Vision Capital Corp Takes $12.30 Million Position 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 position in Kite Realty Group Trust (NYSE:KRG - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 550,000 shares of the real estate investment trust's stock, valued at approximately $12,304,000. Kite Realty Group Trust accounts for about 2.8% of Vision Capital Corp's holdings, making the stock its 9th largest position. Vision Capital Corp owned 0.25% of Kite Realty Group Trust as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Centersquare Investment Management LLC boosted its holdings in 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 worth $133,327,000 after buying an additional 3,408,442 shares during the period. Millennium Management LLC lifted its stake in 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 worth $98,074,000 after purchasing an additional 567,284 shares in the last quarter. Bank of America Corp DE lifted its stake in 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 worth $95,543,000 after purchasing an additional 311,258 shares in the last quarter. Northern Trust Corp lifted its stake in 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 worth $91,466,000 after purchasing an additional 539,322 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in 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 worth $81,782,000 after purchasing an additional 15,061 shares in the last quarter. 90.81% of the stock is owned by institutional investors.

Kite Realty Group Trust Stock Up 0.3%

NYSE KRG traded up $0.07 during trading hours 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. Kite Realty Group Trust has a 52-week low of $18.51 and a 52-week high of $28.24. The firm has a market cap of $4.73 billion, a PE ratio of 27.23, a PEG ratio of 6.52 and a beta of 1.16. The firm has a 50-day simple moving average of $22.38 and a 200 day simple moving average of $22.21. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.70 and a quick ratio of 1.70.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last issued its quarterly 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. 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 during the quarter, compared to analysts' expectations of $211.74 million. Sell-side analysts anticipate that Kite Realty Group Trust will post 2.05 EPS for the current fiscal year.

Kite Realty Group Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Shareholders 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 annualized dividend and a yield of 5.0%. Kite Realty Group Trust's payout ratio is 136.71%.

Wall Street Analyst Weigh In

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

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.