Modern Wealth Management LLC Invests $241,000 in Kite Realty Group Trust (NYSE:KRG)

Modern Wealth Management LLC bought a new position in shares of Kite Realty Group Trust (NYSE:KRG) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 10,226 shares of the real estate investment trust’s stock, valued at approximately $241,000.

Several other hedge funds have also modified their holdings of the stock. Aew Capital Management L P acquired a new stake in Kite Realty Group Trust during the 4th quarter worth about $31,663,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Kite Realty Group Trust by 432.7% in 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 acquiring an additional 1,105,539 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Kite Realty Group Trust in the 4th quarter valued at approximately $19,632,000. Franklin Resources Inc. boosted its stake in Kite Realty Group Trust by 51.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,982,182 shares of the real estate investment trust’s stock worth $50,684,000 after purchasing an additional 673,976 shares during the period. Finally, Sei Investments Co. grew its position in Kite Realty Group Trust by 273.7% during the 4th quarter. Sei Investments Co. now owns 622,561 shares of the real estate investment trust’s stock worth $15,713,000 after purchasing an additional 455,972 shares in the last quarter. 90.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on KRG. JPMorgan Chase & Co. reduced their target price on Kite Realty Group Trust from $30.00 to $27.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Piper Sandler reissued a “neutral” rating and issued a $25.00 price objective (down from $33.00) on shares of Kite Realty Group Trust in a research note on Thursday, February 13th. Jefferies Financial Group cut Kite Realty Group Trust from a “buy” rating to a “hold” rating and lowered their target price for the company from $31.00 to $27.00 in a research note on Thursday, January 2nd. Wells Fargo & Company reduced their price target on shares of Kite Realty Group Trust from $26.00 to $24.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, Raymond James lowered their price objective on shares of Kite Realty Group Trust from $31.00 to $28.00 and set a “strong-buy” rating on the stock in a research report on Monday, March 10th. Five analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.88.

Kite Realty Group Trust Trading Down 1.4 %

Shares of NYSE KRG opened at $22.27 on Friday. The business has a 50 day simple moving average of $22.73 and a 200 day simple moving average of $24.85. Kite Realty Group Trust has a 52 week low of $19.64 and a 52 week high of $28.24. The stock has a market cap of $4.89 billion, a price-to-earnings ratio of 1,113.50, a PEG ratio of 3.57 and a beta of 1.30. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.98 and a current ratio of 2.98.

Kite Realty Group Trust (NYSE:KRG) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $0.53 EPS for the quarter, topping the consensus estimate of $0.08 by $0.45. Kite Realty Group Trust had a net margin of 0.48% and a return on equity of 0.12%. On average, research analysts predict that Kite Realty Group Trust will post 2.05 earnings per share for the current fiscal year.

Kite Realty Group Trust Dividend Announcement

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

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.