Kite Realty Group Trust (NYSE:KRG) Hits New 52-Week High – Here’s What Happened

Kite Realty Group Trust (NYSE:KRG)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $25.11 and last traded at $25.0240, with a volume of 1153654 shares. The stock had previously closed at $24.68.

Analysts Set New Price Targets

Several brokerages have issued reports on KRG. Raymond James Financial downgraded shares of Kite Realty Group Trust from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, November 11th. Wells Fargo & Company raised shares of Kite Realty Group Trust from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $23.00 to $25.00 in a report on Tuesday, October 21st. Jefferies Financial Group restated a “hold” rating and set a $24.00 target price (up from $23.00) on shares of Kite Realty Group Trust in a research note on Monday, December 15th. Wall Street Zen cut Kite Realty Group Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Finally, UBS Group reissued a “neutral” rating and issued a $25.00 price target (up previously from $24.00) on shares of Kite Realty Group Trust in a report on Thursday, January 8th. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $25.43.

Kite Realty Group Trust Trading Down 0.6%

The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.98 and a current ratio of 0.98. The business’s 50 day moving average price is $23.68 and its 200-day moving average price is $22.79. The firm has a market cap of $5.31 billion, a price-to-earnings ratio of 38.34, a price-to-earnings-growth ratio of 6.23 and a beta of 0.91.

Kite Realty Group Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, January 9th were issued a $0.29 dividend. This is a positive change from Kite Realty Group Trust’s previous quarterly dividend of $0.27. The ex-dividend date was Friday, January 9th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.7%. Kite Realty Group Trust’s dividend payout ratio (DPR) is presently 181.25%.

Hedge Funds Weigh In On Kite Realty Group Trust

Several large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in Kite Realty Group Trust by 11.2% during the second quarter. JPMorgan Chase & Co. now owns 12,416,302 shares of the real estate investment trust’s stock valued at $281,229,000 after purchasing an additional 1,250,549 shares during the last quarter. Centersquare Investment Management LLC grew its position in shares of Kite Realty Group Trust by 1.3% during the 4th quarter. Centersquare Investment Management LLC now owns 8,236,790 shares of the real estate investment trust’s stock valued at $197,436,000 after buying an additional 105,830 shares during the last quarter. Bank of America Corp DE raised its stake in Kite Realty Group Trust by 6.9% during the third quarter. Bank of America Corp DE now owns 6,368,129 shares of the real estate investment trust’s stock worth $142,009,000 after acquiring an additional 411,465 shares during the period. Geode Capital Management LLC raised its stake in Kite Realty Group Trust by 0.7% during the second quarter. Geode Capital Management LLC now owns 5,879,464 shares of the real estate investment trust’s stock worth $133,183,000 after acquiring an additional 40,017 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Kite Realty Group Trust by 1.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 3,758,033 shares of the real estate investment trust’s stock worth $85,119,000 after acquiring an additional 61,982 shares during the last quarter. 90.81% of the stock is currently owned by institutional investors.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust that specializes in the ownership, development and management of open-air retail real estate. Headquartered in Indianapolis, Indiana, the company focuses on acquiring, developing and operating community and neighborhood shopping centers, as well as mixed-use properties that accommodate national, regional and local retailers.

Established in 1994, Kite Realty has grown its portfolio through strategic development projects, targeted acquisitions and selective dispositions.