Kite Realty Group Trust (NYSE:KRG) Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Kite Realty Group Trust by 0.6%, selling 213,261 shares, and now owns 15.15% of the company, valued at approximately $744.77 million.
• Despite the reduction from Vanguard, other institutional investors have increased their holdings, with several firms boosting their positions significantly in recent quarters.
• Kite Realty Group Trust will pay a quarterly dividend of $0.27 on October 16th, 2023, with a 5.1% dividend yield and a reported payout ratio of 136.71%.

Vanguard Group Inc. reduced its position in Kite Realty Group Trust (NYSE:KRG - Free Report) by 0.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,293,387 shares of the real estate investment trust's stock after selling 213,261 shares during the quarter. Vanguard Group Inc. owned approximately 15.15% of Kite Realty Group Trust worth $744,773,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of KRG. Centersquare Investment Management LLC boosted its stake in shares of Kite Realty Group Trust by 133.6% in the 1st quarter. Centersquare Investment Management LLC now owns 5,960,072 shares of the real estate investment trust's stock valued at $133,327,000 after buying an additional 3,408,442 shares during the period. Millennium Management LLC boosted its stake in shares of Kite Realty Group Trust by 17.1% in the 4th quarter. Millennium Management LLC now owns 3,885,650 shares of the real estate investment trust's stock valued at $98,074,000 after buying an additional 567,284 shares during the period. Bank of America Corp DE boosted its stake in shares of Kite Realty Group Trust by 9.0% in the 4th quarter. Bank of America Corp DE now owns 3,785,395 shares of the real estate investment trust's stock valued at $95,543,000 after buying an additional 311,258 shares during the period. Northern Trust Corp boosted its stake in shares of Kite Realty Group Trust by 17.5% in the 4th quarter. Northern Trust Corp now owns 3,623,860 shares of the real estate investment trust's stock valued at $91,466,000 after buying an additional 539,322 shares during the period. Finally, Nuveen Asset Management LLC boosted its stake in shares of Kite Realty Group Trust by 0.5% in the 4th quarter. Nuveen Asset Management LLC now owns 3,240,179 shares of the real estate investment trust's stock valued at $81,782,000 after buying an additional 15,061 shares during the period. 90.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on KRG shares. Piper Sandler reiterated a "neutral" rating and issued a $24.00 price objective (down previously from $25.00) on shares of Kite Realty Group Trust in a research note on Monday, August 4th. Raymond James Financial decreased their target price on Kite Realty Group Trust from $28.00 to $26.00 and set a "strong-buy" rating for the company in a research note on Friday, May 23rd. UBS Group assumed coverage on Kite Realty Group Trust in a research note on Tuesday, July 1st. They set a "neutral" rating and a $24.00 target price for the company. Finally, Wall Street Zen cut Kite Realty Group Trust from a "buy" rating to a "hold" rating in a research note on Friday, June 27th. Seven analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Kite Realty Group Trust has an average rating of "Hold" and a consensus target price of $27.11.

Kite Realty Group Trust Stock Performance

NYSE KRG traded up $0.07 on Friday, reaching $21.51. The stock had a trading volume of 1,040,012 shares, compared to its average volume of 1,705,944. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.70 and a current ratio of 1.70. Kite Realty Group Trust has a 12-month low of $18.51 and a 12-month high of $28.24. The business's 50-day moving average price is $22.38 and its 200 day moving average price is $22.22. The stock has a market cap of $4.73 billion, a P/E ratio of 27.23, a price-to-earnings-growth ratio of 6.50 and a beta of 1.16.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.51. The business had revenue of $211.18 million for 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%. As a group, equities analysts expect that Kite Realty Group Trust will post 2.05 earnings per share for the current year.

Kite Realty Group Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Stockholders of record on Thursday, October 9th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Thursday, October 9th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 5.0%. Kite Realty Group Trust's payout ratio is presently 136.71%.

Kite Realty Group Trust 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.