Kite Realty Group Trust (NYSE:KRG) Stock Position Raised by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Kite Realty Group Trust by 516.1% in Q1, now owning 623,772 shares valued at approximately $13.95 million.
• A consensus price target of $27.22 has been set for Kite Realty Group Trust, with analysts giving it an average rating of "Hold."
• Kite Realty Group Trust declared a quarterly dividend of $0.27, resulting in an annualized yield of 4.77%, although its dividend payout ratio stands at a remarkably high 1,542.86%.

Allianz Asset Management GmbH raised its position in Kite Realty Group Trust (NYSE:KRG - Free Report) by 516.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 623,772 shares of the real estate investment trust's stock after buying an additional 522,529 shares during the period. Allianz Asset Management GmbH owned approximately 0.28% of Kite Realty Group Trust worth $13,954,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KRG. Opal Wealth Advisors LLC acquired a new position in Kite Realty Group Trust during the 1st quarter worth $25,000. Smallwood Wealth Investment Management LLC bought a new position in shares of Kite Realty Group Trust during the first quarter worth about $25,000. Optiver Holding B.V. grew its stake in Kite Realty Group Trust by 19.9% in the fourth quarter. Optiver Holding B.V. now owns 2,813 shares of the real estate investment trust's stock worth $71,000 after purchasing an additional 467 shares in the last quarter. CX Institutional bought a new stake in Kite Realty Group Trust in the first quarter valued at about $79,000. Finally, FIL Ltd increased its holdings in Kite Realty Group Trust by 19.8% in the fourth quarter. FIL Ltd now owns 3,500 shares of the real estate investment trust's stock valued at $88,000 after buying an additional 579 shares during the last quarter. 90.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on KRG. Wall Street Zen lowered Kite Realty Group Trust from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Raymond James Financial reduced their price objective on Kite Realty Group Trust from $28.00 to $26.00 and set a "strong-buy" rating on the stock in a research note on Friday, May 23rd. Finally, UBS Group began coverage on Kite Realty Group Trust in a research note on Tuesday, July 1st. They set a "neutral" rating and a $24.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $27.22.

Kite Realty Group Trust Stock Performance

KRG traded down $0.14 on Friday, hitting $22.66. 1,372,368 shares of the company's stock were exchanged, compared to its average volume of 1,449,528. The firm has a market cap of $4.98 billion, a PE ratio of 323.64, a P/E/G ratio of 6.90 and a beta of 1.09. Kite Realty Group Trust has a twelve month low of $18.51 and a twelve month high of $28.24. The stock has a fifty day moving average of $22.45 and a two-hundred day moving average of $22.38. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.89.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $0.53 EPS for the quarter, beating the consensus estimate of $0.51 by $0.02. Kite Realty Group Trust had a net margin of 1.59% and a return on equity of 0.41%. The company had revenue of $221.76 million for the quarter, compared to analyst estimates of $211.07 million. On average, research analysts anticipate that Kite Realty Group Trust will post 2.05 earnings per share for the current fiscal year.

Kite Realty Group Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 16th. Shareholders of record on Wednesday, July 9th were paid a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $1.08 annualized dividend and a dividend yield of 4.77%. Kite Realty Group Trust's payout ratio is currently 1,542.86%.

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.