Bank of America Corp DE Sells 426,936 Shares of Kite Realty Group Trust $KRG

Key Points

• Bank of America reduced its Kite Realty Group Trust stake by 7.2%, selling 426,936 shares and retaining 5.53 million shares worth approximately $156.8 million. Institutional investors collectively own 90.81% of KRG.
• Analysts maintain a generally cautious outlook, with three Buy ratings and seven Hold ratings, producing an average rating of “Hold” and a $30.00 price target.
• KRG reported quarterly EPS of $0.79, well above the $0.11 consensus estimate, and declared a $0.29 quarterly dividend, equivalent to a 4.6% annualized yield.

Bank of America Corp DE lessened its stake in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) by 7.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,525,131 shares of the real estate investment trust's stock after selling 426,936 shares during the quarter. Bank of America Corp DE owned about 2.76% of Kite Realty Group Trust worth $156,803,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Cohen & Steers Inc. grew its stake in Kite Realty Group Trust by 26.3% during the fourth quarter. Cohen & Steers Inc. now owns 26,315,631 shares of the real estate investment trust's stock valued at $630,805,000 after acquiring an additional 5,486,116 shares in the last quarter. Centersquare Investment Management LLC boosted its holdings in Kite Realty Group Trust by 1.3% in the 4th quarter. Centersquare Investment Management LLC now owns 8,236,790 shares of the real estate investment trust's stock valued at $197,436,000 after purchasing an additional 105,830 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Kite Realty Group Trust by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,200,466 shares of the real estate investment trust's stock valued at $78,572,000 after purchasing an additional 10,289 shares during the period. Lasalle Investment Management Securities LLC grew its position in shares of Kite Realty Group Trust by 9.4% during the 4th quarter. Lasalle Investment Management Securities LLC now owns 3,080,378 shares of the real estate investment trust's stock valued at $73,837,000 after purchasing an additional 265,188 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Kite Realty Group Trust during the 4th quarter valued at $61,863,000. 90.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

KRG has been the topic of several research analyst reports. Jefferies Financial Group raised shares of Kite Realty Group Trust to a "hold" rating in a report on Friday, June 26th. Wells Fargo & Company set a $31.00 target price on Kite Realty Group Trust and gave the stock an "overweight" rating in a research report on Tuesday, September 1st. LADENBURG THALM/SH SH upped their target price on Kite Realty Group Trust from $33.00 to $34.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. UBS Group reaffirmed a "neutral" rating and issued a $30.00 price target (up from $28.00) on shares of Kite Realty Group Trust in a report on Thursday, July 9th. Finally, Citigroup reiterated a "neutral" rating and set a $31.00 price target (up from $27.00) on shares of Kite Realty Group Trust in a research report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $30.00.

Kite Realty Group Trust Stock Performance

NYSE KRG opened at $25.42 on Friday. Kite Realty Group Trust has a 52-week low of $21.33 and a 52-week high of $29.92. The company has a fifty day moving average of $27.17 and a 200-day moving average of $26.81. The company has a market capitalization of $5.09 billion, a P/E ratio of 15.69, a P/E/G ratio of 3.97 and a beta of 0.84. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.61 and a current ratio of 1.61.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last released its earnings results on Thursday, July 30th. The real estate investment trust reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.11 by $0.68. Kite Realty Group Trust had a return on equity of 11.26% and a net margin of 41.80%.The business had revenue of $196.26 million for the quarter, compared to analysts' expectations of $197.32 million. Kite Realty Group Trust has set its FY 2026 guidance at 2.060-2.120 EPS. As a group, equities research analysts predict that Kite Realty Group Trust will post 2.1 EPS for the current fiscal year.

Kite Realty Group Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, October 9th will be given a dividend of $0.29 per share. The ex-dividend date is Friday, October 9th. This represents a $1.16 annualized dividend and a dividend yield of 4.6%. Kite Realty Group Trust's dividend payout ratio is 71.60%.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust NYSE: KRG is a real estate investment trust that owns, develops, redevelops, acquires and operates open-air shopping centers in the United States. Its portfolio is primarily focused on grocery-anchored and other necessity-based retail properties, along with select mixed-use assets.

The company leases space to a variety of retailers, restaurants, service providers and other tenants. Its properties are generally located in established, high-growth communities and are designed to serve everyday consumer needs.

Want to see what other hedge funds are holding KRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kite Realty Group Trust (NYSE:KRG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.