Published On: Sun, Sep 11th, 2016

Kite Realty Group Trust (KRG) Rating Lowered to Hold at Zacks Investment Research

Kite Realty Group Trust (NYSE:KRG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust focused primarily on the development, construction, acquisition, ownership and operation of high quality neighborhood and community shopping centers in selected growth markets in the United States. They own interests in a portfolio of operating retail properties, retail properties under development, operating commercial properties, a related parking garage, commercial property under development and parcels of land that may be used for future development. “
Several other analysts have also commented on the stock. Raymond James Financial Inc. lowered shares of Kite Realty Group Trust from a “strong-buy” rating to an “outperform” rating and set a $30.00 price target on the stock. in a research report on Monday, May 2nd. They noted that the move was a valuation call. Barclays PLC initiated coverage on shares of Kite Realty Group Trust in a research report on Friday, July 22nd. They set an “overweight” rating and a $33.00 price target on the stock. Finally, Hilliard Lyons lowered shares of Kite Realty Group Trust from a “buy” rating to a “neutral” rating in a research report on Monday, August 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $32.00.

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Shares of Kite Realty Group Trust (NYSE:KRG) traded down 4.44% during mid-day trading on Tuesday, reaching $27.96. The company’s stock had a trading volume of 493,022 shares. Kite Realty Group Trust has a one year low of $23.23 and a one year high of $30.45. The stock has a 50 day moving average of $29.22 and a 200-day moving average of $27.94. The stock has a market cap of $2.33 billion, a P/E ratio of 559.20 and a beta of 0.91.
Kite Realty Group Trust (NYSE:KRG) last issued its earnings results on Thursday, July 28th. The company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.01. The business had revenue of $87.58 million for the quarter, compared to analysts’ expectations of $87.30 million. Kite Realty Group Trust had a return on equity of 0.80% and a net margin of 3.88%. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.49 EPS. On average, equities research analysts expect that Kite Realty Group Trust will post $2.06 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 13th. Shareholders of record on Thursday, October 6th will be given a $0.2875 dividend. This represents a $1.15 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date is Tuesday, October 4th. Kite Realty Group Trust’s payout ratio is 1,916.99%.
In other Kite Realty Group Trust news, CEO John A. Kite sold 33,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $30.09, for a total value of $992,970.00. Following the sale, the chief executive officer now owns 122,001 shares of the company’s stock, valued at $3,671,010.09. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Thomas R. Olinger sold 5,500 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $30.22, for a total value of $166,210.00. Following the completion of the sale, the chief accounting officer now directly owns 11,540 shares in the company, valued at approximately $348,738.80. The disclosure for this sale can be found here. 1.19% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in KRG. Norges Bank purchased a new stake in shares of Kite Realty Group Trust during the fourth quarter worth about $21,224,000. Epoch Investment Partners Inc. bought a new stake in Kite Realty Group Trust during the fourth quarter worth $18,304,000. Vanguard Group Inc. raised its stake in Kite Realty Group Trust by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 12,189,235 shares of the company’s stock worth $316,067,000 after buying an additional 259,455 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Kite Realty Group Trust during the first quarter worth $5,586,000. Finally, Morgan Stanley raised its stake in Kite Realty Group Trust by 61.2% in the fourth quarter. Morgan Stanley now owns 510,976 shares of the company’s stock worth $13,250,000 after buying an additional 194,074 shares in the last quarter. 91.32% of the stock is currently owned by institutional investors.
About Kite Realty Group Trust
Kite Realty Group Trust is a real estate investment trust. The Company, through its subsidiary Kite Realty Group, L.P., holds interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of neighborhood and community shopping centers in certain markets in the United States.
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