Kite Realty Group Trust (NYSE:KRG) Shares Sold by Arizona State Retirement System

Arizona State Retirement System trimmed its position in Kite Realty Group Trust (NYSE:KRG) by 1.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,010 shares of the real estate investment trust’s stock after selling 740 shares during the quarter. Arizona State Retirement System’s holdings in Kite Realty Group Trust were worth $1,410,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Opal Wealth Advisors LLC acquired a new position in Kite Realty Group Trust during the 1st quarter valued at approximately $25,000. Smallwood Wealth Investment Management LLC purchased a new stake in Kite Realty Group Trust in the 1st quarter worth about $25,000. Optiver Holding B.V. increased its position 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 purchasing an additional 467 shares during the last quarter. CX Institutional acquired a new position in Kite Realty Group Trust in the 1st quarter worth about $79,000. Finally, FIL Ltd increased its position 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 purchasing an additional 579 shares during the last quarter. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on KRG shares. UBS Group assumed coverage on Kite Realty Group Trust in a research note on Tuesday, July 1st. They set a “neutral” rating and a $24.00 target price for the company. Wall Street Zen cut Kite Realty Group Trust from a “buy” rating to a “hold” rating in a research note on Friday, June 27th. Raymond James Financial decreased their target price on Kite Realty Group Trust from $28.00 to $26.00 and set a “strong-buy” rating for the company in a research note on Friday, May 23rd. 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 for the company in a research report on Wednesday, March 26th. Seven investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Kite Realty Group Trust currently has a consensus rating of “Hold” and a consensus price target of $27.22.

Kite Realty Group Trust Trading Down 0.8%

Shares of NYSE:KRG opened at $22.43 on Friday. The business’s 50 day simple moving average is $22.47 and its 200 day simple moving average is $22.42. The company has a market capitalization of $4.93 billion, a P/E ratio of 320.43, a P/E/G ratio of 6.83 and a beta of 1.09. Kite Realty Group Trust has a 1 year low of $18.52 and a 1 year high of $28.24. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.07 and a quick ratio of 1.07.

Kite Realty Group Trust (NYSE:KRG) last announced its 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 during 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, research analysts anticipate that Kite Realty Group Trust will post 2.05 EPS for the current fiscal year.

Kite Realty Group Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 16th. Investors of record on Wednesday, July 9th were paid a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $1.08 annualized dividend and a yield of 4.81%. Kite Realty Group Trust’s payout ratio is 1,542.86%.

Kite Realty Group Trust 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.