New Age Alpha Advisors LLC Trims Stake in Kite Realty Group Trust (NYSE:KRG)

Key Points

• New Age Alpha Advisors LLC has sold 77,196 shares of Kite Realty Group Trust, reducing its stake by 81.2%, leaving it with 17,860 shares valued at approximately $400,000.
• Several institutional investors have increased their holdings in Kite Realty Group Trust, including Millennium Management LLC, which raised its stake by 17.1% in the fourth quarter, now owning nearly 3.9 million shares.
• Kite Realty Group Trust has a dividend yield of 5.2%, with a quarterly dividend of $0.27 per share set to be paid on October 16th to investors of record on October 9th.

New Age Alpha Advisors LLC lessened its holdings in Kite Realty Group Trust (NYSE:KRG - Free Report) by 81.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,860 shares of the real estate investment trust's stock after selling 77,196 shares during the period. New Age Alpha Advisors LLC's holdings in Kite Realty Group Trust were worth $400,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in KRG. Opal Wealth Advisors LLC purchased a new stake in Kite Realty Group Trust in the 1st quarter valued at about $25,000. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Kite Realty Group Trust during the 1st quarter worth approximately $25,000. Optiver Holding B.V. boosted its holdings in Kite Realty Group Trust by 19.9% in the 4th quarter. Optiver Holding B.V. now owns 2,813 shares of the real estate investment trust's stock worth $71,000 after buying an additional 467 shares during the period. CX Institutional bought a new position in Kite Realty Group Trust in the 1st quarter worth approximately $79,000. Finally, FIL Ltd boosted its holdings in Kite Realty Group Trust by 19.8% in the 4th quarter. FIL Ltd now owns 3,500 shares of the real estate investment trust's stock worth $88,000 after buying an additional 579 shares during the period. Hedge funds and other institutional investors own 90.81% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on KRG. Piper Sandler reaffirmed a "neutral" rating and issued a $24.00 price objective (down from $25.00) on shares of Kite Realty Group Trust in a report on Monday, August 4th. Wall Street Zen downgraded shares of Kite Realty Group Trust from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Raymond James Financial cut 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 report on Friday, May 23rd. Finally, UBS Group started 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 objective for the company. Seven analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Kite Realty Group Trust presently has a consensus rating of "Hold" and an average target price of $27.11.

Kite Realty Group Trust Trading Up 1.2%

Shares of KRG stock traded up $0.24 during mid-day trading on Tuesday, reaching $21.22. The stock had a trading volume of 2,397,511 shares, compared to its average volume of 1,901,670. The stock's 50-day moving average price is $22.44 and its two-hundred day moving average price is $22.26. Kite Realty Group Trust has a 52-week low of $18.51 and a 52-week high of $28.24. The firm has a market capitalization of $4.67 billion, a PE ratio of 26.87, a price-to-earnings-growth ratio of 6.35 and a beta of 1.16. 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 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 firm had revenue of $211.18 million for 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 fiscal year.

Kite Realty Group Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Stockholders of record on Thursday, October 9th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Thursday, October 9th. Kite Realty Group Trust's dividend 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.