State of New Jersey Common Pension Fund D Has $5.67 Million Stake in Kite Realty Group Trust $KRG

Key Points

• The State of New Jersey Common Pension Fund D increased its holdings in Kite Realty Group Trust by 6.3%, acquiring an additional 15,089 shares to reach a total of 253,446 shares valued at approximately $5.67 million.
• Kite Realty Group Trust announced a quarterly dividend of $0.27, which will be paid on October 16, 2023, representing an annualized yield of 5.0% and a payout ratio of 136.71%.
• The stock price of Kite Realty Group Trust is currently at $21.42, with a market capitalization of $4.71 billion, and it has a recent earnings per share of $0.51, meeting analyst expectations.

State of New Jersey Common Pension Fund D boosted its stake in Kite Realty Group Trust (NYSE:KRG - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,446 shares of the real estate investment trust's stock after buying an additional 15,089 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.12% of Kite Realty Group Trust worth $5,670,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. M&T Bank Corp boosted its stake in Kite Realty Group Trust by 52.5% in the 1st quarter. M&T Bank Corp now owns 55,597 shares of the real estate investment trust's stock valued at $1,244,000 after buying an additional 19,132 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake 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 buying an additional 1,160,694 shares in the last quarter. GAMMA Investing LLC boosted its stake in Kite Realty Group Trust by 1,523.9% in the 1st quarter. GAMMA Investing LLC now owns 77,736 shares of the real estate investment trust's stock valued at $1,739,000 after buying an additional 72,949 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Kite Realty Group Trust in the 1st quarter valued at $795,000. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in Kite Realty Group Trust by 27.1% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 59,489 shares of the real estate investment trust's stock valued at $1,331,000 after buying an additional 12,696 shares in the last quarter. Institutional investors and hedge funds own 90.81% of the company's stock.

Kite Realty Group Trust Trading Up 4.1%

Shares of KRG traded up $0.8940 during trading hours on Friday, hitting $22.7640. 1,708,698 shares of the stock traded hands, compared to its average volume of 1,791,769. 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 has a 1-year low of $18.51 and a 1-year high of $28.24. The firm 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 business has a fifty day moving average of $22.33 and a 200-day moving average of $22.17.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $211.74 million. Kite Realty Group Trust has set its FY 2025 guidance at 2.060-2.100 EPS. Analysts expect that Kite Realty Group Trust will post 2.05 EPS for the current year.

Kite Realty Group Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 16th. Stockholders of record on Thursday, October 9th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend 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%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on KRG shares. Wall Street Zen lowered Kite Realty Group Trust from a "buy" rating to a "hold" rating in a research note on Friday, June 27th. Piper Sandler restated a "neutral" rating and set a $24.00 target price (down previously from $25.00) on shares of Kite Realty Group Trust in a report on Monday, August 4th. UBS Group started coverage on Kite Realty Group Trust in a report on Tuesday, July 1st. They set a "neutral" rating and a $24.00 target price on the stock. Finally, Raymond James Financial decreased 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 report on Friday, May 23rd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $27.11.

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.