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

Kite Realty Group Trust (NYSE:KRG) had its price target decreased by investment analysts at Wells Fargo & Company from $26.00 to $24.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 6.67% from the stock’s current price.

Several other equities research analysts also recently weighed in on KRG. Jefferies Financial Group downgraded Kite Realty Group Trust from a “buy” rating to a “hold” rating and cut their price objective for the company from $31.00 to $27.00 in a report on Thursday, January 2nd. Raymond James reduced their price target 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. JPMorgan Chase & Co. dropped their price objective on shares of 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. Finally, Piper Sandler restated a “neutral” rating and issued a $25.00 price target (down from $33.00) on shares of Kite Realty Group Trust in a research report on Thursday, February 13th. Five investment 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.88.

Kite Realty Group Trust Stock Performance

NYSE:KRG opened at $22.50 on Wednesday. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $4.94 billion, a PE ratio of 1,125.00, a price-to-earnings-growth ratio of 3.57 and a beta of 1.30. Kite Realty Group Trust has a twelve month low of $19.64 and a twelve month high of $28.24. The stock’s 50-day simple moving average is $22.76 and its 200 day simple moving average is $24.91.

Kite Realty Group Trust (NYSE:KRG) last posted its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates 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, analysts anticipate that Kite Realty Group Trust will post 2.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. 111 Capital acquired a new stake in shares of Kite Realty Group Trust during the fourth quarter worth $364,000. Wealth Enhancement Advisory Services LLC boosted its position in Kite Realty Group Trust by 15.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,912 shares of the real estate investment trust’s stock valued at $629,000 after acquiring an additional 3,393 shares during the last quarter. Phocas Financial Corp. raised its position in shares of Kite Realty Group Trust by 95.5% in the 4th quarter. Phocas Financial Corp. now owns 285,454 shares of the real estate investment trust’s stock worth $7,205,000 after acquiring an additional 139,474 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Kite Realty Group Trust in the 4th quarter valued at about $6,106,000. Finally, Employees Retirement System of Texas boosted its position in shares of Kite Realty Group Trust by 110.4% during the 4th quarter. Employees Retirement System of Texas now owns 202,000 shares of the real estate investment trust’s stock valued at $5,098,000 after purchasing an additional 106,000 shares in the last quarter. Institutional investors and hedge funds own 90.81% of the company’s stock.

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.