Raymond James Financial Inc. Acquires New Position in Kite Realty Group Trust (NYSE:KRG)

Raymond James Financial Inc. acquired a new stake in Kite Realty Group Trust (NYSE:KRG) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 777,796 shares of the real estate investment trust’s stock, valued at approximately $19,632,000. Raymond James Financial Inc. owned 0.35% of Kite Realty Group Trust as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. EMC Capital Management lifted its position in shares of Kite Realty Group Trust by 4.9% during the 4th quarter. EMC Capital Management now owns 9,600 shares of the real estate investment trust’s stock valued at $242,000 after acquiring an additional 447 shares during the period. Fifth Third Bancorp lifted its position in shares of Kite Realty Group Trust by 2.6% during the 4th quarter. Fifth Third Bancorp now owns 18,436 shares of the real estate investment trust’s stock valued at $465,000 after acquiring an additional 466 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Kite Realty Group Trust by 0.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 96,141 shares of the real estate investment trust’s stock valued at $2,554,000 after acquiring an additional 483 shares during the period. Arizona State Retirement System lifted its position in shares of Kite Realty Group Trust by 0.8% during the 4th quarter. Arizona State Retirement System now owns 63,750 shares of the real estate investment trust’s stock valued at $1,609,000 after acquiring an additional 516 shares during the period. Finally, State of Alaska Department of Revenue lifted its position in shares of Kite Realty Group Trust by 0.5% during the 4th quarter. State of Alaska Department of Revenue now owns 129,014 shares of the real estate investment trust’s stock valued at $3,255,000 after acquiring an additional 636 shares during the period. Institutional investors and hedge funds own 90.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on KRG shares. Raymond James reduced their price target on shares of Kite Realty Group Trust from $31.00 to $28.00 and set a “strong-buy” rating for the company in a research report on Monday, March 10th. JPMorgan Chase & Co. dropped their price objective on shares of Kite Realty Group Trust from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. Jefferies Financial Group cut shares of Kite Realty Group Trust from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $31.00 to $27.00 in a research note on Thursday, January 2nd. Wells Fargo & Company dropped their price objective on shares of Kite Realty Group Trust from $28.00 to $26.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, Piper Sandler reissued a “neutral” rating and set a $25.00 price objective (down from $33.00) on shares of Kite Realty Group Trust in a research note on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.13.

Kite Realty Group Trust Stock Up 2.6 %

KRG stock opened at $21.78 on Monday. The stock has a market capitalization of $4.79 billion, a P/E ratio of 1,089.20, a PEG ratio of 3.57 and a beta of 1.30. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.98 and a current ratio of 2.98. Kite Realty Group Trust has a one year low of $19.64 and a one year high of $28.24. The company has a 50 day moving average price of $22.92 and a two-hundred day moving average price of $25.08.

Kite Realty Group Trust (NYSE:KRG) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $0.53 EPS for the quarter, topping the consensus estimate of $0.08 by $0.45. Kite Realty Group Trust had a net margin of 0.48% and a return on equity of 0.12%. As a group, sell-side analysts expect that Kite Realty Group Trust will post 2.05 EPS for the current year.

Kite Realty Group Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 16th. Stockholders of record on Wednesday, April 9th will be issued a dividend of $0.27 per share. The ex-dividend date is Wednesday, April 9th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.96%. Kite Realty Group Trust’s payout ratio is 5,400.00%.

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.