Kite Realty Group Trust (NYSE:KRG) Sets New 52-Week High – Still a Buy?

Kite Realty Group Trust (NYSE:KRG) shares hit a new 52-week high during trading on Monday . The company traded as high as $26.33 and last traded at $26.3450, with a volume of 524954 shares. The stock had previously closed at $26.05.

Wall Street Analyst Weigh In

KRG has been the topic of several analyst reports. Robert W. Baird upped their price objective on Kite Realty Group Trust from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Wednesday, February 18th. Raymond James Financial lowered Kite Realty Group Trust from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, November 11th. Citigroup reiterated a “neutral” rating and issued a $27.00 price target (up from $24.00) on shares of Kite Realty Group Trust in a research report on Tuesday, February 24th. UBS Group reissued a “neutral” rating and set a $25.00 price objective (up from $24.00) on shares of Kite Realty Group Trust in a report on Thursday, January 8th. Finally, Wall Street Zen upgraded shares of Kite Realty Group Trust from a “sell” rating to a “hold” rating in a research note on Saturday, February 21st. Three research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.00.

Kite Realty Group Trust Price Performance

The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.98. The stock’s 50-day moving average price is $24.25 and its 200-day moving average price is $23.10. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of 19.00, a price-to-earnings-growth ratio of 6.54 and a beta of 0.86.

Kite Realty Group Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 16th. Shareholders of record on Thursday, April 9th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Thursday, April 9th. Kite Realty Group Trust’s dividend payout ratio (DPR) is presently 84.06%.

Institutional Investors Weigh In On Kite Realty Group Trust

A number of institutional investors and hedge funds have recently made changes to their positions in KRG. Invesco Ltd. lifted its stake in shares of Kite Realty Group Trust by 3.4% during the fourth quarter. Invesco Ltd. now owns 933,097 shares of the real estate investment trust’s stock valued at $22,366,000 after acquiring an additional 30,629 shares during the period. Corient Private Wealth LLC raised its holdings in Kite Realty Group Trust by 12.1% during the 4th quarter. Corient Private Wealth LLC now owns 14,899 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 1,603 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in Kite Realty Group Trust by 30.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 30,013 shares of the real estate investment trust’s stock worth $719,000 after purchasing an additional 7,058 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in Kite Realty Group Trust during the 4th quarter valued at about $280,000. Finally, VARCOV Co. bought a new position in shares of Kite Realty Group Trust in the 4th quarter valued at about $602,000. Institutional investors own 90.81% of the company’s stock.

About Kite Realty Group Trust

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.