Candriam S.C.A. Acquires 801,541 Shares of Kite Realty Group Trust $KRG

Key Points

• Candriam S.C.A. increased its Kite Realty Group Trust stake by 172.7% in the third quarter, adding 801,541 shares to own 1.27 million shares valued at about $31 million. Institutional investors collectively hold 90.81% of the REIT’s stock.
• Kite Realty missed quarterly earnings and revenue expectations, reporting a loss of $0.07 per share against analysts’ forecast of $0.08 in earnings, and revenue of $190.28 million versus $195.62 million expected.
• The company declared a quarterly dividend of $0.29 per share, equivalent to a 4.6% annualized yield. Analysts’ consensus rating is “Hold,” with a $27.78 average price target.

Candriam S.C.A. boosted its holdings in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) by 172.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,265,726 shares of the real estate investment trust's stock after buying an additional 801,541 shares during the quarter. Candriam S.C.A. owned 0.64% of Kite Realty Group Trust worth $30,984,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ethic Inc. grew its stake in Kite Realty Group Trust by 123.3% during the 3rd quarter. Ethic Inc. now owns 48,762 shares of the real estate investment trust's stock worth $1,189,000 after purchasing an additional 26,922 shares in the last quarter. StoneX Group Inc. acquired a new stake in Kite Realty Group Trust in the 3rd quarter valued at about $229,000. Pictet Asset Management Holding SA boosted its stake in shares of Kite Realty Group Trust by 13.5% in the 3rd quarter. Pictet Asset Management Holding SA now owns 32,305 shares of the real estate investment trust's stock valued at $788,000 after buying an additional 3,846 shares during the period. Parallel Advisors LLC boosted its stake in shares of Kite Realty Group Trust by 8.7% in the 3rd quarter. Parallel Advisors LLC now owns 7,168 shares of the real estate investment trust's stock valued at $175,000 after buying an additional 572 shares during the period. Finally, Kestra Advisory Services LLC boosted its stake in shares of Kite Realty Group Trust by 8.9% in the 3rd quarter. Kestra Advisory Services LLC now owns 33,264 shares of the real estate investment trust's stock valued at $811,000 after buying an additional 2,708 shares during the period. Hedge funds and other institutional investors own 90.81% of the company's stock.

Kite Realty Group Trust Trading Up 0.1%

NYSE:KRG opened at $25.48 on Monday. The stock has a 50-day simple moving average of $25.03 and a 200-day simple moving average of $26.12. The stock has a market cap of $5.04 billion, a P/E ratio of 15.73, a P/E/G ratio of 4.62 and a beta of 0.90. Kite Realty Group Trust has a 1 year low of $21.89 and a 1 year high of $29.92. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.92 and a current ratio of 0.92.

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

Kite Realty Group Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Saturday, January 9th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Friday, January 8th. Kite Realty Group Trust's payout ratio is currently 71.60%.

Analyst Ratings Changes

A number of research firms recently weighed in on KRG. Wall Street Zen lowered shares of Kite Realty Group Trust from a "hold" rating to a "sell" rating in a research note on Saturday, October 31st. Piper Sandler reiterated a "neutral" rating and issued a $27.00 price target (down from $33.00) on shares of Kite Realty Group Trust in a research note on Monday, October 12th. 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 report on Friday, October 23rd. KeyCorp cut shares of Kite Realty Group Trust from an "overweight" rating to a "sector weight" rating in a report on Tuesday, August 18th. Finally, Truist Financial set a $27.00 price objective on shares of Kite Realty Group Trust and gave the company a "hold" rating in a research report on Thursday, October 1st. Two analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $27.78.

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.

Kite Realty combined with Retail Properties of America in 2021, expanding its portfolio of open-air retail properties.

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