LPL Financial LLC Sells 7,180 Shares of Kite Realty Group Trust $KRG

LPL Financial LLC decreased its holdings in Kite Realty Group Trust (NYSE:KRG) by 5.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 127,445 shares of the real estate investment trust’s stock after selling 7,180 shares during the period. LPL Financial LLC owned 0.06% of Kite Realty Group Trust worth $2,851,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Millennium Management LLC lifted its holdings in shares of Kite Realty Group Trust by 17.1% in the 4th quarter. Millennium Management LLC now owns 3,885,650 shares of the real estate investment trust’s stock valued at $98,074,000 after acquiring an additional 567,284 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Kite Realty Group Trust by 9.0% in the 4th quarter. Bank of America Corp DE now owns 3,785,395 shares of the real estate investment trust’s stock valued at $95,543,000 after acquiring an additional 311,258 shares during the last quarter. Northern Trust Corp lifted its stake in Kite Realty Group Trust by 17.5% in the fourth quarter. Northern Trust Corp now owns 3,623,860 shares of the real estate investment trust’s stock worth $91,466,000 after purchasing an additional 539,322 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Kite Realty Group Trust by 0.5% in the fourth quarter. Nuveen Asset Management LLC now owns 3,240,179 shares of the real estate investment trust’s stock worth $81,782,000 after purchasing an additional 15,061 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Kite Realty Group Trust by 332.4% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,509,886 shares of the real estate investment trust’s stock worth $33,776,000 after purchasing an additional 1,160,694 shares during the last quarter. Institutional investors own 90.81% of the company’s stock.

Kite Realty Group Trust Price Performance

NYSE KRG opened at $21.51 on Monday. The firm’s fifty day simple moving average is $22.38 and its two-hundred day simple moving average is $22.20. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.91. Kite Realty Group Trust has a 12-month low of $18.51 and a 12-month high of $28.24. The firm has a market capitalization of $4.73 billion, a P/E ratio of 27.23, a P/E/G ratio of 6.52 and a beta of 1.16.

Kite Realty Group Trust (NYSE:KRG) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.51. Kite Realty Group Trust had a net margin of 20.14% and a return on equity of 5.21%. The business had revenue of $211.18 million for the quarter, compared to analyst estimates of $211.74 million. Analysts forecast that Kite Realty Group Trust will post 2.05 EPS for the current fiscal year.

Kite Realty Group Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 16th. Shareholders of record on Thursday, October 9th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Thursday, October 9th. Kite Realty Group Trust’s payout ratio is currently 136.71%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on KRG. Piper Sandler reissued a “neutral” rating and issued a $24.00 price objective (down previously from $25.00) on shares of Kite Realty Group Trust in a research note on Monday, August 4th. Wall Street Zen lowered shares of Kite Realty Group Trust from a “buy” rating to a “hold” rating in a research report on Friday, June 27th. UBS Group assumed coverage on shares of Kite Realty Group Trust in a research report on Tuesday, July 1st. They set a “neutral” rating and a $24.00 target price on the stock. Finally, Raymond James Financial reduced their target price 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 report on Friday, May 23rd. Seven 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.11.

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.