Kite Realty Group Trust (NYSE:KRG) Sets New 1-Year High - Time to Buy?

Key Points

• Kite Realty Group Trust shares hit a new 52-week high of $26.48 on Friday, with roughly 400,938 shares changing hands and the last trade at $26.4870.
• Analyst coverage is mixed: MarketBeat shows a consensus "Hold" with an average target price of $26.38, three Buy and six Hold ratings, and several firms recently raising price targets (Wells Fargo to $28, Citi to $27).
• The company paid a quarterly dividend of $0.29 (annualized $1.16), representing a 4.3% yield and a dividend payout ratio of 84.06%.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) shares hit a new 52-week high during trading on Friday . The stock traded as high as $26.48 and last traded at $26.4870, with a volume of 400938 shares changing hands. The stock had previously closed at $25.99.

Analysts Set New Price Targets

Several analysts have commented on the company. UBS Group reissued a "neutral" rating and issued a $25.00 price objective (up from $24.00) on shares of Kite Realty Group Trust in a report on Thursday, January 8th. Citigroup reissued a "neutral" rating and issued a $27.00 price objective (up from $24.00) on shares of Kite Realty Group Trust in a report on Tuesday, February 24th. Wall Street Zen raised Kite Realty Group Trust from a "sell" rating to a "hold" rating in a report on Saturday, February 21st. Wells Fargo & Company raised their price objective on Kite Realty Group Trust from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Thursday, March 19th. Finally, Robert W. Baird raised their price objective on Kite Realty Group Trust from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Wednesday, February 18th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $26.38.

Kite Realty Group Trust Stock Performance

The firm has a market cap of $5.42 billion, a PE ratio of 19.35, a P/E/G ratio of 4.67 and a beta of 0.88. The firm has a 50-day moving average price of $25.28 and a two-hundred day moving average price of $23.76. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.98.

Kite Realty Group Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 16th. Stockholders of record on Thursday, April 9th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Thursday, April 9th. Kite Realty Group Trust's dividend payout ratio (DPR) is 84.06%.

Hedge Funds Weigh In On Kite Realty Group Trust

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cohen & Steers Inc. lifted its position in shares of Kite Realty Group Trust by 26.3% in the fourth quarter. Cohen & Steers Inc. now owns 26,315,631 shares of the real estate investment trust's stock valued at $630,805,000 after acquiring an additional 5,486,116 shares in the last quarter. Centersquare Investment Management LLC lifted its position in shares of Kite Realty Group Trust by 1.3% in the fourth quarter. Centersquare Investment Management LLC now owns 8,236,790 shares of the real estate investment trust's stock valued at $197,436,000 after acquiring an additional 105,830 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Kite Realty Group Trust by 6.9% in the third quarter. Bank of America Corp DE now owns 6,368,129 shares of the real estate investment trust's stock valued at $142,009,000 after acquiring an additional 411,465 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Kite Realty Group Trust by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,812,897 shares of the real estate investment trust's stock valued at $91,395,000 after acquiring an additional 93,580 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Kite Realty Group Trust by 5.3% in the third quarter. Dimensional Fund Advisors LP now owns 3,275,968 shares of the real estate investment trust's stock valued at $73,052,000 after acquiring an additional 165,889 shares in the last quarter. Hedge funds and other institutional investors own 90.81% of the company's stock.

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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