Wells Fargo & Company Cuts Kite Realty Group Trust (NYSE:KRG) Price Target to $24.00

Kite Realty Group Trust (NYSE:KRG) had its target price cut by Wells Fargo & Company from $26.00 to $24.00 in a research note released on Wednesday morning, Marketbeat.com reports. They currently have an equal weight rating on the real estate investment trust’s stock.

A number of other brokerages have also commented on KRG. JPMorgan Chase & Co. decreased their target price on Kite Realty Group Trust from $30.00 to $27.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Piper Sandler restated a “neutral” rating and set a $25.00 price objective (down previously from $33.00) on shares of Kite Realty Group Trust in a report on Thursday, February 13th. Raymond James cut their target price on Kite Realty Group Trust from $31.00 to $28.00 and set a “strong-buy” rating on the stock in a report on Monday, March 10th. Finally, Jefferies Financial Group lowered shares of Kite Realty Group Trust from a “buy” rating to a “hold” rating and decreased their price target for the company from $31.00 to $27.00 in a research note on Thursday, January 2nd. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Kite Realty Group Trust has a consensus rating of “Moderate Buy” and a consensus price target of $27.88.

Kite Realty Group Trust Price Performance

Shares of NYSE KRG opened at $22.27 on Wednesday. The company has a market capitalization of $4.89 billion, a PE ratio of 1,113.50, a P/E/G ratio of 3.57 and a beta of 1.30. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.97. Kite Realty Group Trust has a twelve month low of $19.64 and a twelve month high of $28.24. The firm has a fifty day simple moving average of $22.73 and a 200 day simple moving average of $24.85.

Kite Realty Group Trust (NYSE:KRG) last announced its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.45. Kite Realty Group Trust had a return on equity of 0.12% and a net margin of 0.48%. On average, sell-side analysts forecast that Kite Realty Group Trust will post 2.05 EPS for the current year.

Kite Realty Group Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 16th. Stockholders of record on Wednesday, April 9th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Wednesday, April 9th. This represents a $1.08 annualized dividend and a dividend yield of 4.85%. Kite Realty Group Trust’s payout ratio is 5,400.00%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Kite Realty Group Trust during the 4th quarter worth $91,335,000. Centersquare Investment Management LLC purchased a new stake in shares of Kite Realty Group Trust in the fourth quarter worth $64,403,000. JPMorgan Chase & Co. grew its holdings in shares of Kite Realty Group Trust by 23.3% during the fourth quarter. JPMorgan Chase & Co. now owns 12,215,421 shares of the real estate investment trust’s stock worth $308,317,000 after purchasing an additional 2,308,613 shares in the last quarter. Aew Capital Management L P bought a new position in shares of Kite Realty Group Trust in the 4th quarter worth $31,663,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Kite Realty Group Trust by 432.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,361,062 shares of the real estate investment trust’s stock valued at $36,150,000 after purchasing an additional 1,105,539 shares during the last quarter. 90.81% of the stock is owned by institutional investors.

About Kite Realty Group Trust

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.