Public Employees Retirement System of Ohio Reduces Holdings in Kite Realty Group Trust $KRG

Key Points

• Public Employees Retirement System of Ohio cut its Kite Realty Group Trust stake by 16.1% in the first quarter, selling 48,061 shares and retaining 250,466 shares valued at approximately $6.15 million. Institutional investors collectively own 90.81% of KRG.
• Analyst sentiment is mixed but centers on a “Hold” consensus, with an average price target of $29.43. Recent target increases included Ladenburg Thalmann to $33 and Piper Sandler to $33, while Wall Street Zen downgraded the stock to “Sell.”
• KRG opened at $29.09, near its 52-week high of $29.92, after reporting quarterly revenue of $200.7 million that exceeded expectations; however, earnings of $0.06 per share narrowly missed the $0.07 consensus estimate.

Public Employees Retirement System of Ohio lowered its position in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) by 16.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 250,466 shares of the real estate investment trust's stock after selling 48,061 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.12% of Kite Realty Group Trust worth $6,149,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in KRG. Captrust Financial Advisors grew its position in Kite Realty Group Trust by 2.8% in the fourth quarter. Captrust Financial Advisors now owns 15,296 shares of the real estate investment trust's stock worth $367,000 after acquiring an additional 410 shares during the period. Parallel Advisors LLC increased its stake in Kite Realty Group Trust by 7.2% during the first quarter. Parallel Advisors LLC now owns 6,897 shares of the real estate investment trust's stock worth $169,000 after acquiring an additional 461 shares during the last quarter. Bessemer Group Inc. raised its position in Kite Realty Group Trust by 44.4% in the first quarter. Bessemer Group Inc. now owns 1,519 shares of the real estate investment trust's stock valued at $37,000 after purchasing an additional 467 shares during the period. PNC Financial Services Group Inc. raised its position in Kite Realty Group Trust by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 16,926 shares of the real estate investment trust's stock valued at $406,000 after purchasing an additional 488 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in shares of Kite Realty Group Trust by 2.9% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 17,636 shares of the real estate investment trust's stock valued at $423,000 after purchasing an additional 499 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company's stock.

Wall Street Analyst Weigh In

KRG has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded Kite Realty Group Trust to a "hold" rating in a report on Friday, June 26th. Wall Street Zen lowered shares of Kite Realty Group Trust from a "hold" rating to a "sell" rating in a report on Saturday, May 2nd. LADENBURG THALM/SH SH upped their target price on shares of Kite Realty Group Trust from $30.00 to $33.00 and gave the company a "buy" rating in a research report on Wednesday, June 10th. Piper Sandler reaffirmed a "neutral" rating and set a $33.00 target price (up from $27.00) on shares of Kite Realty Group Trust in a research note on Tuesday, July 21st. Finally, UBS Group reiterated a "neutral" rating and set a $30.00 price target (up from $28.00) on shares of Kite Realty Group Trust in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $29.43.

Kite Realty Group Trust Stock Down 1.3%

NYSE:KRG opened at $29.09 on Wednesday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 1.05. The stock's fifty day moving average is $28.35 and its two-hundred day moving average is $26.25. Kite Realty Group Trust has a 52 week low of $20.86 and a 52 week high of $29.92. The stock has a market capitalization of $5.91 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 4.15 and a beta of 0.85.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.06 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.01). Kite Realty Group Trust had a return on equity of 9.21% and a net margin of 34.74%.The firm had revenue of $200.70 million for the quarter, compared to analysts' expectations of $198.37 million. Research analysts anticipate that Kite Realty Group Trust will post 2.1 EPS for the current year.

Kite Realty Group Trust Company Profile

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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