Envestnet Asset Management Inc. Reduces Position in Kite Realty Group Trust (NYSE:KRG)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Kite Realty Group Trust by 19.2%, owning 197,465 shares worth approximately $4.42 million after the sale.
• Kite Realty Group Trust's current market capitalization is $4.98 billion, with a notable dividend yield of 4.77% following a quarterly dividend payment of $0.27 per share.
• Analysts have rated Kite Realty Group Trust with a consensus rating of "Hold" and a target price of $27.22, with recent downgrades affecting its outlook.

Envestnet Asset Management Inc. lessened its stake in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) by 19.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 197,465 shares of the real estate investment trust's stock after selling 46,807 shares during the period. Envestnet Asset Management Inc. owned about 0.09% of Kite Realty Group Trust worth $4,417,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of KRG. Opal Wealth Advisors LLC bought a new position in Kite Realty Group Trust in the first quarter worth approximately $25,000. Smallwood Wealth Investment Management LLC bought a new position in Kite Realty Group Trust in the first quarter worth approximately $25,000. Optiver Holding B.V. raised 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 buying an additional 467 shares in the last quarter. CX Institutional bought a new position in Kite Realty Group Trust in the first quarter worth approximately $79,000. Finally, FIL Ltd raised its stake 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 worth $88,000 after buying an additional 579 shares in the last quarter. Institutional investors own 90.81% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Raymond James Financial reduced their price objective on shares of Kite Realty Group Trust from $28.00 to $26.00 and set a "strong-buy" rating for the company in a research note on Friday, May 23rd. 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. Finally, UBS Group started coverage on shares of Kite Realty Group Trust in a report on Tuesday, July 1st. They issued a "neutral" rating and a $24.00 price target on the stock. Seven 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. According to data from MarketBeat.com, Kite Realty Group Trust currently has an average rating of "Hold" and a consensus target price of $27.22.

Kite Realty Group Trust Stock Up 0.8%

NYSE KRG traded up $0.18 on Tuesday, hitting $22.74. The stock had a trading volume of 135,932 shares, compared to its average volume of 1,886,952. The stock has a market cap of $5.00 billion, a price-to-earnings ratio of 324.86, a price-to-earnings-growth ratio of 6.89 and a beta of 1.09. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.07 and a quick ratio of 1.07. Kite Realty Group Trust has a 52-week low of $18.51 and a 52-week high of $28.24. The business's fifty day moving average price is $22.44 and its 200 day moving average price is $22.36.

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 for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. The firm had revenue of $221.76 million for the quarter, compared to analyst estimates of $211.07 million. Kite Realty Group Trust had a net margin of 1.59% and a return on equity of 0.41%. Equities research analysts anticipate that Kite Realty Group Trust will post 2.05 earnings per share for the current year.

Kite Realty Group Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 16th. Stockholders of record on Wednesday, July 9th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date of this dividend was Wednesday, July 9th. Kite Realty Group Trust's dividend payout ratio (DPR) is presently 1,542.86%.

Kite Realty Group Trust Company Profile

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.