Kite Realty Group Trust (KRG) Downgraded by Zacks Investment Research

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Zacks Investment Research downgraded shares of Kite Realty Group Trust (NYSE:KRG) from a hold rating to a sell rating in a research report released on Saturday.

According to Zacks, “Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust focused primarily on the development, construction, acquisition, ownership and operation of high quality neighborhood and community shopping centers in selected growth markets in the United States. They own interests in a portfolio of operating retail properties, retail properties under development, operating commercial properties, a related parking garage, commercial property under development and parcels of land that may be used for future development. “

A number of other brokerages also recently issued reports on KRG. Citigroup boosted their price objective on Kite Realty Group Trust from $16.50 to $17.00 and gave the company a neutral rating in a research note on Thursday, August 16th. Robert W. Baird downgraded Kite Realty Group Trust from an outperform rating to a neutral rating and set a $17.00 price objective for the company. in a research note on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $17.83.

Shares of NYSE:KRG opened at $16.09 on Friday. The company has a market cap of $1.30 billion, a P/E ratio of 7.89, a P/E/G ratio of 1.80 and a beta of 0.58. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.04. Kite Realty Group Trust has a 12-month low of $13.87 and a 12-month high of $20.24.

Kite Realty Group Trust (NYSE:KRG) last announced its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.03. The company had revenue of $91.70 million during the quarter, compared to the consensus estimate of $88.08 million. Kite Realty Group Trust had a negative return on equity of 1.14% and a negative net margin of 4.92%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 EPS. On average, sell-side analysts expect that Kite Realty Group Trust will post 2 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, October 5th were paid a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 7.89%. This is an increase from Kite Realty Group Trust’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Thursday, October 4th. Kite Realty Group Trust’s dividend payout ratio is presently 62.25%.

In other Kite Realty Group Trust news, CEO John A. Kite sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $17.42, for a total value of $609,700.00. Following the completion of the transaction, the chief executive officer now directly owns 68,588 shares in the company, valued at approximately $1,194,802.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.93% of the company’s stock.

A number of hedge funds have recently bought and sold shares of KRG. Wells Fargo & Company MN boosted its stake in Kite Realty Group Trust by 4.6% in the 1st quarter. Wells Fargo & Company MN now owns 151,418 shares of the real estate investment trust’s stock worth $2,306,000 after purchasing an additional 6,707 shares during the period. Dimensional Fund Advisors LP boosted its stake in Kite Realty Group Trust by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,330,024 shares of the real estate investment trust’s stock worth $20,256,000 after purchasing an additional 22,354 shares during the period. Russell Investments Group Ltd. boosted its stake in Kite Realty Group Trust by 16.1% in the 1st quarter. Russell Investments Group Ltd. now owns 130,003 shares of the real estate investment trust’s stock worth $1,980,000 after purchasing an additional 18,001 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Kite Realty Group Trust by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 640,750 shares of the real estate investment trust’s stock worth $9,758,000 after acquiring an additional 15,199 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of Kite Realty Group Trust during the 1st quarter worth approximately $273,000. Institutional investors and hedge funds own 91.11% of the company’s stock.

Kite Realty Group Trust Company Profile

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to tenants in desirable markets through our portfolio of open-air shopping centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders.

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