Vision Capital Corp Invests $12.30 Million in Kite Realty Group Trust (NYSE:KRG)

Key Points

• Vision Capital Corp acquired 550,000 shares of Kite Realty Group Trust, valued at approximately $12.3 million, making KRG its 9th largest holding.
• Kite Realty Group Trust reported quarterly earnings of $0.51 per share, matching consensus estimates, and announced a quarterly dividend of $0.27 per share with a yield of 5.1%.
• Institutional investors own 90.81% of Kite Realty Group Trust, with notable acquisitions in the first quarter from several hedge funds.

Vision Capital Corp acquired a new stake in Kite Realty Group Trust (NYSE:KRG - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 550,000 shares of the real estate investment trust's stock, valued at approximately $12,304,000. Kite Realty Group Trust makes up about 2.8% of Vision Capital Corp's portfolio, making the stock its 9th largest holding. Vision Capital Corp owned approximately 0.25% of Kite Realty Group Trust at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in KRG. M&T Bank Corp lifted its stake in shares of 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 purchasing an additional 19,132 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in Kite Realty Group Trust by 332.4% during the first 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 purchasing an additional 1,160,694 shares during the period. GAMMA Investing LLC lifted its position in shares of Kite Realty Group Trust by 1,523.9% during the first quarter. GAMMA Investing LLC now owns 77,736 shares of the real estate investment trust's stock worth $1,739,000 after acquiring an additional 72,949 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Kite Realty Group Trust in the first quarter worth $795,000. Finally, Hennion & Walsh Asset Management Inc. raised its position in shares of Kite Realty Group Trust by 27.1% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 59,489 shares of the real estate investment trust's stock worth $1,331,000 after buying an additional 12,696 shares in the last quarter. 90.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on KRG shares. Wall Street Zen cut Kite Realty Group Trust from a "buy" rating to a "hold" rating in a research note on Friday, June 27th. UBS Group began coverage on Kite Realty Group Trust in a research report on Tuesday, July 1st. They issued a "neutral" rating and a $24.00 price target on the stock. Piper Sandler restated a "neutral" rating and issued a $24.00 price objective (down from $25.00) on shares of Kite Realty Group Trust in a report on Monday, August 4th. Finally, Raymond James Financial decreased their target price on shares of 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. Seven equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $27.11.

Kite Realty Group Trust Trading Up 0.3%

Shares of NYSE:KRG traded up $0.07 during trading on Friday, reaching $21.51. The company's stock had a trading volume of 1,040,012 shares, compared to its average volume of 1,705,944. 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 12 month low of $18.51 and a 12 month high of $28.24. The firm's 50 day simple moving average is $22.38 and its two-hundred day simple moving average is $22.22. The stock has a market capitalization of $4.73 billion, a PE 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 posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share for the quarter, hitting analysts' consensus estimates of $0.51. Kite Realty Group Trust had a net margin of 20.14% and a return on equity of 5.21%. The company had revenue of $211.18 million for the quarter, compared to analyst estimates of $211.74 million. On average, research analysts predict that Kite Realty Group Trust will post 2.05 EPS for the current fiscal year.

Kite Realty Group Trust Dividend Announcement

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 given a dividend of $0.27 per share. 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 dividend payout ratio (DPR) is 136.71%.

Kite Realty Group Trust Company 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.