Short Interest in Kite Realty Group Trust (NYSE:KRG) Rises By 5.1%

Posted by ABMN Staff on Jan 25th, 2023

Kite Realty Group Trust (NYSE:KRG – Get Rating) was the target of a significant increase in short interest in the month of December. As of December 30th, there was short interest totalling 7,220,000 shares, an increase of 5.1% from the December 15th total of 6,870,000 shares. Based on an average trading volume of 1,640,000 shares, the days-to-cover ratio is presently 4.4 days.

Insider Transactions at Kite Realty Group Trust

In related news, Director Steven P. Grimes sold 46,500 shares of Kite Realty Group Trust stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $21.77, for a total transaction of $1,012,305.00. Following the transaction, the director now directly owns 823,506 shares of the company’s stock, valued at $17,927,725.62. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Steven P. Grimes sold 46,500 shares of Kite Realty Group Trust stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $21.77, for a total transaction of $1,012,305.00. Following the transaction, the director now directly owns 823,506 shares of the company’s stock, valued at $17,927,725.62. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven P. Grimes sold 12,946 shares of Kite Realty Group Trust stock in a transaction that occurred on Wednesday, November 30th. The shares were sold at an average price of $22.35, for a total transaction of $289,343.10. Following the transaction, the director now directly owns 778,506 shares in the company, valued at $17,399,609.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,500 shares of company stock valued at $2,013,888. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Kite Realty Group Trust by 1.2% during the first quarter. Vanguard Group Inc. now owns 32,761,306 shares of the real estate investment trust’s stock valued at $745,974,000 after purchasing an additional 378,764 shares during the period. JPMorgan Chase & Co. lifted its position in Kite Realty Group Trust by 13.4% during the second quarter. JPMorgan Chase & Co. now owns 17,817,056 shares of the real estate investment trust’s stock valued at $308,056,000 after purchasing an additional 2,107,502 shares during the period. State Street Corp lifted its position in Kite Realty Group Trust by 15.0% during the first quarter. State Street Corp now owns 13,205,735 shares of the real estate investment trust’s stock valued at $300,695,000 after purchasing an additional 1,726,009 shares during the period. Macquarie Group Ltd. lifted its position in Kite Realty Group Trust by 7.9% during the third quarter. Macquarie Group Ltd. now owns 9,651,335 shares of the real estate investment trust’s stock valued at $166,340,000 after purchasing an additional 707,906 shares during the period. Finally, Cohen & Steers Inc. lifted its position in Kite Realty Group Trust by 1.7% during the third quarter. Cohen & Steers Inc. now owns 7,200,903 shares of the real estate investment trust’s stock valued at $124,000,000 after purchasing an additional 118,282 shares during the period. 96.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

KRG has been the subject of several recent analyst reports. Barclays raised their target price on shares of Kite Realty Group Trust from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Tuesday, December 6th. Robert W. Baird downgraded shares of Kite Realty Group Trust from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $26.00 to $25.00 in a research note on Thursday, January 5th. Bank of America upgraded shares of Kite Realty Group Trust from a “neutral” rating to a “buy” rating and raised their target price for the company from $22.00 to $25.00 in a research note on Wednesday, November 9th. Raymond James lowered their target price on shares of Kite Realty Group Trust from $27.00 to $26.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 4th. Finally, Piper Sandler raised their target price on shares of Kite Realty Group Trust to $25.00 in a research note on Wednesday, November 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $25.25.

Kite Realty Group Trust Stock Up 0.6 %

NYSE:KRG opened at $21.07 on Wednesday. Kite Realty Group Trust has a 12 month low of $16.42 and a 12 month high of $23.35. The firm has a fifty day simple moving average of $21.41 and a 200-day simple moving average of $20.00. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.78.

Kite Realty Group Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, January 6th were paid a dividend of $0.24 per share. This is an increase from Kite Realty Group Trust’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 4.56%. The ex-dividend date was Thursday, January 5th. Kite Realty Group Trust’s payout ratio is presently -165.52%.

About Kite Realty Group Trust

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Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to retailers in desirable markets through our portfolio of neighborhood, community, and lifestyle centers.