Phocas Financial Corp. Has $6.05 Million Stake 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. cut its stake in Kite Realty Group Trust (NYSE:KRG - Free Report) by 5.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 270,213 shares of the real estate investment trust's stock after selling 15,241 shares during the quarter. Phocas Financial Corp. owned approximately 0.12% of Kite Realty Group Trust worth $6,045,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in KRG. LPL Financial LLC grew its position in shares of Kite Realty Group Trust by 29.5% in 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 purchasing an additional 30,692 shares in the last quarter. Pictet Asset Management Holding SA boosted its position in shares of Kite Realty Group Trust by 4.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 68,580 shares of the real estate investment trust's stock worth $1,731,000 after buying an additional 3,068 shares during the period. Headlands Technologies LLC acquired a new position in Kite Realty Group Trust in the 4th quarter valued at about $116,000. Landscape Capital Management L.L.C. acquired a new stake in Kite Realty Group Trust during the 4th quarter worth approximately $1,482,000. Finally, Resona Asset Management Co. Ltd. purchased a new position in Kite Realty Group Trust in the fourth quarter valued at $2,200,000. Hedge funds and other institutional investors own 90.81% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on KRG. 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. 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. Finally, UBS Group assumed coverage on Kite Realty Group Trust in a research note on Tuesday, July 1st. They set a "neutral" rating and a $24.00 price target on the stock. Seven 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.com, Kite Realty Group Trust currently has an average rating of "Hold" and a consensus target price of $27.22.

Kite Realty Group Trust Stock Performance

Shares of NYSE KRG traded down $0.35 during midday trading on Friday, hitting $21.63. 2,064,786 shares of the company's stock were exchanged, compared to its average volume of 1,548,636. The firm has a market cap of $4.75 billion, a P/E ratio of 27.37, a PEG ratio of 6.57 and a beta of 1.16. 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 stock's 50 day moving average price is $22.49 and its 200-day moving average price is $22.35. Kite Realty Group Trust has a twelve month low of $18.51 and a twelve month high of $28.24.

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 EPS for the quarter, meeting the consensus estimate of $0.51. Kite Realty Group Trust had a return on equity of 5.21% and a net margin of 20.14%. The business had revenue of $211.18 million during the quarter, compared to the consensus estimate of $211.74 million. Equities research analysts anticipate that Kite Realty Group Trust will post 2.05 EPS for the current year.

Kite Realty Group Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Shareholders of record on Thursday, October 9th will be paid a $0.27 dividend. The ex-dividend date of this dividend 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 payout ratio is currently 136.71%.

About Kite Realty Group Trust

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.