000 after buying an additional 90,897 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Kite Realty Group Trust by 6.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,281,659 shares of the real estate investment trust’s stock valued at $73,442,000 after buying an additional 190,380 shares during the last quarter. Balyasny Asset Management L.P. raised its position in Kite Realty Group Trust by 28.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,120,121 shares of the real estate investment trust’s stock valued at $71,326,000 after buying an additional 693,852 shares during the last quarter. Finally, Millennium Management LLC raised its position in Kite Realty Group Trust by 17.7% in the 2nd quarter. Millennium Management LLC now owns 2,566,016 shares of the real estate investment trust’s stock valued at $57,427,000 after buying an additional 386,566 shares during the last quarter. 90.81% of the stock is currently owned by institutional investors.

Kite Realty Group Trust Price Performance

The firm has a market capitalization of $5.74 billion, a PE ratio of 100.31, a price-to-earnings-growth ratio of 3.99 and a beta of 1.31. The business has a 50-day moving average of $23.96 and a 200 day moving average of $22.20. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.88.

Kite Realty Group Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Wednesday, October 9th will be given a $0.26 dividend. This is a positive change from Kite Realty Group Trust’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend is Wednesday, October 9th. Kite Realty Group Trust’s dividend payout ratio is presently 384.63%.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets. The Company’s primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets.