Kite Realty Group Trust (NYSE:KRG) Sets New 1-Year High – Should You Buy?

Shares of Kite Realty Group Trust (NYSE:KRG) hit a new 52-week high on Wednesday . The stock traded as high as $27.94 and last traded at $27.28, with a volume of 71212 shares. The stock had previously closed at $26.87.

Analyst Ratings Changes

Several research analysts have recently weighed in on KRG shares. Wells Fargo & Company upgraded shares of Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $23.00 to $26.00 in a report on Wednesday, August 28th. KeyCorp raised their price target on shares of Kite Realty Group Trust from $25.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Raymond James upgraded shares of Kite Realty Group Trust from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Friday, August 16th. Robert W. Baird raised their price target on shares of Kite Realty Group Trust from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, Piper Sandler raised their price target on shares of Kite Realty Group Trust from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday, September 3rd. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $28.00.

Kite Realty Group Trust Price Performance

The company has a market cap of $5.96 billion, a PE ratio of -678.25, a price-to-earnings-growth ratio of 4.04 and a beta of 1.29. The business’s 50 day moving average price is $26.16 and its 200-day moving average price is $23.92. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.97.

Kite Realty Group Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.98%. This is an increase from Kite Realty Group Trust’s previous quarterly dividend of $0.26. Kite Realty Group Trust’s dividend payout ratio (DPR) is presently -2,600.00%.

Insider Activity

In other news, Director Steven P. Grimes sold 37,295 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $26.80, for a total transaction of $999,506.00. Following the completion of the transaction, the director now owns 732,252 shares of the company’s stock, valued at approximately $19,624,353.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Kite Realty Group Trust

A number of hedge funds and other institutional investors have recently modified their holdings of KRG. Land & Buildings Investment Management LLC bought a new stake in Kite Realty Group Trust in the second quarter worth about $22,277,000. Vanguard Group Inc. grew its stake in Kite Realty Group Trust by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 33,597,373 shares of the real estate investment trust’s stock valued at $728,391,000 after acquiring an additional 881,502 shares in the last quarter. APG Asset Management US Inc. purchased a new position in Kite Realty Group Trust during the 2nd quarter valued at about $16,665,000. F M Investments LLC purchased a new position in Kite Realty Group Trust during the 2nd quarter valued at about $10,164,000. Finally, Lighthouse Investment Partners LLC grew its stake in Kite Realty Group Trust by 157.9% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 735,000 shares of the real estate investment trust’s stock valued at $16,449,000 after acquiring an additional 450,000 shares in the last quarter. 90.81% of the stock is currently owned by institutional investors.

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.