Kite Realty Group Trust (NYSE:KRG) Shares Purchased 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 boosted its position in Kite Realty Group Trust (NYSE:KRG - Free Report) by 516.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 623,772 shares of the real estate investment trust's stock after purchasing an additional 522,529 shares during the quarter. Allianz Asset Management GmbH owned about 0.28% of Kite Realty Group Trust worth $13,954,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Kite Realty Group Trust by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 33,506,648 shares of the real estate investment trust's stock valued at $845,708,000 after purchasing an additional 256,476 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Kite Realty Group Trust by 23.3% during the 4th quarter. JPMorgan Chase & Co. now owns 12,215,421 shares of the real estate investment trust's stock worth $308,317,000 after acquiring an additional 2,308,613 shares during the period. Millennium Management LLC lifted its holdings in shares of Kite Realty Group Trust by 17.1% during the 4th quarter. Millennium Management LLC now owns 3,885,650 shares of the real estate investment trust's stock worth $98,074,000 after acquiring an additional 567,284 shares during the period. Bank of America Corp DE lifted its holdings in shares of Kite Realty Group Trust by 9.0% during the 4th quarter. Bank of America Corp DE now owns 3,785,395 shares of the real estate investment trust's stock worth $95,543,000 after acquiring an additional 311,258 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Kite Realty Group Trust by 17.5% during the 4th quarter. Northern Trust Corp now owns 3,623,860 shares of the real estate investment trust's stock worth $91,466,000 after acquiring an additional 539,322 shares during the period. Institutional investors and hedge funds own 90.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on KRG. Wall Street Zen lowered shares of Kite Realty Group Trust from a "buy" rating to a "hold" rating in a report on Friday, June 27th. UBS Group initiated coverage on Kite Realty Group Trust in a report on Tuesday, July 1st. They set a "neutral" rating and a $24.00 target price for the company. Finally, Raymond James Financial dropped their price objective on shares of 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. Seven analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $27.22.

Kite Realty Group Trust Stock Up 1.6%

Shares of Kite Realty Group Trust stock traded up $0.37 on Tuesday, hitting $22.93. 287,297 shares of the company's stock traded hands, compared to its average volume of 1,888,023. The firm's 50-day moving average is $22.44 and its 200 day moving average is $22.36. Kite Realty Group Trust has a 52-week low of $18.51 and a 52-week high of $28.24. The stock has a market cap of $5.04 billion, a P/E ratio of 327.50, a PEG ratio of 6.89 and a beta of 1.09. The company has a quick ratio of 1.07, a current 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 data on Tuesday, April 29th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.02. Kite Realty Group Trust had a return on equity of 0.41% and a net margin of 1.59%. The firm had revenue of $221.76 million for the quarter, compared to analysts' expectations of $211.07 million. Equities analysts anticipate that Kite Realty Group Trust will post 2.05 earnings per share for the current year.

Kite Realty Group Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 16th. Investors of record on Wednesday, July 9th were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 4.71%. The ex-dividend date was Wednesday, July 9th. Kite Realty Group Trust's dividend payout ratio (DPR) is presently 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.