JPMorgan Chase & Co. Decreases Stock Position in Kite Realty Group Trust (NYSE: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. reduced its position in Kite Realty Group Trust (NYSE:KRG - Free Report) by 8.6% in the first quarter, according to the company in its most recent filing with the Securities & 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 period. JPMorgan Chase & Co. owned about 5.08% of Kite Realty Group Trust worth $249,778,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new position in Kite Realty Group Trust in the 1st quarter worth approximately $25,000. Smallwood Wealth Investment Management LLC bought a new stake in Kite Realty Group Trust in the 1st quarter worth approximately $25,000. Optiver Holding B.V. grew its position in Kite Realty Group Trust by 19.9% in the 4th quarter. Optiver Holding B.V. now owns 2,813 shares of the real estate investment trust's stock worth $71,000 after purchasing an additional 467 shares during the period. CX Institutional bought a new stake in Kite Realty Group Trust in the 1st quarter worth approximately $79,000. Finally, GF Fund Management CO. LTD. bought a new stake in Kite Realty Group Trust in the 4th quarter worth approximately $101,000. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on KRG. Piper Sandler reaffirmed a "neutral" rating and issued a $24.00 target price (down previously from $25.00) on shares of Kite Realty Group Trust in a research report on Monday, August 4th. Wall Street Zen downgraded shares of Kite Realty Group Trust from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. UBS Group began coverage on shares of Kite Realty Group Trust in a research report on Tuesday, July 1st. They issued a "neutral" rating and a $24.00 target price for the company. Finally, Raymond James Financial cut their target price 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 report on Friday, May 23rd. Seven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $27.11.

Kite Realty Group Trust Trading Up 2.2%

Shares of KRG stock opened at $21.70 on Thursday. Kite Realty Group Trust has a 1 year low of $18.51 and a 1 year high of $28.24. The firm has a fifty day moving average price of $22.41 and a 200-day moving average price of $22.25. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.70 and a quick ratio of 1.70. The company has a market cap of $4.77 billion, a price-to-earnings ratio of 27.47, a PEG ratio of 6.44 and a beta of 1.16.

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

Kite Realty Group Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Investors of record on Thursday, October 9th will be issued a $0.27 dividend. The ex-dividend date of this dividend 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%.

Kite Realty Group Trust 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.

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