Kite Realty Group Trust (KRG) Downgraded to Sell at Zacks Investment Research
Kite Realty Group Trust (NYSE:KRG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust focused primarily on the development, construction, acquisition, ownership and operation of high quality neighborhood and community shopping centers in selected growth markets in the United States. They own interests in a portfolio of operating retail properties, retail properties under development, operating commercial properties, a related parking garage, commercial property under development and parcels of land that may be used for future development. “
Other equities analysts also recently issued research reports about the company. Hilliard Lyons downgraded Kite Realty Group Trust from a “buy” rating to a “neutral” rating in a research report on Monday, August 1st. Barclays PLC began coverage on Kite Realty Group Trust in a report on Friday, July 22nd. They issued an “overweight” rating and a $33.00 price objective for the company. Finally, BTIG Research began coverage on Kite Realty Group Trust in a report on Thursday, August 25th. They issued a “buy” rating and a $35.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $32.00.
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Shares of Kite Realty Group Trust (NYSE:KRG) opened at 26.29 on Wednesday. The firm’s 50-day moving average is $27.60 and its 200-day moving average is $27.89. The firm has a market cap of $2.19 billion, a P/E ratio of 525.80 and a beta of 0.80. Kite Realty Group Trust has a 1-year low of $23.75 and a 1-year high of $30.45.
Kite Realty Group Trust (NYSE:KRG) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. Kite Realty Group Trust had a return on equity of 0.80% and a net margin of 3.88%. The firm earned $87.58 million during the quarter, compared to the consensus estimate of $87.30 million. During the same quarter in the prior year, the firm posted $0.49 EPS. The business’s revenue was up 4.6% on a year-over-year basis. On average, analysts anticipate that Kite Realty Group Trust will post $2.05 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, October 13th. Investors of record on Thursday, October 6th were given a dividend of $0.2875 per share. The ex-dividend date was Tuesday, October 4th. This represents a $1.15 annualized dividend and a dividend yield of 4.37%. Kite Realty Group Trust’s payout ratio is 1,916.99%.
In other Kite Realty Group Trust news, VP Daniel R. Sink sold 16,625 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $29.95, for a total value of $497,918.75. Following the transaction, the vice president now owns 84,498 shares of the company’s stock, valued at $2,530,715.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO John A. Kite sold 33,000 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $30.09, for a total value of $992,970.00. Following the completion of the transaction, the chief executive officer now directly owns 122,001 shares in the company, valued at approximately $3,671,010.09. The disclosure for this sale can be found here. Corporate insiders own 1.19% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position in Kite Realty Group Trust by 94.8% in the second quarter. Principal Financial Group Inc. now owns 1,147,815 shares of the company’s stock valued at $32,173,000 after buying an additional 558,667 shares in the last quarter. Vanguard Group Inc. boosted its position in Kite Realty Group Trust by 3.9% in the second quarter. Vanguard Group Inc. now owns 12,886,638 shares of the company’s stock valued at $361,213,000 after buying an additional 479,646 shares in the last quarter. Weiss Multi Strategy Advisers LLC acquired a new position in Kite Realty Group Trust during the second quarter valued at $10,339,000. Alliancebernstein L.P. boosted its position in Kite Realty Group Trust by 29.8% in the second quarter. Alliancebernstein L.P. now owns 1,039,701 shares of the company’s stock valued at $29,143,000 after buying an additional 238,448 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its position in Kite Realty Group Trust by 61.5% in the second quarter. Neuberger Berman Group LLC now owns 621,435 shares of the company’s stock valued at $17,419,000 after buying an additional 236,676 shares in the last quarter. 91.14% of the stock is currently owned by institutional investors and hedge funds.
About Kite Realty Group Trust
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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