Thornburg Investment Management Inc. Sells 341,664 Shares of Kite Realty Group Trust $KRG

Key Points

• Thornburg Investment Management sharply reduced its stake in Kite Realty Group Trust by 96.9% in the fourth quarter, selling 341,664 shares and leaving it with 11,077 shares valued at about $266,000.
• Analysts remain mixed on KRG: several firms raised price targets, but the stock still carries an overall Hold rating with an average target price of $27.43.
• Kite Realty Group Trust recently reported Q1 earnings of $0.06 per share, missing estimates, while announcing a quarterly dividend of $0.29 per share for a 4.0% yield.

Thornburg Investment Management Inc. cut its holdings in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) by 96.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,077 shares of the real estate investment trust's stock after selling 341,664 shares during the period. Thornburg Investment Management Inc.'s holdings in Kite Realty Group Trust were worth $266,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Cohen & Steers Inc. boosted its stake in shares of Kite Realty Group Trust by 26.3% during the fourth quarter. Cohen & Steers Inc. now owns 26,315,631 shares of the real estate investment trust's stock valued at $630,805,000 after purchasing an additional 5,486,116 shares in the last quarter. Centersquare Investment Management LLC boosted its stake in Kite Realty Group Trust by 1.3% in the fourth quarter. Centersquare Investment Management LLC now owns 8,236,790 shares of the real estate investment trust's stock valued at $197,436,000 after acquiring an additional 105,830 shares in the last quarter. Bank of America Corp DE boosted its stake in Kite Realty Group Trust by 6.9% in the third quarter. Bank of America Corp DE now owns 6,368,129 shares of the real estate investment trust's stock valued at $142,009,000 after acquiring an additional 411,465 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Kite Realty Group Trust by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,812,897 shares of the real estate investment trust's stock valued at $91,395,000 after acquiring an additional 93,580 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Kite Realty Group Trust by 5.3% in the third quarter. Dimensional Fund Advisors LP now owns 3,275,968 shares of the real estate investment trust's stock valued at $73,052,000 after acquiring an additional 165,889 shares in the last quarter. 90.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

KRG has been the subject of several recent analyst reports. Robert W. Baird raised their target price on shares of Kite Realty Group Trust from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Wednesday, February 18th. Weiss Ratings raised shares of Kite Realty Group Trust from a "hold (c)" rating to a "buy (b-)" rating in a report on Wednesday, February 18th. Citigroup reaffirmed a "neutral" rating and issued a $27.00 price target (up from $24.00) on shares of Kite Realty Group Trust in a report on Tuesday, February 24th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $29.00 price target (up from $28.00) on shares of Kite Realty Group Trust in a report on Tuesday, May 26th. Finally, LADENBURG THALM/SH SH raised their price target on shares of Kite Realty Group Trust from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Wednesday, June 10th. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $27.43.

Kite Realty Group Trust Stock Down 1.5%

KRG stock opened at $28.78 on Tuesday. The firm has a market cap of $5.84 billion, a PE ratio of 21.64, a P/E/G ratio of 4.52 and a beta of 0.86. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.06 and a current ratio of 1.06. The firm's fifty day moving average is $26.61 and its 200 day moving average is $25.08. Kite Realty Group Trust has a one year low of $20.86 and a one year high of $29.40.

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). The firm had revenue of $200.70 million for the quarter, compared to analyst estimates of $198.37 million. Kite Realty Group Trust had a net margin of 34.74% and a return on equity of 9.21%. Kite Realty Group Trust has set its FY 2026 guidance at 2.060-2.120 EPS. On average, research analysts forecast that Kite Realty Group Trust will post 2.1 EPS for the current year.

Kite Realty Group Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 16th. Investors of record on Thursday, July 9th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.0%. The ex-dividend date is Thursday, July 9th. Kite Realty Group Trust's dividend payout ratio (DPR) is currently 87.22%.

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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