Mackenzie Financial Corp Lowers Stock Position in Kite Realty Group Trust (NYSE:KRG)

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 lessened its position in Kite Realty Group Trust (NYSE:KRG - Free Report) by 79.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 105,760 shares of the real estate investment trust's stock after selling 400,362 shares during the period. 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 and other institutional investors also recently added to or reduced their stakes in KRG. LPL Financial LLC increased its holdings in Kite Realty Group Trust by 29.5% during the fourth quarter. LPL Financial LLC now owns 134,625 shares of the real estate investment trust's stock valued at $3,398,000 after buying an additional 30,692 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Kite Realty Group Trust during the fourth quarter valued at approximately $116,000. Resona Asset Management Co. Ltd. purchased a new stake in Kite Realty Group Trust during the fourth quarter valued at approximately $2,200,000. Wells Fargo & Company MN increased its holdings in Kite Realty Group Trust by 18.2% during the fourth quarter. Wells Fargo & Company MN now owns 166,842 shares of the real estate investment trust's stock valued at $4,211,000 after buying an additional 25,671 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Kite Realty Group Trust by 11.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 244,272 shares of the real estate investment trust's stock valued at $6,165,000 after buying an additional 25,805 shares during the last quarter. Institutional investors own 90.81% of the company's stock.

Kite Realty Group Trust Trading Up 0.5%

Shares of NYSE KRG traded up $0.11 during mid-day trading on Tuesday, reaching $21.92. The company had a trading volume of 2,521,522 shares, compared to its average volume of 1,534,449. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of 27.75, a price-to-earnings-growth ratio of 6.61 and a beta of 1.16. Kite Realty Group Trust has a 52 week low of $18.51 and a 52 week high of $28.24. The business's 50-day moving average is $22.50 and its 200-day moving average is $22.33. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.91.

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. Kite Realty Group Trust had a net margin of 20.14% and a return on equity of 5.21%. The company had revenue of $211.18 million during the quarter, compared to analysts' expectations of $211.74 million. Equities analysts expect that Kite Realty Group Trust will post 2.05 earnings per share for the current 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. This represents a $1.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Thursday, October 9th. Kite Realty Group Trust's dividend payout ratio is 136.71%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KRG. 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. Piper Sandler reduced their price target on shares of Kite Realty Group Trust from $25.00 to $24.00 and set a "neutral" rating on the stock in a report on Monday. UBS Group assumed coverage on shares of 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. Finally, 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. Seven equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus 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.