Kennedy Capital Management Inc. trimmed its stake in Kite Realty Group Trust (NYSE:KRG) by 13.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 395,318 shares of the real estate investment trust’s stock after selling 62,985 shares during the quarter. Kennedy Capital Management Inc. owned approximately 0.47% of Kite Realty Group Trust worth $7,748,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Zions Bancorporation bought a new position in shares of Kite Realty Group Trust in the 3rd quarter valued at $111,000. Cetera Advisors LLC acquired a new position in Kite Realty Group Trust during the 3rd quarter worth about $223,000. Schroder Investment Management Group acquired a new position in shares of Kite Realty Group Trust in the 3rd quarter valued at about $223,000. Nisa Investment Advisors LLC lifted its stake in shares of Kite Realty Group Trust by 80.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 14,600 shares of the real estate investment trust’s stock valued at $286,000 after purchasing an additional 6,500 shares during the period. Finally, Sheaff Brock Investment Advisors LLC acquired a new position in shares of Kite Realty Group Trust in the 3rd quarter valued at about $296,000. 95.50% of the stock is owned by institutional investors.
In related news, Director Charles H. Wurtzebach bought 6,600 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were acquired at an average cost of $14.65 per share, for a total transaction of $96,690.00. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO John A. Kite sold 17,000 shares of the stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $20.09, for a total transaction of $341,530.00. Following the transaction, the chief executive officer now owns 52,712 shares in the company, valued at $1,058,984.08. The disclosure for this sale can be found here. 1.87% of the stock is currently owned by corporate insiders.
Kite Realty Group Trust (NYSE:KRG) last released its earnings results on Thursday, February 1st. The real estate investment trust reported $0.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.50. The company had revenue of $88.90 million for the quarter, compared to analysts’ expectations of $89.14 million. Kite Realty Group Trust had a net margin of 3.31% and a return on equity of 0.74%. Kite Realty Group Trust’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.50 EPS. equities analysts predict that Kite Realty Group Trust will post 2.01 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, April 6th will be given a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 8.28%. The ex-dividend date is Thursday, April 5th. Kite Realty Group Trust’s dividend payout ratio is 907.14%.
A number of brokerages have commented on KRG. Barclays reissued a “buy” rating and set a $20.00 price objective on shares of Kite Realty Group Trust in a report on Thursday, March 8th. Citigroup lowered their price objective on Kite Realty Group Trust from $20.50 to $16.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. Capital One Financial raised Kite Realty Group Trust from an “equal weight” rating to an “overweight” rating in a research note on Monday, February 5th. DA Davidson cut Kite Realty Group Trust from a “buy” rating to a “neutral” rating and set a $16.00 price objective on the stock. in a research note on Monday, February 5th. Finally, Bank of America cut Kite Realty Group Trust from a “buy” rating to a “neutral” rating in a research note on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $20.00.
About Kite Realty Group Trust
Kite Realty Group Trust is a real estate investment trust. The Company, through its subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of neighborhood and community shopping centers in selected markets in the United States.
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