Key Points
- CEO John Kite sold 34,492 shares for about $890,000, reducing his direct stake by 63.73% to 19,629 shares.
- Kite Realty reported quarterly earnings of -$0.07 per share, below the $0.08 consensus estimate, and revenue of $190.28 million, also short of expectations.
- The company declared a quarterly dividend of $0.29 per share, equivalent to an annualized yield of about 4.5%; analysts’ average rating was “Hold,” with a $27.91 average price target.
Kite Realty Group Trust (NYSE:KRG - Get Free Report) CEO John Kite sold 34,492 shares of the company's stock in a transaction on Thursday, November 12th. The shares were sold at an average price of $25.81, for a total transaction of $890,238.52. Following the completion of the sale, the chief executive officer directly owned 19,629 shares of the company's stock, valued at $506,624.49. This trade represents a 63.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Kite Realty Group Trust Trading Down 0.4%
Shares of KRG stock traded down $0.11 on Friday, hitting $25.58. 1,555,542 shares of the company's stock traded hands, compared to its average volume of 2,054,375. The stock has a market capitalization of $5.06 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 4.66 and a beta of 0.90. The company's fifty day simple moving average is $25.00 and its 200 day simple moving average is $26.18. Kite Realty Group Trust has a one year low of $21.89 and a one year high of $29.92. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.92 and a current ratio of 0.92.
Kite Realty Group Trust (NYSE:KRG - Get Free Report) last posted its quarterly earnings results on Friday, October 30th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.15). The business had revenue of $190.28 million during the quarter, compared to the consensus estimate of $195.62 million. Kite Realty Group Trust had a return on equity of 11.78% and a net margin of 42.95%. Equities analysts forecast that Kite Realty Group Trust will post 2.10 EPS for the current year.
Kite Realty Group Trust Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Saturday, January 9th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, January 8th. Kite Realty Group Trust's dividend payout ratio (DPR) is 71.60%.
Institutional Investors Weigh In On Kite Realty Group Trust
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new stake in Kite Realty Group Trust during the 3rd quarter valued at $26,000. Bessemer Group Inc. grew its holdings in Kite Realty Group Trust by 44.4% in the 1st quarter. Bessemer Group Inc. now owns 1,519 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 467 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in Kite Realty Group Trust in the 2nd quarter worth $37,000. Fulcrum Asset Management LLP grew its holdings in Kite Realty Group Trust by 3,419.0% in the 3rd quarter. Fulcrum Asset Management LLP now owns 1,478 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 1,436 shares during the last quarter. Finally, DiPaolo Financial Group Inc. bought a new stake in Kite Realty Group Trust in the 3rd quarter worth $43,000. 90.81% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research firms have recently commented on KRG. National Bank Financial set a $28.00 price objective on Kite Realty Group Trust in a report on Friday. UBS Group increased their target price on Kite Realty Group Trust from $26.00 to $27.00 and gave the company a "neutral" rating in a report on Wednesday. Wall Street Zen lowered Kite Realty Group Trust from a "hold" rating to a "sell" rating in a research report on Saturday, October 31st. Piper Sandler restated a "neutral" rating and set a $27.00 price target (down from $33.00) on shares of Kite Realty Group Trust in a research report on Monday, October 12th. Finally, Weiss Ratings cut Kite Realty Group Trust from a "buy (b-)" rating to a "hold (c)" rating in a research note on Monday, November 2nd. Two investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $27.91.
View Our Latest Research Report on Kite Realty Group Trust
Kite Realty Group Trust Company Profile
(
Get Free Report)
Kite Realty Group Trust is a real estate investment trust that owns, operates, and develops open-air shopping centers and mixed-use properties. Its portfolio includes neighborhood and community centers, many of which are anchored by grocery stores and other essential retailers. The company leases space to retailers and service businesses and works to manage, maintain, and redevelop its properties. Its centers serve communities in Sun Belt markets and other selected regions across the United States.
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