Bank of New York Mellon Corp Cuts Position in Kite Realty Group Trust (NYSE:KRG)

Bank of New York Mellon Corp decreased its holdings in Kite Realty Group Trust (NYSE:KRG) by 3.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,682,777 shares of the real estate investment trust’s stock after selling 57,754 shares during the quarter. Bank of New York Mellon Corp owned about 0.77% of Kite Realty Group Trust worth $37,644,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Smallwood Wealth Investment Management LLC acquired a new stake in Kite Realty Group Trust in the 1st quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new stake in Kite Realty Group Trust in the 1st quarter worth about $25,000. Optiver Holding B.V. boosted its stake in Kite Realty Group Trust by 19.9% in the 4th quarter. Optiver Holding B.V. now owns 2,813 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 467 shares during the last quarter. FIL Ltd boosted its stake in Kite Realty Group Trust by 19.8% in the 4th quarter. FIL Ltd now owns 3,500 shares of the real estate investment trust’s stock worth $88,000 after buying an additional 579 shares during the last quarter. Finally, CX Institutional acquired a new stake in Kite Realty Group Trust in the 1st quarter worth about $79,000. Hedge funds and other institutional investors own 90.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Raymond James Financial reduced their price objective on Kite Realty Group Trust from $28.00 to $26.00 and set a “strong-buy” rating on the stock in a research note on Friday, May 23rd. UBS Group assumed coverage on Kite Realty Group Trust in a research note on Tuesday, July 1st. They issued a “neutral” rating and a $24.00 price objective on the stock. Wall Street Zen lowered Kite Realty Group Trust from a “buy” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Wells Fargo & Company reduced their price objective on Kite Realty Group Trust from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 26th. Seven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $27.22.

Kite Realty Group Trust Stock Up 0.6%

Shares of KRG opened at $22.66 on Tuesday. The firm has a market capitalization of $4.98 billion, a price-to-earnings ratio of 323.64, a PEG ratio of 5.74 and a beta of 1.09. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.07 and a current ratio of 1.07. The business’s fifty day moving average price is $22.46 and its two-hundred day moving average price is $22.50. Kite Realty Group Trust has a 52 week low of $18.52 and a 52 week high of $28.24.

Kite Realty Group Trust (NYSE:KRG) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.02. The business had revenue of $221.76 million for the quarter, compared to analyst estimates of $211.07 million. Kite Realty Group Trust had a return on equity of 0.41% and a net margin of 1.59%. On average, analysts predict that Kite Realty Group Trust will post 2.05 earnings per share for the current year.

Kite Realty Group Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 16th. Shareholders of record on Wednesday, July 9th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend is Wednesday, July 9th. Kite Realty Group Trust’s dividend payout ratio is 1,542.86%.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets. The Company’s primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets.