Short Interest in Kite Realty Group Trust (NYSE:KRG) Increases By 11.2%

Kite Realty Group Trust (NYSE:KRG) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 6,170,000 shares, a growth of 11.2% from the October 31st total of 5,550,000 shares. Based on an average daily trading volume, of 1,430,000 shares, the days-to-cover ratio is presently 4.3 days.

Analyst Ratings Changes

Several brokerages have issued reports on KRG. Piper Sandler lifted their price target on shares of 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. Robert W. Baird lifted their target price on Kite Realty Group Trust from $26.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Raymond James raised Kite Realty Group Trust from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target for the company in a research report on Friday, August 16th. KeyCorp upped their price objective on Kite Realty Group Trust from $28.00 to $31.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 12th. Finally, Compass Point increased their price objective 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 investment 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.86.

Insider Activity

In other news, Director Steven P. Grimes sold 37,295 shares of Kite Realty Group Trust stock in a transaction that occurred 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 $19,624,353.60. This trade represents a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Kite Realty Group Trust

A number of large investors have recently made changes to their positions in KRG. UMB Bank n.a. boosted its stake in Kite Realty Group Trust by 819.0% in the 3rd quarter. UMB Bank n.a. now owns 1,066 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 950 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Kite Realty Group Trust in the third quarter valued at about $39,000. GAMMA Investing LLC increased its position in Kite Realty Group Trust by 158.2% during the second quarter. GAMMA Investing LLC now owns 1,965 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 1,204 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in Kite Realty Group Trust in the 3rd quarter worth about $45,000. Finally, Quarry LP boosted its holdings in Kite Realty Group Trust by 108.4% in the 2nd quarter. Quarry LP now owns 2,244 shares of the real estate investment trust’s stock valued at $50,000 after purchasing an additional 1,167 shares during the period. Institutional investors own 90.81% of the company’s stock.

Kite Realty Group Trust Stock Performance

Kite Realty Group Trust stock traded down $0.53 during mid-day trading on Monday, hitting $27.04. 711,156 shares of the company’s stock traded hands, compared to its average volume of 1,583,025. Kite Realty Group Trust has a fifty-two week low of $19.64 and a fifty-two week high of $28.24. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of -689.25, a P/E/G ratio of 3.83 and a beta of 1.29. The firm has a 50 day simple moving average of $26.51 and a two-hundred day simple moving average of $24.63. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.08 and a quick ratio of 3.08.

Kite Realty Group Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend is Thursday, January 9th. This is a boost from Kite Realty Group Trust’s previous quarterly dividend of $0.26. Kite Realty Group Trust’s payout ratio is currently -2,700.00%.

Kite Realty Group Trust Company Profile

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.