Kite Realty Group Trust (NYSE:KRG) Stock Price Up 5.4% Following Dividend Announcement

Kite Realty Group Trust (NYSE:KRG)’s share price rose 5.4% during trading on Tuesday following a dividend announcement from the company. The stock traded as high as $12.38 and last traded at $12.24. Approximately 372,100 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 726,641 shares. The stock had previously closed at $11.61.

The newly announced dividend which will be paid on Friday, October 9th. Shareholders of record on Friday, October 2nd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.56%. This is a boost from Kite Realty Group Trust’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Thursday, October 1st. Kite Realty Group Trust’s payout ratio is 12.65%.

A number of research analysts have weighed in on the stock. Zacks Investment Research cut shares of Kite Realty Group Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, August 18th. DA Davidson reaffirmed a “neutral” rating on shares of Kite Realty Group Trust in a research report on Monday, August 10th. Raymond James reaffirmed a “hold” rating on shares of Kite Realty Group Trust in a research report on Thursday, August 13th. Citigroup lifted their price target on shares of Kite Realty Group Trust from $8.00 to $11.00 and gave the company a “neutral” rating in a research report on Thursday, July 2nd. Finally, Compass Point raised shares of Kite Realty Group Trust from a “neutral” rating to a “buy” rating and lifted their price target for the company from $12.00 to $14.00 in a research report on Wednesday, August 19th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $15.00.

The company has a quick ratio of 3.40, a current ratio of 3.40 and a debt-to-equity ratio of 1.08. The firm’s 50 day simple moving average is $11.22 and its two-hundred day simple moving average is $10.85. The stock has a market cap of $1.05 billion, a P/E ratio of -104.33, a price-to-earnings-growth ratio of 7.06 and a beta of 1.18.

Kite Realty Group Trust (NYSE:KRG) last released its earnings results on Wednesday, August 5th. The real estate investment trust reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.35). Kite Realty Group Trust had a negative net margin of 3.27% and a negative return on equity of 0.73%. As a group, equities analysts predict that Kite Realty Group Trust will post 1.3 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Kite Realty Group Trust by 1.7% during the first quarter. Geode Capital Management LLC now owns 1,562,813 shares of the real estate investment trust’s stock valued at $14,799,000 after purchasing an additional 25,941 shares during the last quarter. APG Asset Management N.V. grew its position in shares of Kite Realty Group Trust by 604.7% during the first quarter. APG Asset Management N.V. now owns 215,629 shares of the real estate investment trust’s stock worth $2,042,000 after acquiring an additional 185,029 shares during the last quarter. Legal & General Group Plc grew its position in shares of Kite Realty Group Trust by 1.5% during the first quarter. Legal & General Group Plc now owns 647,595 shares of the real estate investment trust’s stock worth $6,133,000 after acquiring an additional 9,391 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Kite Realty Group Trust by 48.4% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 42,252 shares of the real estate investment trust’s stock worth $400,000 after acquiring an additional 13,782 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Kite Realty Group Trust by 91.1% during the first quarter. Wells Fargo & Company MN now owns 313,793 shares of the real estate investment trust’s stock worth $2,971,000 after acquiring an additional 149,608 shares during the last quarter. Hedge funds and other institutional investors own 92.18% of the company’s stock.

About Kite Realty Group Trust (NYSE:KRG)

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to tenants in desirable markets through our portfolio of neighborhood, community, and lifestyle centers.

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