Zimmer Partners LP Buys New Stake 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 position in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 87,500 shares of the real estate investment trust's stock, valued at approximately $1,957,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. M&T Bank Corp grew its position in Kite Realty Group Trust by 52.5% during the 1st quarter. M&T Bank Corp now owns 55,597 shares of the real estate investment trust's stock worth $1,244,000 after purchasing an additional 19,132 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Kite Realty Group Trust by 332.4% during 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 purchasing an additional 1,160,694 shares in the last quarter. GAMMA Investing LLC grew its position in Kite Realty Group Trust by 1,523.9% during the 1st quarter. GAMMA Investing LLC now owns 77,736 shares of the real estate investment trust's stock worth $1,739,000 after purchasing an additional 72,949 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Kite Realty Group Trust during the 1st quarter valued at $795,000. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in shares of Kite Realty Group Trust by 27.1% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 59,489 shares of the real estate investment trust's stock valued at $1,331,000 after acquiring an additional 12,696 shares in the last quarter. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Raymond James Financial lowered their price target 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. Piper Sandler restated a "neutral" rating and set a $24.00 price target (down from $25.00) on shares of Kite Realty Group Trust in a report on Monday, August 4th. Citigroup reiterated a "neutral" rating and issued a $24.00 price objective (down from $28.00) on shares of Kite Realty Group Trust in a report on Friday. Wall Street Zen cut shares of Kite Realty Group Trust from a "hold" rating to a "sell" rating in a report on Friday, September 5th. Finally, 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 objective for the company. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $26.50.

Kite Realty Group Trust Stock Performance

Kite Realty Group Trust stock traded up $0.13 on Monday, reaching $22.66. 589,459 shares of the stock were exchanged, compared to its average volume of 1,860,047. The stock has a market cap of $4.98 billion, a PE ratio of 28.68, a PEG ratio of 6.24 and a beta of 1.13. 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 twelve month low of $18.51 and a twelve month high of $28.24. The firm has a fifty day moving average price of $22.33 and a two-hundred day moving average price of $22.18.

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 for the quarter, hitting analysts' consensus estimates of $0.51. The firm had revenue of $211.18 million during the quarter, compared to analyst estimates of $211.74 million. Kite Realty Group Trust had a net margin of 20.14% and a return on equity of 5.21%. Kite Realty Group Trust has set its FY 2025 guidance at 2.060-2.100 EPS. Sell-side analysts anticipate that Kite Realty Group Trust will post 2.05 EPS for the current year.

Kite Realty Group Trust Dividend Announcement

The business also recently disclosed 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 4.8%. Kite Realty Group Trust's dividend payout ratio is currently 136.71%.

Insider Activity at Kite Realty Group Trust

In other news, CEO John A. Kite sold 50,000 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $22.70, for a total transaction of $1,135,000.00. Following the completion of the transaction, the chief executive officer owned 54,121 shares of the company's stock, valued at approximately $1,228,546.70. This represents a 48.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.00% of the company's stock.

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.