Point72 Hong Kong Ltd Takes Position in Kite Realty Group Trust (NYSE:KRG)

Point72 Hong Kong Ltd acquired a new position in shares of Kite Realty Group Trust (NYSE:KRG) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 5,565 shares of the real estate investment trust’s stock, valued at approximately $125,000.

A number of other hedge funds have also modified their holdings of KRG. Pineridge Advisors LLC acquired a new position in shares of Kite Realty Group Trust in the 4th quarter valued at $39,000. Fidelis Capital Partners LLC purchased a new stake in Kite Realty Group Trust during the first quarter valued at about $42,000. GAMMA Investing LLC lifted its stake in Kite Realty Group Trust by 158.2% during the second quarter. GAMMA Investing LLC now owns 1,965 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 1,204 shares in the last quarter. SageView Advisory Group LLC acquired a new position in shares of Kite Realty Group Trust in the first quarter worth about $52,000. Finally, EntryPoint Capital LLC increased its position in shares of Kite Realty Group Trust by 109.6% in the first quarter. EntryPoint Capital LLC now owns 2,744 shares of the real estate investment trust’s stock worth $59,000 after acquiring an additional 1,435 shares in the last quarter. 90.81% of the stock is currently owned by institutional investors and hedge funds.

Kite Realty Group Trust Stock Performance

Shares of NYSE KRG opened at $26.25 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.08 and a quick ratio of 2.08. Kite Realty Group Trust has a one year low of $19.64 and a one year high of $27.15. The business’s 50-day moving average price is $25.33 and its two-hundred day moving average price is $22.82. The company has a market capitalization of $5.76 billion, a P/E ratio of 100.96, a price-to-earnings-growth ratio of 4.06 and a beta of 1.29.

Kite Realty Group Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Wednesday, October 9th will be issued a $0.26 dividend. 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 3.96%. This is an increase from Kite Realty Group Trust’s previous quarterly dividend of $0.25. Kite Realty Group Trust’s dividend payout ratio is currently 400.00%.

Analyst Upgrades and Downgrades

KRG has been the subject of several research analyst reports. Robert W. Baird upped their price target on shares of 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. KeyCorp increased 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. Compass Point lifted their price target on Kite Realty Group Trust from $29.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Wells Fargo & Company raised Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $23.00 to $26.00 in a research note on Wednesday, August 28th. Finally, Piper Sandler lifted their target price on 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. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Kite Realty Group Trust has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Insider Activity at Kite Realty Group Trust

In other news, Director Steven P. Grimes sold 37,295 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $26.80, for a total transaction of $999,506.00. Following the transaction, the director now owns 732,252 shares in the company, valued at approximately $19,624,353.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

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.