Phocas Financial Corp. Acquires 139,474 Shares of Kite Realty Group Trust (NYSE:KRG)

Phocas Financial Corp. lifted its holdings in Kite Realty Group Trust (NYSE:KRG - Free Report) by 95.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 285,454 shares of the real estate investment trust's stock after acquiring an additional 139,474 shares during the quarter. Phocas Financial Corp. owned 0.13% of Kite Realty Group Trust worth $7,205,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in KRG. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Kite Realty Group Trust during the 4th quarter valued at $6,106,000. Employees Retirement System of Texas raised its holdings in Kite Realty Group Trust by 110.4% during the 4th quarter. Employees Retirement System of Texas now owns 202,000 shares of the real estate investment trust's stock valued at $5,098,000 after buying an additional 106,000 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in Kite Realty Group Trust during the 4th quarter valued at $3,758,000. Mackenzie Financial Corp raised its holdings in Kite Realty Group Trust by 2,830.3% during the 4th quarter. Mackenzie Financial Corp now owns 506,122 shares of the real estate investment trust's stock valued at $12,775,000 after buying an additional 488,850 shares during the last quarter. Finally, DigitalBridge Group Inc. bought a new stake in Kite Realty Group Trust during the 4th quarter valued at $6,974,000. 90.81% of the stock is currently owned by institutional investors.

Kite Realty Group Trust Trading Down 0.8%

Kite Realty Group Trust stock traded down $0.18 during mid-day trading on Friday, reaching $22.12. 1,621,743 shares of the company traded hands, compared to its average volume of 1,688,660. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.98 and a quick ratio of 2.98. The firm's 50 day moving average price is $21.77 and its 200 day moving average price is $23.42. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of 1,106.00, a P/E/G ratio of 3.57 and a beta of 1.10. Kite Realty Group Trust has a 52-week low of $18.52 and a 52-week high of $28.24.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. The business had revenue of $221.76 million for the quarter, compared to the consensus estimate of $211.07 million. Kite Realty Group Trust had a net margin of 0.48% and a return on equity of 0.12%. On average, analysts anticipate that Kite Realty Group Trust will post 2.05 earnings per share for the current fiscal year.

Kite Realty Group Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 16th. Investors of record on Wednesday, July 9th will be paid a $0.27 dividend. The ex-dividend date is Wednesday, July 9th. This represents a $1.08 annualized dividend and a dividend yield of 4.88%. Kite Realty Group Trust's payout ratio is 1,542.86%.

Wall Street Analyst Weigh In

KRG has been the subject of a number of recent analyst reports. Piper Sandler reiterated a "neutral" rating and set a $25.00 price target (down from $33.00) on shares of Kite Realty Group Trust in a report on Thursday, February 13th. Raymond James lowered their price target on shares of Kite Realty Group Trust from $28.00 to $26.00 and set a "strong-buy" rating for the company in a report on Friday, May 23rd. Finally, Wells Fargo & Company reduced their price objective on shares of Kite Realty Group Trust from $26.00 to $24.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 26th. Five 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $27.63.

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.