Kite Realty Group Trust (NYSE:KRG) Sets New 12-Month High – Should You Buy?

Kite Realty Group Trust (NYSE:KRG)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $28.24 and last traded at $28.14, with a volume of 153137 shares traded. The stock had previously closed at $27.80.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on KRG shares. Raymond James upgraded Kite Realty Group Trust from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research note on Friday, August 16th. Wells Fargo & Company upgraded Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $23.00 to $26.00 in a research note on Wednesday, August 28th. Robert W. Baird raised their price target on Kite Realty Group Trust from $26.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. KeyCorp raised their price target 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, Piper Sandler increased their price objective on Kite Realty Group Trust from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 3rd. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Kite Realty Group Trust presently has an average rating of “Moderate Buy” and an average price target of $28.86.

Kite Realty Group Trust Stock Up 1.2 %

The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.97. The firm has a fifty day moving average price of $26.44 and a 200 day moving average price of $24.49.

Kite Realty Group Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be issued a dividend of $0.27 per share. 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. This represents a $1.08 annualized dividend and a yield of 3.84%. Kite Realty Group Trust’s payout ratio is currently -2,600.00%.

Insiders Place Their Bets

In other news, Director Steven P. Grimes sold 37,295 shares of Kite Realty Group Trust stock in a transaction on Monday, September 16th. The stock was sold at an average price of $26.80, for a total value of $999,506.00. Following the completion of the sale, the director now owns 732,252 shares of the company’s stock, valued at $19,624,353.60. The trade was a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kite Realty Group Trust

Hedge funds and other institutional investors have recently made changes to their positions in the business. Boston Partners purchased a new stake in shares of Kite Realty Group Trust in the first quarter valued at $752,000. Systematic Financial Management LP grew its position in shares of Kite Realty Group Trust by 34.0% in the second quarter. Systematic Financial Management LP now owns 688,575 shares of the real estate investment trust’s stock valued at $15,410,000 after purchasing an additional 174,797 shares during the period. Thrivent Financial for Lutherans grew its position in Kite Realty Group Trust by 118.8% during the second quarter. Thrivent Financial for Lutherans now owns 124,384 shares of the real estate investment trust’s stock valued at $2,784,000 after acquiring an additional 67,542 shares during the period. Versor Investments LP purchased a new stake in Kite Realty Group Trust during the third quarter valued at about $537,000. Finally, Quest Partners LLC purchased a new stake in Kite Realty Group Trust during the third quarter valued at about $631,000. Hedge funds and other institutional investors 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.