Fifth Third Bancorp Acquires 7,686 Shares of Kite Realty Group Trust $KRG

Fifth Third Bancorp grew its holdings in Kite Realty Group Trust (NYSE:KRG) by 46.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,330 shares of the real estate investment trust’s stock after purchasing an additional 7,686 shares during the period. Fifth Third Bancorp’s holdings in Kite Realty Group Trust were worth $551,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Centersquare Investment Management LLC lifted its position in Kite Realty Group Trust by 133.6% during the first quarter. Centersquare Investment Management LLC now owns 5,960,072 shares of the real estate investment trust’s stock valued at $133,327,000 after purchasing an additional 3,408,442 shares during the last quarter. Nuveen LLC bought a new stake in Kite Realty Group Trust during the first quarter valued at approximately $70,071,000. Long Pond Capital LP bought a new stake in Kite Realty Group Trust during the first quarter valued at approximately $60,616,000. Sumitomo Mitsui Trust Group Inc. lifted its position in Kite Realty Group Trust by 332.4% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,509,886 shares of the real estate investment trust’s stock valued at $33,776,000 after purchasing an additional 1,160,694 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in Kite Realty Group Trust during the first quarter valued at approximately $24,727,000. Hedge funds and other institutional investors own 90.81% of the company’s stock.

Insider Buying and Selling

In related news, CEO John A. Kite sold 50,000 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $22.70, for a total transaction of $1,135,000.00. Following the sale, the chief executive officer directly owned 54,121 shares of the company’s stock, valued at approximately $1,228,546.70. This represents a 48.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on KRG. UBS Group began 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 for the company. Citigroup reiterated a “neutral” rating and set a $24.00 target price (down from $28.00) on shares of Kite Realty Group Trust in a research report on Friday, September 12th. LADENBURG THALM/SH SH began coverage on shares of Kite Realty Group Trust in a report on Tuesday, September 9th. They issued a “buy” rating and a $30.00 price objective for the company. Wall Street Zen upgraded shares of Kite Realty Group Trust from a “sell” rating to a “hold” rating in a report on Friday. Finally, Wells Fargo & Company lowered their price objective on shares of Kite Realty Group Trust from $24.00 to $23.00 and set an “equal weight” rating for the company in a report on Wednesday, August 27th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Kite Realty Group Trust currently has an average rating of “Hold” and an average target price of $26.50.

Kite Realty Group Trust Stock Down 0.6%

Shares of Kite Realty Group Trust stock opened at $22.01 on Tuesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.70 and a quick ratio of 1.70. The company has a 50-day moving average of $22.26 and a 200 day moving average of $22.16. The firm has a market cap of $4.84 billion, a price-to-earnings ratio of 27.86, a PEG ratio of 6.14 and a beta of 1.13. Kite Realty Group Trust has a 1 year low of $18.51 and a 1 year high of $28.24.

Kite Realty Group Trust (NYSE:KRG) last issued 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. The company had revenue of $211.18 million during 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%. Kite Realty Group Trust has set its FY 2025 guidance at 2.060-2.100 EPS. As a group, sell-side analysts anticipate that Kite Realty Group Trust will post 2.05 earnings per share for the current fiscal year.

Kite Realty Group Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 16th. Investors of record on Thursday, October 9th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, October 9th. Kite Realty Group Trust’s dividend payout ratio 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.