Kite Realty Group Trust (NYSE:KRG) Declares $0.29 Quarterly Dividend

Key Points

• Kite Realty declared a quarterly dividend of $0.29 per share, payable April 16 to holders of record April 9, implying a 4.7% yield.
• The dividend is currently funded at a 313.5% payout ratio (dividends exceed earnings), though analysts forecast $2.17 EPS next year which would lower the expected payout ratio to about 53.5%.
• Analyst consensus is a "Hold" with an average target of $26.38, but several firms have recently raised ratings or targets (e.g., Weiss to Buy; Wells Fargo to $28/Overweight).

Kite Realty Group Trust (NYSE:KRG - Get Free Report) announced a quarterly dividend on Saturday, February 14th. Stockholders of record on Thursday, April 9th will be given a dividend of 0.29 per share by the real estate investment trust on Thursday, April 16th. This represents a c) dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Thursday, April 9th.

Kite Realty Group Trust has raised its dividend by an average of 0.2%annually over the last three years and has increased its dividend every year for the last 4 years. Kite Realty Group Trust has a dividend payout ratio of 313.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Kite Realty Group Trust to earn $2.17 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 53.5%.

Kite Realty Group Trust Stock Down 0.3%

KRG opened at $24.61 on Tuesday. Kite Realty Group Trust has a fifty-two week low of $18.51 and a fifty-two week high of $26.38. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market capitalization of $5.00 billion, a P/E ratio of 17.84, a P/E/G ratio of 4.47 and a beta of 0.88. The stock has a fifty day moving average of $24.98 and a 200-day moving average of $23.60.

Analysts Set New Price Targets

A number of research firms have recently weighed in on KRG. Weiss Ratings raised Kite Realty Group Trust from a "hold (c)" rating to a "buy (b-)" rating in a report on Wednesday, February 18th. Wells Fargo & Company lifted their target price on Kite Realty Group Trust from $25.00 to $28.00 and gave the stock an "overweight" rating in a report on Thursday, March 19th. Wall Street Zen raised Kite Realty Group Trust from a "sell" rating to a "hold" rating in a report on Saturday, February 21st. Citigroup reissued a "neutral" rating and set a $27.00 target price (up from $24.00) on shares of Kite Realty Group Trust in a report on Tuesday, February 24th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and issued a $24.00 price target (up from $23.00) on shares of Kite Realty Group Trust in a research note on Monday, December 15th. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $26.38.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust NYSE: KRG is a real estate investment trust that specializes in the ownership, development and management of open-air retail real estate. Headquartered in Indianapolis, Indiana, the company focuses on acquiring, developing and operating community and neighborhood shopping centers, as well as mixed-use properties that accommodate national, regional and local retailers.

Established in 1994, Kite Realty has grown its portfolio through strategic development projects, targeted acquisitions and selective dispositions.

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