Kite Realty Group Trust (NYSE:KRG) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has significantly reduced its holdings in Kite Realty Group Trust by 79.1%, now owning 105,760 shares after selling 400,362 shares in the first quarter.
• Kite Realty Group Trust will pay a quarterly dividend of $0.27 on October 16, with an annualized yield of 5.0%, despite having a dividend payout ratio of 136.71%.
• The company's most recent earnings report showed an EPS of $0.51, meeting analysts' expectations, with a forecasted EPS of 2.05 for the current year.

Mackenzie Financial Corp cut its holdings in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) by 79.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 105,760 shares of the real estate investment trust's stock after selling 400,362 shares during the quarter. Mackenzie Financial Corp's holdings in Kite Realty Group Trust were worth $2,366,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. M&T Bank Corp increased its stake in Kite Realty Group Trust by 52.5% during the first quarter. M&T Bank Corp now owns 55,597 shares of the real estate investment trust's stock worth $1,244,000 after acquiring an additional 19,132 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in 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 buying an additional 1,160,694 shares in the last quarter. GAMMA Investing LLC boosted its position in Kite Realty Group Trust by 1,523.9% during the first quarter. GAMMA Investing LLC now owns 77,736 shares of the real estate investment trust's stock valued at $1,739,000 after purchasing an additional 72,949 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Kite Realty Group Trust in the 1st quarter worth approximately $795,000. Finally, Hennion & Walsh Asset Management Inc. increased its position in shares of Kite Realty Group Trust by 27.1% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 59,489 shares of the real estate investment trust's stock worth $1,331,000 after purchasing an additional 12,696 shares in the last quarter. Institutional investors own 90.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KRG. Raymond James Financial lowered their price target 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 initiated coverage on Kite Realty Group Trust in a report on Tuesday, July 1st. They issued a "neutral" rating and a $24.00 price objective on the stock. Wall Street Zen lowered shares of Kite Realty Group Trust from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $24.00 target price (down previously from $25.00) on shares of Kite Realty Group Trust in a research note on Monday. Seven equities research 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 stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $27.11.

Kite Realty Group Trust Trading Down 1.6%

NYSE KRG traded down $0.34 on Thursday, reaching $21.50. The stock had a trading volume of 617,577 shares, compared to its average volume of 1,896,728. Kite Realty Group Trust has a 12-month low of $18.51 and a 12-month high of $28.24. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.91. The stock has a fifty day moving average price of $22.50 and a two-hundred day moving average price of $22.33. The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of 27.19, a P/E/G ratio of 6.65 and a beta of 1.16.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. The firm had revenue of $211.18 million for the quarter, compared to the consensus estimate of $211.74 million. Kite Realty Group Trust had a net margin of 20.14% and a return on equity of 5.21%. As a group, sell-side analysts forecast 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. Stockholders of record on Thursday, October 9th will be issued a $0.27 dividend. The ex-dividend date is Thursday, October 9th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 5.0%. Kite Realty Group Trust's dividend payout ratio is presently 136.71%.

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.