Phocas Financial Corp. Trims Stock Position in Kite Realty Group Trust (NYSE:KRG)

Key Points

• Phocas Financial Corp. reduced its holdings in Kite Realty Group Trust shares by 5.3%, selling 15,241 shares and now owns 270,213 shares valued at approximately $6 million.
• Kite Realty Group Trust announced a quarterly dividend of $0.27 per share, with a yield of 5.0%, to be paid on October 16th.
• Despite recent changes in ratings, the stock currently holds an average rating of "Hold" with a consensus target price of $27.22.

Phocas Financial Corp. lowered its position in Kite Realty Group Trust (NYSE:KRG - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 270,213 shares of the real estate investment trust's stock after selling 15,241 shares during the quarter. Phocas Financial Corp. owned about 0.12% of Kite Realty Group Trust worth $6,045,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in shares of Kite Realty Group Trust during the 1st quarter valued at approximately $25,000. Smallwood Wealth Investment Management LLC bought a new stake in Kite Realty Group Trust during the 1st quarter valued at $25,000. Optiver Holding B.V. lifted its position in shares of Kite Realty Group Trust by 19.9% during the fourth quarter. Optiver Holding B.V. now owns 2,813 shares of the real estate investment trust's stock worth $71,000 after acquiring an additional 467 shares in the last quarter. CX Institutional bought a new position in shares of Kite Realty Group Trust in the first quarter worth $79,000. Finally, FIL Ltd grew its position in shares of Kite Realty Group Trust by 19.8% in the fourth quarter. FIL Ltd now owns 3,500 shares of the real estate investment trust's stock valued at $88,000 after purchasing an additional 579 shares in the last quarter. 90.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

KRG has been the topic of a number of recent research reports. Raymond James Financial dropped their price objective on Kite Realty Group Trust from $28.00 to $26.00 and set a "strong-buy" rating on the stock in a report on Friday, May 23rd. Piper Sandler reduced their price objective on shares of Kite Realty Group Trust from $25.00 to $24.00 and set a "neutral" rating for the company in a research note on Monday. Wall Street Zen lowered shares of Kite Realty Group Trust from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Finally, UBS Group assumed coverage on shares of Kite Realty Group Trust in a report on Tuesday, July 1st. They issued a "neutral" rating and a $24.00 price target for the company. 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $27.11.

Kite Realty Group Trust Price Performance

Shares of KRG traded down $0.04 during midday trading on Wednesday, reaching $21.90. The stock had a trading volume of 473,205 shares, compared to its average volume of 1,898,739. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $4.81 billion, a price-to-earnings ratio of 27.69, a price-to-earnings-growth ratio of 6.61 and a beta of 1.16. The company's 50-day moving average is $22.50 and its 200 day moving average is $22.33. Kite Realty Group Trust has a 12-month low of $18.51 and a 12-month high of $28.24.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.51 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 business had revenue of $211.18 million for the quarter, compared to analysts' expectations of $211.74 million. On average, equities analysts predict that Kite Realty Group Trust will post 2.05 EPS for the current fiscal year.

Kite Realty Group Trust Dividend Announcement

The business 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 annualized dividend and a dividend yield of 4.9%. Kite Realty Group Trust's 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.