Kite Realty Group Trust (NYSE:KRG) Issues FY24 Earnings Guidance

Kite Realty Group Trust (NYSE:KRG) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $2.06-2.08 for the period, compared to the consensus EPS estimate of $2.06. Kite Realty Group Trust also updated its FY 2024 guidance to 2.060-2.080 EPS.

Kite Realty Group Trust Price Performance

KRG stock traded up $0.13 during midday trading on Friday, reaching $25.80. 1,745,587 shares of the company’s stock traded hands, compared to its average volume of 1,591,862. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.88. The company has a market cap of $5.67 billion, a price-to-earnings ratio of -645.00, a PEG ratio of 3.98 and a beta of 1.29. The company has a 50-day simple moving average of $26.08 and a two-hundred day simple moving average of $23.74. Kite Realty Group Trust has a 1-year low of $19.64 and a 1-year high of $27.15.

Kite Realty Group Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.19%. This is a boost from Kite Realty Group Trust’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, January 9th. Kite Realty Group Trust’s payout ratio is currently -2,600.00%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on KRG shares. Wells Fargo & Company raised shares of Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $23.00 to $26.00 in a research note on Wednesday, August 28th. Raymond James raised Kite Realty Group Trust from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a report on Friday, August 16th. KeyCorp lifted their target price on Kite Realty Group Trust from $25.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Piper Sandler upped their price target on Kite Realty Group Trust from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, September 3rd. Finally, Compass Point raised their price target on Kite Realty Group Trust from $29.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Kite Realty Group Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Insider Activity at Kite Realty Group Trust

In other Kite Realty Group Trust news, Director Steven P. Grimes sold 37,295 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $26.80, for a total value of $999,506.00. Following the sale, the director now directly owns 732,252 shares in the company, valued at approximately $19,624,353.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

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.