Zimmer Partners LP Makes New $1.96 Million Investment in Kite Realty Group Trust $KRG

Key Points

• Zimmer Partners LP has invested approximately $1.96 million in Kite Realty Group Trust, acquiring 87,500 shares during the first quarter.
• Kite Realty Group Trust announced a quarterly dividend of $0.27, providing a 4.7% yield, with the ex-dividend date on October 9th.
• The stock has an average analyst rating of "Hold" with a consensus target price of $26.78, as several firms have changed their ratings recently.

Zimmer Partners LP acquired a new stake in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund acquired 87,500 shares of the real estate investment trust's stock, valued at approximately $1,957,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KRG. Centersquare Investment Management LLC raised its stake in shares of Kite Realty Group Trust by 133.6% during 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 purchasing an additional 3,408,442 shares during the period. Nuveen LLC bought a new stake in shares of Kite Realty Group Trust during the 1st quarter valued at $70,071,000. Long Pond Capital LP bought a new stake in shares of Kite Realty Group Trust during the 1st quarter valued at $60,616,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Kite Realty Group Trust by 332.4% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,509,886 shares of the real estate investment trust's stock worth $33,776,000 after acquiring an additional 1,160,694 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in Kite Realty Group Trust in the 1st quarter worth about $24,727,000. 90.81% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO John A. Kite sold 50,000 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $22.70, for a total transaction of $1,135,000.00. Following the completion of the sale, the chief executive officer directly owned 54,121 shares in the company, valued at $1,228,546.70. This represents a 48.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.50% of the stock is owned by corporate insiders.

Kite Realty Group Trust Price Performance

Shares of Kite Realty Group Trust stock traded down $0.17 during trading on Friday, hitting $22.56. 1,934,112 shares of the stock traded hands, compared to its average volume of 1,497,176. The stock has a market cap of $4.96 billion, a price-to-earnings ratio of 28.55, a PEG ratio of 6.30 and a beta of 1.13. Kite Realty Group Trust has a 52 week low of $18.51 and a 52 week high of $28.24. The firm's fifty day moving average is $22.33 and its 200-day moving average is $22.18. 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 issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share for the quarter, meeting the consensus estimate of $0.51. The company had revenue of $211.18 million during the quarter, compared to analysts' expectations of $211.74 million. Kite Realty Group Trust had a return on equity of 5.21% and a net margin of 20.14%. Kite Realty Group Trust has set its FY 2025 guidance at 2.060-2.100 EPS. Research analysts expect that Kite Realty Group Trust will post 2.05 EPS for the current fiscal year.

Kite Realty Group Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Investors of record on Thursday, October 9th will be issued a dividend of $0.27 per share. The ex-dividend date is Thursday, October 9th. This represents a $1.08 annualized dividend and a yield of 4.8%. Kite Realty Group Trust's dividend payout ratio is currently 136.71%.

Analysts Set New Price Targets

A number of brokerages have weighed in on KRG. Piper Sandler restated 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. Raymond James Financial decreased their target price on Kite Realty Group Trust from $28.00 to $26.00 and set a "strong-buy" rating on the stock in a research note on Friday, May 23rd. Citigroup restated a "neutral" rating and issued a $24.00 target price (down from $28.00) on shares of Kite Realty Group Trust in a research note on Friday. UBS Group began coverage on Kite Realty Group Trust in a research note on Tuesday, July 1st. They issued a "neutral" rating and a $24.00 target price on the stock. Finally, LADENBURG THALM/SH SH began coverage on Kite Realty Group Trust in a research note on Tuesday. They issued a "buy" rating and a $30.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Kite Realty Group Trust currently has an average rating of "Hold" and an average target price of $26.50.

About Kite Realty Group Trust

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.