Kite Realty Group Trust (NYSE:KRG) Hits New 12-Month High – Here’s Why

Kite Realty Group Trust (NYSE:KRG)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $27.94 and last traded at $27.28, with a volume of 71212 shares traded. The stock had previously closed at $26.87.

Analyst Ratings Changes

A number of research firms have issued reports on KRG. Wells Fargo & Company raised Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $23.00 to $26.00 in a research note on Wednesday, August 28th. KeyCorp boosted their target price on shares of Kite Realty Group Trust from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Robert W. Baird upped their price objective on 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. Piper Sandler increased their target price on shares of Kite Realty Group Trust from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, September 3rd. Finally, Compass Point lifted their price target on shares of Kite Realty Group Trust from $29.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $28.00.

Kite Realty Group Trust Stock Performance

The firm’s fifty day moving average price is $26.11 and its 200 day moving average price is $23.87. The firm has a market cap of $5.91 billion, a P/E ratio of -671.75, a price-to-earnings-growth ratio of 3.93 and a beta of 1.29. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.08 and a current ratio of 3.08.

Kite Realty Group Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend is Thursday, January 9th. This is a boost from Kite Realty Group Trust’s previous quarterly dividend of $0.26. Kite Realty Group Trust’s dividend payout ratio (DPR) is -2,600.00%.

Insider Activity at Kite Realty Group Trust

In related news, Director Steven P. Grimes sold 37,295 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $26.80, for a total value of $999,506.00. Following the completion of the transaction, the director now owns 732,252 shares in the company, valued at $19,624,353.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kite Realty Group Trust

Institutional investors have recently added to or reduced their stakes in the stock. Land & Buildings Investment Management LLC purchased a new position in shares of Kite Realty Group Trust during the 2nd quarter worth $22,277,000. Vanguard Group Inc. grew its holdings in shares of Kite Realty Group Trust by 2.7% during 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 during the period. APG Asset Management US Inc. purchased a new stake in Kite Realty Group Trust in the 2nd quarter valued at about $16,665,000. F M Investments LLC purchased a new position in Kite Realty Group Trust during the second quarter worth about $10,164,000. Finally, Lighthouse Investment Partners LLC increased its position in shares of Kite Realty Group Trust by 157.9% during the second quarter. Lighthouse Investment Partners LLC now owns 735,000 shares of the real estate investment trust’s stock valued at $16,449,000 after acquiring an additional 450,000 shares during the last quarter. Institutional investors and hedge funds 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 (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.