Kite Realty Group Trust (NYSE:KRG) Hits New 52-Week High Following Analyst Upgrade

Kite Realty Group Trust (NYSE:KRG)’s stock price hit a new 52-week high during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $30.00 to $33.00. Piper Sandler currently has an overweight rating on the stock. Kite Realty Group Trust traded as high as $26.24 and last traded at $26.12, with a volume of 68209 shares trading hands. The stock had previously closed at $26.08.

KRG has been the subject of a number of other research reports. Robert W. Baird lifted their target price on Kite Realty Group Trust from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Wells Fargo & Company upgraded Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $23.00 to $26.00 in a research report on Wednesday, August 28th. KeyCorp boosted their target price on Kite Realty Group Trust from $25.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, Raymond James raised Kite Realty Group Trust from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research note on Friday, August 16th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Kite Realty Group Trust has an average rating of “Moderate Buy” and an average target price of $27.33.

Hedge Funds Weigh In On Kite Realty Group Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its stake in Kite Realty Group Trust by 19.7% during the 4th quarter. Van ECK Associates Corp now owns 30,518 shares of the real estate investment trust’s stock worth $698,000 after buying an additional 5,018 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Kite Realty Group Trust by 15.6% in the fourth quarter. Victory Capital Management Inc. now owns 125,844 shares of the real estate investment trust’s stock valued at $2,877,000 after buying an additional 16,991 shares during the last quarter. M&T Bank Corp increased its holdings in Kite Realty Group Trust by 9.6% in the fourth quarter. M&T Bank Corp now owns 35,442 shares of the real estate investment trust’s stock valued at $810,000 after buying an additional 3,092 shares during the last quarter. LSV Asset Management increased its holdings in Kite Realty Group Trust by 33.4% in the fourth quarter. LSV Asset Management now owns 917,000 shares of the real estate investment trust’s stock valued at $20,963,000 after buying an additional 229,788 shares during the last quarter. Finally, Sapient Capital LLC acquired a new stake in shares of Kite Realty Group Trust during the fourth quarter worth about $357,000. Hedge funds and other institutional investors own 90.81% of the company’s stock.

Kite Realty Group Trust Stock Down 0.9 %

The company has a debt-to-equity ratio of 0.88, a current ratio of 2.08 and a quick ratio of 2.08. The firm has a market cap of $5.68 billion, a price-to-earnings ratio of 99.41, a P/E/G ratio of 3.99 and a beta of 1.31. The firm’s 50 day moving average price is $24.04 and its two-hundred day moving average price is $22.24.

Kite Realty Group Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Wednesday, October 9th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.02%. 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. Kite Realty Group Trust’s dividend payout ratio (DPR) is 384.63%.

Kite Realty Group Trust Company Profile

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.