Kite Realty Group Trust to Issue Quarterly Dividend of $0.27 (NYSE:KRG)

Kite Realty Group Trust (NYSE:KRG) announced a quarterly dividend on Monday, February 10th, Wall Street Journal reports. Shareholders of record on Wednesday, April 9th will be paid a dividend of 0.27 per share by the real estate investment trust on Wednesday, April 16th. This represents a $1.08 annualized dividend and a yield of 5.19%. The ex-dividend date is Wednesday, April 9th.

Kite Realty Group Trust has a payout ratio of 251.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Kite Realty Group Trust to earn $2.17 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 49.8%.

Kite Realty Group Trust Stock Performance

Shares of NYSE:KRG opened at $20.82 on Monday. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average price of $22.58 and a 200-day moving average price of $24.67. The company has a market cap of $4.57 billion, a price-to-earnings ratio of 1,040.75, a price-to-earnings-growth ratio of 3.57 and a beta of 1.05. Kite Realty Group Trust has a 12 month low of $19.64 and a 12 month high of $28.24.

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

Analyst Ratings Changes

Several brokerages have recently issued reports on KRG. Piper Sandler reissued a “neutral” rating and issued a $25.00 target price (down previously from $33.00) on shares of Kite Realty Group Trust in a research report on Thursday, February 13th. JPMorgan Chase & Co. decreased their target price 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. 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 research report on Monday, March 10th. Jefferies Financial Group cut Kite Realty Group Trust from a “buy” rating to a “hold” rating and lowered their price objective for the company from $31.00 to $27.00 in a research report on Thursday, January 2nd. Finally, Wells Fargo & Company reduced their target price on Kite Realty Group Trust from $26.00 to $24.00 and set an “equal weight” rating for the company in a report on Wednesday, March 26th. Five equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus 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.