Vanguard Group Inc. Decreases Stock Holdings in Kite Realty Group Trust (NYSE:KRG)

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. trimmed its position in Kite Realty Group Trust (NYSE:KRG - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 15.15% of Kite Realty Group Trust worth $744,773,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Smallwood Wealth Investment Management LLC purchased a new position in shares of Kite Realty Group Trust in the first quarter worth $25,000. Opal Wealth Advisors LLC bought a new stake in Kite Realty Group Trust in the first quarter valued at $25,000. Optiver Holding B.V. boosted its holdings in Kite Realty Group Trust by 19.9% in the fourth quarter. Optiver Holding B.V. now owns 2,813 shares of the real estate investment trust's stock valued at $71,000 after acquiring an additional 467 shares in the last quarter. FIL Ltd boosted its holdings in Kite Realty Group Trust by 19.8% in the fourth quarter. FIL Ltd now owns 3,500 shares of the real estate investment trust's stock valued at $88,000 after acquiring an additional 579 shares in the last quarter. Finally, CX Institutional bought a new stake in Kite Realty Group Trust in the first quarter valued at $79,000. 90.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

KRG has been the topic of several recent analyst reports. 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. UBS Group started coverage on shares of Kite Realty Group Trust in a report on Tuesday, July 1st. They issued a "neutral" rating and a $24.00 price target on the stock. Raymond James Financial dropped 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. Finally, Wall Street Zen cut shares of Kite Realty Group Trust from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Seven investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $27.11.

Kite Realty Group Trust Stock Up 0.3%

Shares of KRG stock traded up $0.07 during mid-day trading on Friday, reaching $21.51. 1,040,012 shares of the company's stock traded hands, compared to its average volume of 1,705,944. The company has a market cap of $4.73 billion, a P/E ratio of 27.23, a P/E/G ratio of 6.52 and a beta of 1.16. The company's 50-day moving average price is $22.38 and its 200-day moving average price is $22.21. Kite Realty Group Trust has a 12 month low of $18.51 and a 12 month high of $28.24. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.91.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.51. The company had revenue of $211.18 million for the quarter, compared to analysts' expectations of $211.74 million. Kite Realty Group Trust had a net margin of 20.14% and a return on equity of 5.21%. On average, equities analysts expect that Kite Realty Group Trust will post 2.05 earnings per share for the current fiscal year.

Kite Realty Group Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 16th. Investors of record on Thursday, October 9th will be paid a $0.27 dividend. The ex-dividend date is Thursday, October 9th. This represents a $1.08 dividend on an annualized basis and a 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.