Raymond James Financial Inc. Reduces Position in Kite Realty Group Trust $KRG

Key Points

• Raymond James Financial Inc. reduced its stake in Kite Realty Group Trust by 5.7%, now holding 733,802 shares valued at approximately $16.4 million.
• The latest earnings report showed Kite Realty Group Trust achieved an EPS of $0.51, aligning with analyst expectations, despite revenues falling slightly short of estimates.
• Kite Realty Group Trust declared a quarterly dividend of $0.27 per share, set to be paid on October 16th, 2023, resulting in an annualized yield of 4.8%.

Raymond James Financial Inc. trimmed its stake in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) by 5.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 733,802 shares of the real estate investment trust's stock after selling 43,993 shares during the quarter. Raymond James Financial Inc. owned approximately 0.33% of Kite Realty Group Trust worth $16,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of KRG. Opal Wealth Advisors LLC purchased a new position in Kite Realty Group Trust in the 1st quarter worth approximately $25,000. Smallwood Wealth Investment Management LLC bought a new position in shares of Kite Realty Group Trust in the first quarter worth approximately $25,000. CX Institutional bought a new position in shares of Kite Realty Group Trust in the first quarter worth approximately $79,000. Dagco Inc. bought a new position in shares of Kite Realty Group Trust in the first quarter worth approximately $92,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of Kite Realty Group Trust in the fourth quarter worth approximately $101,000. 90.81% of the stock is owned by hedge funds and other institutional investors.

Kite Realty Group Trust Stock Up 1.0%

Kite Realty Group Trust stock traded up $0.22 on Friday, hitting $22.81. 1,980,958 shares of the stock traded hands, compared to its average volume of 1,653,730. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.91. The firm has a market cap of $5.01 billion, a P/E ratio of 28.87, a price-to-earnings-growth ratio of 6.32 and a beta of 1.13. The business's fifty day simple moving average is $22.34 and its 200 day simple moving average is $22.14. Kite Realty Group Trust has a 1 year low of $18.51 and a 1 year high of $28.24.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. The business had revenue of $211.18 million during the quarter, compared to analyst estimates of $211.74 million. Kite Realty Group Trust had a return on equity of 5.21% and a net margin of 20.14%. Kite Realty Group Trust has set its FY 2025 guidance at 2.060-2.100 EPS. As a group, sell-side analysts forecast that Kite Realty Group Trust will post 2.05 earnings per share for the current year.

Kite Realty Group Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 16th. Investors of record on Thursday, October 9th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Thursday, October 9th. Kite Realty Group Trust's dividend payout ratio is 136.71%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on KRG shares. Wells Fargo & Company cut their target price on shares of Kite Realty Group Trust from $24.00 to $23.00 and set an "equal weight" rating on the stock in a report on Wednesday. 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 on the stock in a report on Friday, May 23rd. Wall Street Zen downgraded Kite Realty Group Trust from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Piper Sandler reiterated a "neutral" rating and issued a $24.00 price target (down previously from $25.00) on shares of Kite Realty Group Trust in a report on Monday, August 4th. Finally, UBS Group initiated coverage on shares of Kite Realty Group Trust in a research report on Tuesday, July 1st. They set a "neutral" rating and a $24.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Kite Realty Group Trust has an average rating of "Hold" and a consensus price target of $27.00.

Kite Realty Group Trust Company 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.