Modern Wealth Management LLC Takes Position in Kite Realty Group Trust (NYSE:KRG)

Modern Wealth Management LLC acquired a new position in shares of Kite Realty Group Trust (NYSE:KRG) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,226 shares of the real estate investment trust’s stock, valued at approximately $241,000.

A number of other hedge funds have also recently added to or reduced their stakes in KRG. Wilmington Savings Fund Society FSB acquired a new stake in shares of Kite Realty Group Trust during the third quarter worth $39,000. Versant Capital Management Inc raised its stake in Kite Realty Group Trust by 551.7% during the fourth quarter. Versant Capital Management Inc now owns 2,457 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 2,080 shares during the period. Spectrum Wealth Counsel LLC bought a new position in Kite Realty Group Trust in the fourth quarter worth about $101,000. GAMMA Investing LLC boosted its stake in Kite Realty Group Trust by 15.8% in the fourth quarter. GAMMA Investing LLC now owns 4,787 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 652 shares during the period. Finally, Central Pacific Bank Trust Division boosted its stake in Kite Realty Group Trust by 19.6% in the fourth quarter. Central Pacific Bank Trust Division now owns 7,390 shares of the real estate investment trust’s stock valued at $187,000 after acquiring an additional 1,210 shares during the period. Institutional investors and hedge funds own 90.81% of the company’s stock.

Kite Realty Group Trust Price Performance

NYSE KRG opened at $22.27 on Friday. The firm 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 debt-to-equity ratio of 0.97, a current ratio of 2.98 and a quick ratio of 2.98. Kite Realty Group Trust has a 12 month low of $19.64 and a 12 month high of $28.24. The company’s 50 day simple moving average is $22.73 and its 200 day simple moving average is $24.85.

Kite Realty Group Trust (NYSE:KRG) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $0.53 EPS for the quarter, topping 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%. As a group, equities research analysts forecast that Kite Realty Group Trust will post 2.05 EPS for the current fiscal year.

Kite Realty Group Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 16th. Stockholders of record on Wednesday, April 9th will be given a dividend of $0.27 per share. 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 dividend payout ratio (DPR) is 5,400.00%.

Analyst Ratings Changes

Several brokerages recently issued reports on KRG. Wells Fargo & Company cut their price target on Kite Realty Group Trust from $26.00 to $24.00 and set an “equal weight” rating on the stock in a report on Wednesday. Raymond James reduced their price target on shares of Kite Realty Group Trust from $31.00 to $28.00 and set a “strong-buy” rating for the company 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 on the stock in a report on Wednesday, January 15th. Jefferies Financial Group downgraded shares of 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 research report on Thursday, January 2nd. Finally, Piper Sandler restated a “neutral” rating and issued a $25.00 price target (down previously from $33.00) on shares of Kite Realty Group Trust in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $27.88.

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.