Kite Realty Group Trust (NYSE:KRG) Stock: Insider John Kite Sells 34,492 Shares

Key Points

• CEO John Kite sold 34,492 shares for about $890,239, reducing his ownership by 63.73% to 19,629 shares.
• Kite Realty reported quarterly EPS of -$0.07, missing analysts’ $0.08 estimate, and revenue of $190.28 million, below expectations of $195.62 million.
• The REIT announced a quarterly dividend of $0.29 per share, equivalent to an annualized yield of 4.5%. Analysts’ consensus rating was “Hold,” with an average price target of $27.91.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) CEO John Kite sold 34,492 shares of the business's stock in a transaction dated Thursday, November 12th. The stock was sold at an average price of $25.81, for a total transaction of $890,238.52. Following the completion of the sale, the chief executive officer owned 19,629 shares in the company, valued at $506,624.49. This represents a 63.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Kite Realty Group Trust Price Performance

NYSE KRG traded down $0.11 during trading hours on Friday, reaching $25.58. The company's stock had a trading volume of 1,555,542 shares, compared to its average volume of 2,144,970. The stock has a market cap of $5.06 billion, a PE ratio of 15.79, a PEG ratio of 4.67 and a beta of 0.90. Kite Realty Group Trust has a fifty-two week low of $21.89 and a fifty-two week high of $29.92. The company's 50-day moving average is $25.01 and its two-hundred day moving average is $26.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.92 and a current ratio of 0.92.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last announced its earnings results on Friday, October 30th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.15). Kite Realty Group Trust had a return on equity of 11.78% and a net margin of 42.95%. The business had revenue of $190.28 million for the quarter, compared to analyst estimates of $195.62 million. Analysts forecast that Kite Realty Group Trust will post 2.10 EPS for the current year.

Kite Realty Group Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Saturday, January 9th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Friday, January 8th. This represents a $1.16 dividend on an annualized basis and a yield of 4.5%. Kite Realty Group Trust's dividend payout ratio is presently 71.60%.

Hedge Funds Weigh In On Kite Realty Group Trust

Institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its stake in Kite Realty Group Trust by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,200,466 shares of the real estate investment trust's stock worth $78,572,000 after acquiring an additional 10,289 shares during the period. Bank of New York Mellon Corp acquired a new position in Kite Realty Group Trust in the 2nd quarter valued at $44,463,000. Candriam S.C.A. lifted its stake in shares of Kite Realty Group Trust by 172.7% during the 3rd quarter. Candriam S.C.A. now owns 1,265,726 shares of the real estate investment trust's stock worth $30,984,000 after purchasing an additional 801,541 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Kite Realty Group Trust by 499.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,251,733 shares of the real estate investment trust's stock worth $30,730,000 after purchasing an additional 1,043,075 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Kite Realty Group Trust by 52.5% during the first quarter. Principal Financial Group Inc. now owns 715,319 shares of the real estate investment trust's stock worth $17,561,000 after purchasing an additional 246,285 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on KRG shares. UBS Group increased their target price on Kite Realty Group Trust from $26.00 to $27.00 and gave the company a "neutral" rating in a report on Wednesday. Bank of America cut Kite Realty Group Trust from a "buy" rating to a "neutral" rating and cut their price target for the stock from $31.00 to $28.00 in a report on Friday. Truist Financial set a $27.00 price objective on Kite Realty Group Trust and gave the company a "hold" rating in a research report on Thursday, October 1st. Wall Street Zen lowered Kite Realty Group Trust from a "hold" rating to a "sell" rating in a research note on Saturday, October 31st. Finally, Weiss Ratings cut Kite Realty Group Trust from a "buy (b-)" rating to a "hold (c)" rating in a research report on Monday, November 2nd. Two research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $27.91.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust is a real estate investment trust that owns, operates, and develops open-air shopping centers and mixed-use properties. Its portfolio includes neighborhood and community centers, many of which are anchored by grocery stores and other essential retailers. The company leases space to retailers and service businesses and works to manage, maintain, and redevelop its properties. Its centers serve communities in Sun Belt markets and other selected regions across the United States.

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