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

Key Points

• Kite Realty Group Trust declared a quarterly dividend of $0.29 per share, payable October 16 to shareholders of record October 9. The dividend implies an annualized payout of $1.16 and a yield of approximately 4.0%.
• The current dividend payout ratio is elevated at 313.5%, meaning earnings do not presently cover the dividend; however, analysts expect next year’s earnings to support a lower projected payout ratio of 53.0%.
• Analysts have a consensus “Hold” rating on KRG, with an average price target of $29.43, slightly above its reported trading price of $28.86.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) declared a quarterly dividend on Tuesday, July 28th. Investors of record on Friday, October 9th will be paid a dividend of 0.29 per share by the real estate investment trust on Friday, October 16th. This represents a c) annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, October 9th.

Kite Realty Group Trust has raised its dividend payment by an average of 0.2%per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Kite Realty Group Trust has a dividend payout ratio of 313.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Kite Realty Group Trust to earn $2.19 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 53.0%.

Kite Realty Group Trust Price Performance

Kite Realty Group Trust stock traded up $0.01 during mid-day trading on Thursday, reaching $28.86. The company had a trading volume of 3,335,579 shares, compared to its average volume of 2,089,408. Kite Realty Group Trust has a fifty-two week low of $20.86 and a fifty-two week high of $29.92. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.05. The company has a market cap of $5.86 billion, a P/E ratio of 21.70, a P/E/G ratio of 4.09 and a beta of 0.85. The business has a fifty day simple moving average of $28.39 and a 200 day simple moving average of $26.28.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.01). Kite Realty Group Trust had a return on equity of 9.21% and a net margin of 34.74%.The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $198.37 million. On average, equities research analysts predict that Kite Realty Group Trust will post 2.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on KRG. Weiss Ratings restated a "buy (b)" rating on shares of Kite Realty Group Trust in a research report on Wednesday, July 15th. Jefferies Financial Group upgraded Kite Realty Group Trust to a "hold" rating in a research report on Friday, June 26th. Wall Street Zen lowered Kite Realty Group Trust from a "hold" rating to a "sell" rating in a research note on Saturday, May 2nd. Piper Sandler restated a "neutral" rating and set a $33.00 price target (up from $27.00) on shares of Kite Realty Group Trust in a report on Tuesday, July 21st. Finally, UBS Group reaffirmed a "neutral" rating and issued a $30.00 price objective (up from $28.00) on shares of Kite Realty Group Trust in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $29.43.

About Kite Realty Group Trust

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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