Allianz Asset Management GmbH Cuts Stock Position in Kite Realty Group Trust $KRG

Allianz Asset Management GmbH decreased its stake in shares of Kite Realty Group Trust (NYSE:KRG) by 59.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 210,811 shares of the real estate investment trust’s stock after selling 310,499 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.10% of Kite Realty Group Trust worth $4,701,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in KRG. JPMorgan Chase & Co. raised its stake in shares of Kite Realty Group Trust by 11.2% during the second quarter. JPMorgan Chase & Co. now owns 12,416,302 shares of the real estate investment trust’s stock worth $281,229,000 after purchasing an additional 1,250,549 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Kite Realty Group Trust by 14.9% during the second quarter. Bank of America Corp DE now owns 5,956,664 shares of the real estate investment trust’s stock valued at $134,918,000 after buying an additional 773,023 shares during the period. Geode Capital Management LLC boosted its stake in Kite Realty Group Trust by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,879,464 shares of the real estate investment trust’s stock worth $133,183,000 after buying an additional 40,017 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Kite Realty Group Trust by 1.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,758,033 shares of the real estate investment trust’s stock worth $85,119,000 after purchasing an additional 61,982 shares during the period. Finally, Norges Bank purchased a new position in shares of Kite Realty Group Trust in the 2nd quarter worth about $65,504,000. 90.81% of the stock is owned by institutional investors and hedge funds.

Kite Realty Group Trust Stock Up 1.4%

Shares of Kite Realty Group Trust stock opened at $25.02 on Wednesday. The firm has a market cap of $5.42 billion, a price-to-earnings ratio of 39.10, a P/E/G ratio of 6.23 and a beta of 0.91. The stock has a 50-day simple moving average of $23.60 and a 200-day simple moving average of $22.76. Kite Realty Group Trust has a 52-week low of $18.51 and a 52-week high of $25.11. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.98 and a quick ratio of 0.98.

Kite Realty Group Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, January 9th were given a dividend of $0.29 per share. This is an increase from Kite Realty Group Trust’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, January 9th. Kite Realty Group Trust’s dividend payout ratio (DPR) is currently 181.25%.

Analysts Set New Price Targets

Several research firms recently issued reports on KRG. Wells Fargo & Company raised shares of Kite Realty Group Trust from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $23.00 to $25.00 in a research note on Tuesday, October 21st. Jefferies Financial Group reissued a “hold” rating and set a $24.00 target price (up from $23.00) on shares of Kite Realty Group Trust in a report on Monday, December 15th. UBS Group reiterated a “neutral” rating and set a $25.00 price target (up from $24.00) on shares of Kite Realty Group Trust in a research report on Thursday, January 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kite Realty Group Trust in a report on Monday, December 29th. Finally, Wall Street Zen cut shares of Kite Realty Group Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $25.43.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust that specializes in the ownership, development and management of open-air retail real estate. Headquartered in Indianapolis, Indiana, the company focuses on acquiring, developing and operating community and neighborhood shopping centers, as well as mixed-use properties that accommodate national, regional and local retailers.

Established in 1994, Kite Realty has grown its portfolio through strategic development projects, targeted acquisitions and selective dispositions.