Kite Realty Group Trust (NYSE:KRG) Stock Rating Cut to "Neutral" at Bank of America

Kite Realty Group Trust (NYSE:KRG - Get Free Report) was downgraded by Bank of America from a "buy" rating to a "neutral" rating in a note issued to investors on Friday, FinViz reports. They currently have a $28.00 price target on the real estate investment trust's stock, down from their prior price target of $31.00. Bank of America's price objective suggests a potential upside of 9.14% from the company's current price.

KRG has been the topic of several other research reports. Weiss Ratings lowered shares of Kite Realty Group Trust from a "buy (b-)" rating to a "hold (c)" rating in a research note on Monday, November 2nd. Wells Fargo & Company set a $27.00 price target on shares of Kite Realty Group Trust and gave the stock an "overweight" rating in a research note on Friday, October 23rd. Citigroup restated a "neutral" rating and issued a $31.00 price objective (up from $27.00) on shares of Kite Realty Group Trust in a report on Monday, August 3rd. JPMorgan Chase & Co. cut shares of Kite Realty Group Trust from a "neutral" rating to an "underweight" rating and set a $27.00 price objective on the stock. in a research note on Thursday, September 24th. Finally, KeyCorp cut shares of Kite Realty Group Trust from an "overweight" rating to a "sector weight" rating in a research note on Tuesday, August 18th. Two analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Kite Realty Group Trust presently has an average rating of "Hold" and an average price target of $27.90.

Kite Realty Group Trust Trading Down 0.4%

KRG stock opened at $25.66 on Friday. The company has a market cap of $5.08 billion, a P/E ratio of 15.84, a PEG ratio of 4.67 and a beta of 0.90. Kite Realty Group Trust has a twelve month low of $21.89 and a twelve month high of $29.92. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average of $25.01 and a 200-day moving average of $26.17.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last issued its quarterly earnings results on Friday, October 30th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.15). The firm had revenue of $190.28 million for the quarter, compared to analyst estimates of $195.62 million. Kite Realty Group Trust had a net margin of 42.95% and a return on equity of 11.78%. As a group, equities research analysts expect that Kite Realty Group Trust will post 2.10 EPS for the current year.

Hedge Funds Weigh In On Kite Realty Group Trust

Several institutional investors have recently modified their holdings of KRG. Bank of New York Mellon Corp acquired a new stake in shares of Kite Realty Group Trust in the 2nd quarter valued at approximately $44,463,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Kite Realty Group Trust by 499.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,251,733 shares of the real estate investment trust's stock valued at $30,730,000 after purchasing an additional 1,043,075 shares during the period. Candriam S.C.A. grew its holdings in Kite Realty Group Trust by 172.7% during the third quarter. Candriam S.C.A. now owns 1,265,726 shares of the real estate investment trust's stock valued at $30,984,000 after purchasing an additional 801,541 shares during the period. Principal Financial Group Inc. grew its holdings in Kite Realty Group Trust by 52.5% during the first quarter. Principal Financial Group Inc. now owns 715,319 shares of the real estate investment trust's stock valued at $17,561,000 after purchasing an additional 246,285 shares during the period. Finally, Edgestream Partners L.P. bought a new stake in Kite Realty Group Trust in the third quarter valued at approximately $5,936,000. 90.81% of the stock is currently owned by institutional investors and hedge funds.

About Kite Realty Group Trust

Kite Realty Group Trust is a real estate investment trust that owns, operates, and develops open-air shopping centers and mixed-use properties. Its portfolio includes neighborhood and community centers, many of which are anchored by grocery stores and other essential retailers. The company leases space to retailers and service businesses and works to manage, maintain, and redevelop its properties. Its centers serve communities in Sun Belt markets and other selected regions across the United States.

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