JPMorgan Chase & Co. trimmed its stake in shares of Kite Realty Group Trust (NYSE:KRG) by 9.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 616,616 shares of the real estate investment trust’s stock after selling 64,111 shares during the quarter. JPMorgan Chase & Co. owned about 0.74% of Kite Realty Group Trust worth $12,567,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in KRG. Sorin Capital Management LLC acquired a new position in Kite Realty Group Trust in the second quarter valued at about $16,845,000. Macquarie Group Ltd. raised its stake in Kite Realty Group Trust by 51.5% in the second quarter. Macquarie Group Ltd. now owns 2,113,325 shares of the real estate investment trust’s stock valued at $40,006,000 after purchasing an additional 718,197 shares in the last quarter. Prudential PLC acquired a new position in Kite Realty Group Trust in the second quarter valued at about $7,824,000. Timbercreek Asset Management Ltd. acquired a new position in Kite Realty Group Trust during the second quarter worth about $6,527,000. Finally, Victory Capital Management Inc. raised its stake in Kite Realty Group Trust by 20.9% during the second quarter. Victory Capital Management Inc. now owns 1,539,805 shares of the real estate investment trust’s stock worth $29,149,000 after acquiring an additional 266,113 shares in the last quarter. 94.32% of the stock is owned by hedge funds and other institutional investors.
KRG has been the subject of several research analyst reports. ValuEngine raised Kite Realty Group Trust from a “hold” rating to a “buy” rating in a research note on Friday, October 6th. Capital One Financial reissued an “equal weight” rating on shares of Kite Realty Group Trust in a research note on Tuesday, October 24th. Zacks Investment Research raised Kite Realty Group Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, November 15th. Finally, Raymond James Financial reissued an “outperform” rating and set a $23.00 target price (down previously from $25.00) on shares of Kite Realty Group Trust in a research note on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. Kite Realty Group Trust presently has a consensus rating of “Hold” and an average target price of $23.80.
In related news, CAO Thomas R. Olinger sold 3,157 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $19.01, for a total value of $60,014.57. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Thomas K. Mcgowan sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $19.22, for a total value of $96,100.00. Following the completion of the sale, the chief operating officer now owns 86,751 shares in the company, valued at $1,667,354.22. The disclosure for this sale can be found here. Insiders sold 25,157 shares of company stock worth $497,645 over the last quarter. 1.87% of the stock is currently owned by company insiders.
Kite Realty Group Trust (NYSE:KRG) traded down $0.26 during trading on Friday, hitting $17.90. The stock had a trading volume of 552,251 shares, compared to its average volume of 620,008. Kite Realty Group Trust has a one year low of $17.60 and a one year high of $24.38. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $1,518.07, a P/E ratio of 119.33, a P/E/G ratio of 1.94 and a beta of 0.63.
Kite Realty Group Trust (NYSE:KRG) last released its quarterly earnings data on Thursday, October 26th. The real estate investment trust reported $0.49 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. Kite Realty Group Trust had a return on equity of 0.80% and a net margin of 3.60%. The company had revenue of $87.10 million during the quarter, compared to the consensus estimate of $88.16 million. During the same quarter in the prior year, the firm posted $0.52 earnings per share. The firm’s revenue was down 2.2% compared to the same quarter last year. equities research analysts predict that Kite Realty Group Trust will post 2.04 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Friday, January 5th were issued a $0.3175 dividend. The ex-dividend date was Thursday, January 4th. This is a boost from Kite Realty Group Trust’s previous quarterly dividend of $0.30. This represents a $1.27 annualized dividend and a yield of 7.09%. Kite Realty Group Trust’s dividend payout ratio is presently 846.67%.
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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., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of neighborhood and community shopping centers in selected markets in the United States.
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