OVERSEA CHINESE BANKING Corp Ltd Invests $1.42 Million in Kite Realty Group Trust $KRG

Key Points

• OVERSEA CHINESE BANKING Corp Ltd established a new position in Kite Realty Group Trust (NYSE: KRG) in Q4, buying 59,135 shares worth about $1.42 million.
• Analysts' sentiment is mixed-to-neutral with a consensus rating of "Hold" and an average price target of $26.38, although several firms raised targets to $27–$28 and Wells Fargo upgraded to Overweight.
• Kite recently paid a quarterly dividend of $0.29 per share (annualized $1.16), implying a yield of about 4.5% and a payout ratio near 84%.

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Kite Realty Group Trust (NYSE:KRG - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 59,135 shares of the real estate investment trust's stock, valued at approximately $1,417,000.

Several other large investors have also recently modified their holdings of the stock. Evergreen Capital Management LLC increased its holdings in shares of Kite Realty Group Trust by 27.1% in the fourth quarter. Evergreen Capital Management LLC now owns 12,655 shares of the real estate investment trust's stock worth $303,000 after buying an additional 2,699 shares during the period. Vert Asset Management LLC purchased a new position in shares of Kite Realty Group Trust in the fourth quarter worth about $1,004,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Kite Realty Group Trust by 3.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 153,344 shares of the real estate investment trust's stock worth $3,676,000 after buying an additional 4,675 shares during the period. First Horizon Corp increased its holdings in shares of Kite Realty Group Trust by 56.5% in the fourth quarter. First Horizon Corp now owns 2,100 shares of the real estate investment trust's stock worth $50,000 after buying an additional 758 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Kite Realty Group Trust by 33.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,426 shares of the real estate investment trust's stock worth $153,000 after buying an additional 1,610 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 analysts have recently commented on the company. Citigroup reiterated a "neutral" rating and issued a $27.00 price objective (up from $24.00) on shares of Kite Realty Group Trust in a report on Tuesday, February 24th. Robert W. Baird boosted their price target on Kite Realty Group Trust from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Wednesday, February 18th. Wells Fargo & Company boosted their price target on Kite Realty Group Trust from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Thursday, March 19th. Weiss Ratings upgraded Kite Realty Group Trust from a "hold (c)" rating to a "buy (b-)" rating in a report on Wednesday, February 18th. Finally, UBS Group restated a "neutral" rating and set a $25.00 price target (up from $24.00) on shares of Kite Realty Group Trust in a report on Thursday, January 8th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $26.38.

Kite Realty Group Trust Stock Down 2.1%

Shares of NYSE:KRG opened at $25.62 on Thursday. Kite Realty Group Trust has a 1 year low of $20.86 and a 1 year high of $26.82. The company has a market cap of $5.20 billion, a PE ratio of 18.56, a P/E/G ratio of 4.74 and a beta of 0.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.74 and a quick ratio of 0.74. The stock's 50-day moving average is $25.39 and its 200 day moving average is $23.89.

Kite Realty Group Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 16th. Investors of record on Thursday, April 9th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Thursday, April 9th. Kite Realty Group Trust's payout ratio is currently 84.06%.

About Kite Realty Group Trust

Kite Realty Group Trust NYSE: KRG is a real estate investment trust that specializes in the ownership, development and management of open-air retail real estate. Headquartered in Indianapolis, Indiana, the company focuses on acquiring, developing and operating community and neighborhood shopping centers, as well as mixed-use properties that accommodate national, regional and local retailers.

Established in 1994, Kite Realty has grown its portfolio through strategic development projects, targeted acquisitions and selective dispositions.

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