Kite Realty Group Trust (NYSE:KRG) Cut to “Neutral” at Bank of America

Kite Realty Group Trust (NYSE:KRG) was downgraded by investment analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, FinViz reports. They currently have a $28.00 price target on the real estate investment trust’s stock, down from their prior price target of $31.00. Bank of America‘s price target indicates a potential upside of 9.14% from the stock’s previous close.

Several other equities analysts have also issued reports on KRG. Wall Street Zen lowered Kite Realty Group Trust from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. JPMorgan Chase & Co. downgraded shares of Kite Realty Group Trust from a “neutral” rating to an “underweight” rating and set a $27.00 target price on the stock. in a report on Thursday, September 24th. Citigroup reaffirmed a “neutral” rating and issued a $31.00 price target (up from $27.00) on shares of Kite Realty Group Trust in a research note on Monday, August 3rd. Weiss Ratings cut shares of Kite Realty Group Trust from a “buy (b-)” rating to a “hold (c)” rating in a report on Monday, November 2nd. Finally, Truist Financial set a $27.00 price objective on shares of Kite Realty Group Trust and gave the stock a “hold” rating in a research report on Thursday, October 1st. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $27.90.

Kite Realty Group Trust Stock Performance

KRG stock opened at $25.66 on Friday. Kite Realty Group Trust has a 1-year low of $21.89 and a 1-year high of $29.92. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.02. The firm has a market cap of $5.08 billion, a PE ratio of 15.84, a P/E/G ratio of 4.67 and a beta of 0.90. The business’s 50-day moving average price is $25.01 and its two-hundred day moving average price is $26.17.

Kite Realty Group Trust (NYSE:KRG) last announced its quarterly earnings results on Friday, October 30th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.15). The business had revenue of $190.28 million during the quarter, compared to the consensus estimate of $195.62 million. Kite Realty Group Trust had a return on equity of 11.78% and a net margin of 42.95%. As a group, research analysts forecast that Kite Realty Group Trust will post 2.10 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in KRG. Bleakley Financial Group LLC grew its position in Kite Realty Group Trust by 70.9% in the third quarter. Bleakley Financial Group LLC now owns 19,477 shares of the real estate investment trust’s stock valued at $475,000 after purchasing an additional 8,077 shares in the last quarter. DiPaolo Financial Group Inc. bought a new stake in Kite Realty Group Trust during the 3rd quarter worth about $43,000. Whittier Trust Co. bought a new stake in Kite Realty Group Trust during the 3rd quarter worth about $1,196,000. Private Advisor Group LLC acquired a new position in shares of Kite Realty Group Trust during the 3rd quarter worth about $242,000. Finally, Edgestream Partners L.P. acquired a new position in shares of Kite Realty Group Trust during the 3rd quarter worth about $5,936,000. Institutional investors and hedge funds own 90.81% of the company’s stock.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust is a real estate investment trust that owns, operates, and develops open-air shopping centers and mixed-use properties. Its portfolio includes neighborhood and community centers, many of which are anchored by grocery stores and other essential retailers. The company leases space to retailers and service businesses and works to manage, maintain, and redevelop its properties. Its centers serve communities in Sun Belt markets and other selected regions across the United States.