Kite Realty Group Trust (NYSE:KRG) Stock Dropped to “Neutral” by Bank of America

Bank of America downgraded shares of Kite Realty Group Trust (NYSE:KRG) from a buy rating to a neutral rating in a research note released on Friday morning, Marketbeat Ratings reports. Bank of America currently has $28.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $31.00.

Other analysts have also recently issued research reports about the company. Ladenburg Thalmann & Co. Inc. upped their price objective on Kite Realty Group Trust from $33.00 to $34.00 and gave the company a “buy” rating in a research report on Friday, July 31st. KeyCorp cut Kite Realty Group Trust from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, August 18th. Truist Financial set a $27.00 price target on Kite Realty Group Trust and gave the company a “hold” rating in a research note on Thursday, October 1st. UBS Group raised their price objective on shares of Kite Realty Group Trust from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Wells Fargo & Company set a $27.00 target price on shares of Kite Realty Group Trust and gave the company an “overweight” rating in a research report on Friday, October 23rd. Two analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $27.91.

Kite Realty Group Trust Price Performance

KRG opened at $25.58 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.92 and a current ratio of 0.92. Kite Realty Group Trust has a 52-week low of $21.89 and a 52-week high of $29.92. The stock has a market capitalization of $5.06 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 4.66 and a beta of 0.90. The stock’s 50 day moving average price is $25.00 and its 200-day moving average price is $26.18.

Kite Realty Group Trust (NYSE:KRG) last released its quarterly earnings results on Friday, October 30th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.15). Kite Realty Group Trust had a net margin of 42.95% and a return on equity of 11.78%. The firm had revenue of $190.28 million for the quarter, compared to the consensus estimate of $195.62 million. On average, equities research analysts predict that Kite Realty Group Trust will post 2.10 EPS for the current year.

Kite Realty Group Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Saturday, January 9th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Friday, January 8th. This represents a $1.16 dividend on an annualized basis and a yield of 4.5%. Kite Realty Group Trust’s dividend payout ratio is 71.60%.

Insider Transactions at Kite Realty Group Trust

In other news, CEO John Kite sold 34,492 shares of Kite Realty Group Trust stock in a transaction that occurred on Thursday, November 12th. The shares were sold at an average price of $25.81, for a total value of $890,238.52. Following the transaction, the chief executive officer owned 19,629 shares of the company’s stock, valued at $506,624.49. The trade was a 63.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.70% of the company’s stock.

Institutional Trading of Kite Realty Group Trust

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in shares of Kite Realty Group Trust by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,200,466 shares of the real estate investment trust’s stock valued at $78,572,000 after purchasing an additional 10,289 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Kite Realty Group Trust during the second quarter valued at $44,463,000. Candriam S.C.A. grew its position in Kite Realty Group Trust by 172.7% during the third quarter. Candriam S.C.A. now owns 1,265,726 shares of the real estate investment trust’s stock valued at $30,984,000 after buying an additional 801,541 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Kite Realty Group Trust by 499.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,251,733 shares of the real estate investment trust’s stock valued at $30,730,000 after buying an additional 1,043,075 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Kite Realty Group Trust by 2,472.6% in the third quarter. Marshall Wace LLP now owns 795,683 shares of the real estate investment trust’s stock valued at $19,407,000 after buying an additional 764,754 shares in the last quarter. 90.81% of the stock is owned by hedge funds and other institutional investors.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust is a real estate investment trust that owns, operates, and develops open-air shopping centers and mixed-use properties. Its portfolio includes neighborhood and community centers, many of which are anchored by grocery stores and other essential retailers. The company leases space to retailers and service businesses and works to manage, maintain, and redevelop its properties. Its centers serve communities in Sun Belt markets and other selected regions across the United States.