Kite Realty Group Trust (NYSE:KRG) Hits New 1-Year High – Here’s Why

Kite Realty Group Trust (NYSE:KRG) hit a new 52-week high on Thursday . The company traded as high as $24.56 and last traded at $24.5260, with a volume of 417649 shares changing hands. The stock had previously closed at $24.21.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on KRG shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kite Realty Group Trust in a research note on Monday, December 29th. Jefferies Financial Group restated a “hold” rating and issued a $24.00 price target (up previously from $23.00) on shares of Kite Realty Group Trust in a research report on Monday, December 15th. Raymond James Financial cut Kite Realty Group Trust from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, November 11th. Wells Fargo & Company raised Kite Realty Group Trust from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $23.00 to $25.00 in a research note on Tuesday, October 21st. Finally, Wall Street Zen cut Kite Realty Group Trust from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $25.43.

Kite Realty Group Trust Stock Up 1.3%

The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market cap of $5.31 billion, a price-to-earnings ratio of 38.32, a price-to-earnings-growth ratio of 5.96 and a beta of 0.91. The business’s 50 day moving average is $23.45 and its 200 day moving average is $22.70.

Kite Realty Group Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, January 9th were paid a $0.29 dividend. The ex-dividend date of this dividend was Friday, January 9th. This represents a $1.16 annualized dividend and a yield of 4.7%. This is an increase from Kite Realty Group Trust’s previous quarterly dividend of $0.27. Kite Realty Group Trust’s dividend payout ratio (DPR) is currently 181.25%.

Hedge Funds Weigh In On Kite Realty Group Trust

A number of large investors have recently made changes to their positions in KRG. Norges Bank acquired a new stake in shares of Kite Realty Group Trust during the second quarter worth approximately $65,504,000. Lasalle Investment Management Securities LLC lifted its position in Kite Realty Group Trust by 177.3% in the 3rd quarter. Lasalle Investment Management Securities LLC now owns 2,815,190 shares of the real estate investment trust’s stock worth $62,779,000 after buying an additional 1,799,866 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Kite Realty Group Trust by 11.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 12,416,302 shares of the real estate investment trust’s stock valued at $281,229,000 after buying an additional 1,250,549 shares during the period. Sei Investments Co. grew its holdings in shares of Kite Realty Group Trust by 171.0% during the 2nd quarter. Sei Investments Co. now owns 1,711,094 shares of the real estate investment trust’s stock valued at $38,756,000 after acquiring an additional 1,079,727 shares in the last quarter. Finally, M&T Bank Corp increased its stake in shares of Kite Realty Group Trust by 6,888.0% in the fourth quarter. M&T Bank Corp now owns 971,265 shares of the real estate investment trust’s stock worth $23,281,000 after acquiring an additional 957,366 shares during the last quarter. Institutional investors and hedge funds own 90.81% of the company’s stock.

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.