Kite Realty Group Trust (NYSE:KRG) Receives $28.00 Average Price Target from Brokerages

Shares of Kite Realty Group Trust (NYSE:KRG) have earned a consensus recommendation of “Moderate Buy” from the seven research firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $28.00.

Several analysts have recently commented on KRG shares. 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 report on Tuesday, September 3rd. Robert W. Baird lifted their target price on shares of Kite Realty Group Trust from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. KeyCorp upped their target price on Kite Realty Group Trust from $25.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Wells Fargo & Company upgraded Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $23.00 to $26.00 in a report on Wednesday, August 28th. Finally, Raymond James upgraded Kite Realty Group Trust from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Friday, August 16th.

Kite Realty Group Trust Stock Up 0.3 %

Shares of NYSE:KRG opened at $25.59 on Friday. The business’s 50 day moving average is $25.70 and its 200 day moving average is $23.21. Kite Realty Group Trust has a 12-month low of $19.64 and a 12-month high of $27.15. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 98.42, a PEG ratio of 3.93 and a beta of 1.29. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.88.

Kite Realty Group Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 16th. Shareholders of record on Wednesday, October 9th will be issued a dividend of $0.26 per share. This is a boost from Kite Realty Group Trust’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $1.04 dividend on an annualized basis and a yield of 4.06%. Kite Realty Group Trust’s payout ratio is presently 400.00%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Kite Realty Group Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KRG. Creative Planning grew its position in Kite Realty Group Trust by 8.1% in the third quarter. Creative Planning now owns 21,784 shares of the real estate investment trust’s stock worth $579,000 after acquiring an additional 1,634 shares in the last quarter. Oliver Luxxe Assets LLC bought a new position in shares of Kite Realty Group Trust during the third quarter valued at about $2,340,000. Inspire Investing LLC boosted its holdings in shares of Kite Realty Group Trust by 18.3% during the third quarter. Inspire Investing LLC now owns 18,708 shares of the real estate investment trust’s stock worth $497,000 after purchasing an additional 2,889 shares during the period. UMB Bank n.a. grew its stake in shares of Kite Realty Group Trust by 819.0% in the third quarter. UMB Bank n.a. now owns 1,066 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 950 shares during the last quarter. Finally, Marcum Wealth LLC increased its holdings in Kite Realty Group Trust by 1.4% during the 3rd quarter. Marcum Wealth LLC now owns 40,855 shares of the real estate investment trust’s stock valued at $1,085,000 after purchasing an additional 571 shares during the period. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

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.