JPMorgan Chase & Co. Sells 1,049,668 Shares of Kite Realty Group Trust $KRG

Key Points

• JPMorgan Chase & Co. has reduced its stake in Kite Realty Group Trust (NYSE:KRG) by 8.6%, owning approximately 11.17 million shares after selling over 1 million shares in the first quarter.
• Investment ratings for Kite Realty Group Trust have been mixed, with Piper Sandler and UBS maintaining a "neutral" rating and a price target of $24.00, while Raymond James has cut its target from $28.00 to $26.00 but kept a "strong-buy" rating.
• Kite Realty Group Trust recently announced a $0.27 quarterly dividend, with an ex-dividend date of October 9, representing a yield of 5.0% and a high dividend payout ratio of 136.71%.

JPMorgan Chase & Co. lessened its stake in Kite Realty Group Trust (NYSE:KRG - Free Report) by 8.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,165,753 shares of the real estate investment trust's stock after selling 1,049,668 shares during the quarter. JPMorgan Chase & Co. owned about 5.08% of Kite Realty Group Trust worth $249,778,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Centersquare Investment Management LLC increased its holdings in shares of Kite Realty Group Trust by 133.6% in the first quarter. Centersquare Investment Management LLC now owns 5,960,072 shares of the real estate investment trust's stock worth $133,327,000 after acquiring an additional 3,408,442 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Kite Realty Group Trust by 332.4% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,509,886 shares of the real estate investment trust's stock worth $33,776,000 after acquiring an additional 1,160,694 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Kite Realty Group Trust in the fourth quarter worth about $19,632,000. Deutsche Bank AG boosted its position in shares of Kite Realty Group Trust by 232.4% during the fourth quarter. Deutsche Bank AG now owns 1,048,441 shares of the real estate investment trust's stock worth $26,463,000 after buying an additional 733,015 shares during the period. Finally, Millennium Management LLC boosted its position in shares of Kite Realty Group Trust by 17.1% during the fourth quarter. Millennium Management LLC now owns 3,885,650 shares of the real estate investment trust's stock worth $98,074,000 after buying an additional 567,284 shares during the period. Institutional investors own 90.81% of the company's stock.

Kite Realty Group Trust Stock Up 0.0%

KRG traded up $0.01 on Monday, hitting $21.52. 263,582 shares of the company were exchanged, compared to its average volume of 1,886,880. Kite Realty Group Trust has a 12 month low of $18.51 and a 12 month high of $28.24. The company has a market cap of $4.73 billion, a PE ratio of 27.22, a PEG ratio of 6.52 and a beta of 1.16. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.70 and a current ratio of 1.70. The stock's fifty day moving average is $22.38 and its 200-day moving average is $22.20.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. The firm had revenue of $211.18 million for the quarter, compared to analyst estimates of $211.74 million. Kite Realty Group Trust had a return on equity of 5.21% and a net margin of 20.14%. Equities research analysts predict that Kite Realty Group Trust will post 2.05 EPS for the current fiscal year.

Kite Realty Group Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 16th. Shareholders of record on Thursday, October 9th will be paid a $0.27 dividend. The ex-dividend date is Thursday, October 9th. This represents a $1.08 annualized dividend and a yield of 5.0%. Kite Realty Group Trust's dividend payout ratio is currently 136.71%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Raymond James Financial reduced their price objective on Kite Realty Group Trust from $28.00 to $26.00 and set a "strong-buy" rating for the company in a research report on Friday, May 23rd. UBS Group assumed coverage on Kite Realty Group Trust in a research report on Tuesday, July 1st. They set a "neutral" rating and a $24.00 price objective for the company. Piper Sandler reaffirmed a "neutral" rating and set a $24.00 price objective (down from $25.00) on shares of Kite Realty Group Trust in a research report on Monday, August 4th. Finally, Wall Street Zen cut Kite Realty Group Trust from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Seven research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $27.11.

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.