Kite Realty Group Trust (KRG) Shares Up 2.4%
Kite Realty Group Trust (NYSE:KRG) shares shot up 2.4% during trading on Monday . The company traded as high as $28.79 and last traded at $28.77, with a volume of 146,235 shares trading hands. The stock had previously closed at $28.09.
A number of research firms have recently commented on KRG. Zacks Investment Research cut Kite Realty Group Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, August 2nd. Hilliard Lyons cut Kite Realty Group Trust from a “buy” rating to a “neutral” rating in a research note on Monday, August 1st. Barclays PLC began coverage on Kite Realty Group Trust in a research note on Friday, July 22nd. They set an “overweight” rating and a $33.00 target price on the stock. Finally, Raymond James Financial Inc. cut Kite Realty Group Trust from a “strong-buy” rating to an “outperform” rating and set a $30.00 target price on the stock. in a research note on Monday, May 2nd. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $31.40.
The stock has a market cap of $2.38 billion and a P/E ratio of 571.20. The stock has a 50-day moving average of $29.01 and a 200 day moving average of $27.74.
Kite Realty Group Trust (NYSE:KRG) last released its earnings results on Thursday, July 28th. The company reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.01. During the same period last year, the business earned $0.49 earnings per share. The business earned $87.58 million during the quarter, compared to analysts’ expectations of $87.30 million. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. Equities analysts expect that Kite Realty Group Trust will post $2.05 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 13th. Shareholders of record on Thursday, October 6th will be paid a $0.2875 dividend. This represents a $1.15 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend is Tuesday, October 4th.
In other Kite Realty Group Trust news, VP Daniel R. Sink sold 16,625 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $29.95, for a total value of $497,918.75. Following the transaction, the vice president now directly owns 84,498 shares of the company’s stock, valued at approximately $2,530,715.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Thomas R. Olinger sold 5,500 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $30.22, for a total transaction of $166,210.00. Following the completion of the transaction, the chief accounting officer now directly owns 11,540 shares in the company, valued at $348,738.80. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have added to or reduced their stakes in the company. Stephens Inc. AR raised its position in Kite Realty Group Trust by 7.7% in the fourth quarter. Stephens Inc. AR now owns 70,486 shares of the company’s stock worth $1,828,000 after buying an additional 5,053 shares during the period. US Bancorp DE raised its position in Kite Realty Group Trust by 26.5% in the fourth quarter. US Bancorp DE now owns 81,303 shares of the company’s stock worth $2,108,000 after buying an additional 17,007 shares during the period. New York State Common Retirement Fund raised its position in Kite Realty Group Trust by 2.3% in the fourth quarter. New York State Common Retirement Fund now owns 98,978 shares of the company’s stock worth $2,566,000 after buying an additional 2,202 shares during the period. State of New Jersey Common Pension Fund D raised its position in Kite Realty Group Trust by 5.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 183,750 shares of the company’s stock worth $4,764,000 after buying an additional 10,000 shares during the period. Finally, Morgan Stanley raised its position in Kite Realty Group Trust by 61.2% in the fourth quarter. Morgan Stanley now owns 510,976 shares of the company’s stock worth $13,250,000 after buying an additional 194,074 shares during the period.
Kite Realty Group Trust is a real estate investment trust. The Company, through its subsidiary Kite Realty Group, L.P., holds interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of neighborhood and community shopping centers in certain markets in the United States.
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