Raymond James Cuts Kite Realty Group Trust (NYSE:KRG) Price Target to $28.00

Kite Realty Group Trust (NYSE:KRG) had its target price lowered by Raymond James from $31.00 to $28.00 in a research note published on Monday,Benzinga reports. Raymond James currently has a strong-buy rating on the real estate investment trust’s stock.

Several other brokerages have also recently issued reports on KRG. Jefferies Financial Group cut Kite Realty Group Trust from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $31.00 to $27.00 in a research note on Thursday, January 2nd. Piper Sandler reissued a “neutral” rating and set a $25.00 price target (down from $33.00) on shares of Kite Realty Group Trust in a research report on Thursday, February 13th. JPMorgan Chase & Co. decreased their price objective on shares of Kite Realty Group Trust from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. Wells Fargo & Company cut their price objective on shares of Kite Realty Group Trust from $28.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Finally, Robert W. Baird boosted their target price on shares of Kite Realty Group Trust from $26.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Five equities research 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 has an average rating of “Moderate Buy” and a consensus target price of $28.13.

Kite Realty Group Trust Stock Down 0.5 %

NYSE:KRG opened at $21.91 on Monday. The company’s 50 day moving average is $23.05 and its two-hundred day moving average is $25.15. The company has a market cap of $4.81 billion, a PE ratio of 1,095.50, a P/E/G ratio of 3.57 and a beta of 1.30. Kite Realty Group Trust has a twelve month low of $19.64 and a twelve month high of $28.24. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.97.

Kite Realty Group Trust (NYSE:KRG) last announced its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.45. Kite Realty Group Trust had a net margin of 0.48% and a return on equity of 0.12%. Analysts anticipate that Kite Realty Group Trust will post 2.05 EPS for the current year.

Kite Realty Group Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 16th. Investors of record on Wednesday, April 9th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date is Wednesday, April 9th. Kite Realty Group Trust’s dividend payout ratio (DPR) is presently 5,400.00%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KRG. Proficio Capital Partners LLC acquired a new position in shares of Kite Realty Group Trust during the 4th quarter worth approximately $1,180,000. Eagle Asset Management Inc. acquired a new position in Kite Realty Group Trust during the third quarter worth $7,486,000. Versor Investments LP purchased a new position in Kite Realty Group Trust during the third quarter valued at $537,000. New York State Common Retirement Fund lifted its holdings in Kite Realty Group Trust by 18.6% during the fourth quarter. New York State Common Retirement Fund now owns 108,589 shares of the real estate investment trust’s stock valued at $2,741,000 after purchasing an additional 17,015 shares in the last quarter. Finally, Cerity Partners LLC grew its position in shares of Kite Realty Group Trust by 105.1% in the third quarter. Cerity Partners LLC now owns 48,150 shares of the real estate investment trust’s stock valued at $1,279,000 after purchasing an additional 24,679 shares during the period. Hedge funds and other institutional investors own 90.81% of the company’s stock.

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.