Long Pond Capital LP Acquires Shares of 2,709,697 Kite Realty Group Trust $KRG

Key Points

• Long Pond Capital LP acquired 2,709,697 shares of Kite Realty Group Trust, valued at approximately $60.6 million, making it the 9th largest holding in their portfolio.
• Several hedge funds have significantly increased their stakes in Kite Realty Group Trust, with Centersquare Investment Management increasing its holding by 133.6%.
• Kite Realty Group Trust declared a quarterly dividend of $0.27 per share, yielding 4.7%, with the ex-dividend date set for October 9th.

Long Pond Capital LP purchased a new stake in Kite Realty Group Trust (NYSE:KRG - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,709,697 shares of the real estate investment trust's stock, valued at approximately $60,616,000. Kite Realty Group Trust makes up approximately 3.9% of Long Pond Capital LP's investment portfolio, making the stock its 9th largest holding. Long Pond Capital LP owned about 1.23% of Kite Realty Group Trust as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Centersquare Investment Management LLC increased its stake in shares of Kite Realty Group Trust by 133.6% in the first quarter. Centersquare Investment Management LLC now owns 5,960,072 shares of the real estate investment trust's stock valued at $133,327,000 after buying an additional 3,408,442 shares during the period. Nuveen LLC bought a new position in shares of Kite Realty Group Trust in the first quarter valued at $70,071,000. Sumitomo Mitsui Trust Group Inc. lifted its position in Kite Realty Group Trust by 332.4% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,509,886 shares of the real estate investment trust's stock valued at $33,776,000 after acquiring an additional 1,160,694 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Kite Realty Group Trust by 232.4% during the fourth quarter. Deutsche Bank AG now owns 1,048,441 shares of the real estate investment trust's stock valued at $26,463,000 after buying an additional 733,015 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Kite Realty Group Trust by 17.1% in the 4th quarter. Millennium Management LLC now owns 3,885,650 shares of the real estate investment trust's stock worth $98,074,000 after acquiring an additional 567,284 shares in the last quarter. Institutional investors and hedge funds own 90.81% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on KRG shares. UBS Group assumed coverage on shares of Kite Realty Group Trust in a research note on Tuesday, July 1st. They set a "neutral" rating and a $24.00 price target for the company. Piper Sandler reissued a "neutral" rating and set a $24.00 price objective (down previously from $25.00) on shares of Kite Realty Group Trust in a report on Monday, August 4th. Raymond James Financial reduced their target price on Kite Realty Group Trust from $28.00 to $26.00 and set a "strong-buy" rating on the stock in a research note on Friday, May 23rd. Finally, Wall Street Zen downgraded shares of Kite Realty Group Trust from a "buy" rating to a "hold" rating in a research note on Friday, June 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Kite Realty Group Trust has an average rating of "Hold" and an average price target of $27.11.

Kite Realty Group Trust Trading Up 4.1%

Kite Realty Group Trust stock opened at $22.7640 on Monday. The business's fifty day moving average is $22.33 and its 200 day moving average is $22.17. Kite Realty Group Trust has a one year low of $18.51 and a one year high of $28.24. The stock has a market capitalization of $5.00 billion, a PE ratio of 28.82, a price-to-earnings-growth ratio of 6.30 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.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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. Kite Realty Group Trust has set its FY 2025 guidance at 2.060-2.100 EPS. On average, sell-side analysts predict that Kite Realty Group Trust will post 2.05 EPS for the current year.

Kite Realty Group Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 16th. Investors of record on Thursday, October 9th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 4.7%. The ex-dividend date is Thursday, October 9th. Kite Realty Group Trust's dividend payout ratio is presently 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.

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