Kite Realty Group Trust (NYSE:KRG) Shares Sold by Phocas Financial Corp.

Phocas Financial Corp. reduced its holdings in shares of Kite Realty Group Trust (NYSE:KRG) by 5.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 270,213 shares of the real estate investment trust’s stock after selling 15,241 shares during the quarter. Phocas Financial Corp. owned 0.12% of Kite Realty Group Trust worth $6,045,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Opal Wealth Advisors LLC acquired a new stake in shares of Kite Realty Group Trust in the 1st quarter worth about $25,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Kite Realty Group Trust in the first quarter valued at approximately $25,000. Optiver Holding B.V. raised its holdings in shares of Kite Realty Group Trust by 19.9% during the fourth quarter. Optiver Holding B.V. now owns 2,813 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 467 shares during the last quarter. CX Institutional bought a new stake in shares of Kite Realty Group Trust during the first quarter valued at approximately $79,000. Finally, FIL Ltd boosted its position in shares of Kite Realty Group Trust by 19.8% during the fourth 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 period. Institutional investors and hedge funds own 90.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on KRG shares. UBS Group started coverage on shares of Kite Realty Group Trust in a research note on Tuesday, July 1st. They set a “neutral” rating and a $24.00 target price on the stock. Wall Street Zen cut shares of Kite Realty Group Trust from a “buy” rating to a “hold” rating in a report on Friday, June 27th. Finally, Raymond James Financial lowered their price objective on shares of 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. Seven investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $27.22.

Kite Realty Group Trust Stock Performance

Shares of KRG stock opened at $21.63 on Friday. The stock has a market cap of $4.75 billion, a PE ratio of 27.37, a price-to-earnings-growth ratio of 6.57 and a beta of 1.16. The stock has a 50-day moving average of $22.49 and a 200-day moving average of $22.35. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.70 and a quick ratio of 1.07. Kite Realty Group Trust has a one year low of $18.51 and a one year high of $28.24.

Kite Realty Group Trust (NYSE:KRG) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.51 EPS for the quarter, hitting analysts’ consensus estimates of $0.51. The business had revenue of $211.18 million for the quarter, compared to analyst estimates of $211.74 million. Kite Realty Group Trust had a net margin of 20.14% and a return on equity of 5.21%. As a group, sell-side analysts expect that Kite Realty Group Trust will post 2.05 earnings per share for the current year.

Kite Realty Group Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 16th. Stockholders of record on Thursday, October 9th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Thursday, October 9th. Kite Realty Group Trust’s dividend payout ratio (DPR) is 136.71%.

About Kite Realty Group Trust

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.