Sumitomo Mitsui Trust Group Inc. Acquires 124,864 Shares of Kite Realty Group Trust $KRG

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Kite Realty Group Trust (KRG) by 124,864 shares in Q4, bringing its total to 2,135,421 shares (about 0.99% of the company) worth roughly $51.19 million.
• Kite declared a quarterly dividend of $0.29 per share (annualized $1.16), a ~4.5% yield, with an ex-dividend date of April 9 and payment on April 16.
• Analyst sentiment is mixed: the stock has an average rating of "Hold" with an average target of $26.38, though several firms raised targets into the $25–$28 range and Wells Fargo rated it Overweight.

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) by 6.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,135,421 shares of the real estate investment trust's stock after acquiring an additional 124,864 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.99% of Kite Realty Group Trust worth $51,186,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in KRG. Harbor Capital Advisors Inc. grew its holdings in Kite Realty Group Trust by 54.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,305 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 462 shares in the last quarter. First Horizon Corp bought a new position in Kite Realty Group Trust during the 3rd quarter worth about $30,000. EverSource Wealth Advisors LLC grew its holdings in Kite Realty Group Trust by 118.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,365 shares of the real estate investment trust's stock worth $31,000 after acquiring an additional 740 shares in the last quarter. Smallwood Wealth Investment Management LLC grew its holdings in Kite Realty Group Trust by 57.9% during the 3rd quarter. Smallwood Wealth Investment Management LLC now owns 1,748 shares of the real estate investment trust's stock worth $39,000 after acquiring an additional 641 shares in the last quarter. Finally, Danske Bank A S bought a new position in Kite Realty Group Trust during the 3rd quarter worth about $49,000. 90.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

KRG has been the topic of several recent research reports. Weiss Ratings upgraded shares of Kite Realty Group Trust from a "hold (c)" rating to a "buy (b-)" rating in a report on Wednesday, February 18th. Robert W. Baird increased their target price on shares of Kite Realty Group Trust from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Wednesday, February 18th. Citigroup reiterated a "neutral" rating and set a $27.00 target price (up from $24.00) on shares of Kite Realty Group Trust in a report on Tuesday, February 24th. UBS Group reiterated a "neutral" rating and set a $25.00 target price (up from $24.00) on shares of Kite Realty Group Trust in a report on Thursday, January 8th. Finally, Wells Fargo & Company increased their target price on shares of Kite Realty Group Trust from $25.00 to $28.00 and gave the stock an "overweight" rating in a report on Thursday, March 19th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $26.38.

Kite Realty Group Trust Stock Performance

KRG stock opened at $25.77 on Thursday. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 4.65 and a beta of 0.88. The firm has a 50-day simple moving average of $25.25 and a two-hundred day simple moving average of $23.75. Kite Realty Group Trust has a one year low of $20.78 and a one year high of $26.38. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.74 and a current ratio of 0.74.

Kite Realty Group Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 16th. Shareholders of record on Thursday, April 9th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Thursday, April 9th. Kite Realty Group Trust's dividend payout ratio is presently 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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