Kite Realty Group Trust (NYSE:KRG) Sets New 52-Week High – Here’s Why

Kite Realty Group Trust (NYSE:KRG) shares reached a new 52-week high on Wednesday . The stock traded as high as $27.94 and last traded at $27.28, with a volume of 71212 shares. The stock had previously closed at $26.87.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on KRG. Raymond James upgraded shares of Kite Realty Group Trust from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Friday, August 16th. Wells Fargo & Company upgraded Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $23.00 to $26.00 in a report on Wednesday, August 28th. Robert W. Baird raised their price target on shares of Kite Realty Group Trust from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Piper Sandler upped their target price on Kite Realty Group Trust from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday, September 3rd. Finally, Compass Point raised their price objective on shares of Kite Realty Group Trust from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.00.

Kite Realty Group Trust Stock Up 0.1 %

The company has a 50 day moving average of $26.11 and a 200-day moving average of $23.87. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.08 and a quick ratio of 3.08. The company has a market cap of $5.91 billion, a P/E ratio of -671.75, a price-to-earnings-growth ratio of 3.93 and a beta of 1.29.

Kite Realty Group Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be given a dividend of $0.27 per share. The ex-dividend date is Thursday, January 9th. This is a positive change from Kite Realty Group Trust’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 4.01%. Kite Realty Group Trust’s dividend payout ratio is -2,600.00%.

Insider Buying and Selling

In related news, Director Steven P. Grimes sold 37,295 shares of Kite Realty Group Trust stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $26.80, for a total transaction of $999,506.00. Following the completion of the transaction, the director now directly owns 732,252 shares of the company’s stock, valued at $19,624,353.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Kite Realty Group Trust

Institutional investors have recently made changes to their positions in the stock. Land & Buildings Investment Management LLC purchased a new position in shares of Kite Realty Group Trust in the second quarter worth approximately $22,277,000. Vanguard Group Inc. increased its stake in Kite Realty Group Trust by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 33,597,373 shares of the real estate investment trust’s stock worth $728,391,000 after buying an additional 881,502 shares in the last quarter. APG Asset Management US Inc. purchased a new stake in Kite Realty Group Trust during the 2nd quarter valued at approximately $16,665,000. F M Investments LLC purchased a new position in shares of Kite Realty Group Trust in the second quarter worth $10,164,000. Finally, Lighthouse Investment Partners LLC boosted its position in shares of Kite Realty Group Trust by 157.9% during the second quarter. Lighthouse Investment Partners LLC now owns 735,000 shares of the real estate investment trust’s stock worth $16,449,000 after acquiring an additional 450,000 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company’s stock.

Kite Realty Group Trust Company 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.