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 trading on Wednesday . The stock 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.

Analyst Ratings Changes

Several research analysts recently commented on KRG shares. KeyCorp boosted 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. Piper Sandler boosted their price target on Kite Realty Group Trust from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 3rd. Raymond James raised Kite Realty Group Trust from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a report on Friday, August 16th. Wells Fargo & Company raised Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $23.00 to $26.00 in a report on Wednesday, August 28th. Finally, Compass Point upped their target price 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 assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.86.

Kite Realty Group Trust Price Performance

The business has a 50-day moving average price of $26.44 and a 200 day moving average price of $24.49. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.08 and a current ratio of 3.08.

Kite Realty Group Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.84%. This is a positive change from Kite Realty Group Trust’s previous quarterly dividend of $0.26. Kite Realty Group Trust’s dividend payout ratio is presently -2,600.00%.

Insider Activity

In other news, Director Steven P. Grimes sold 37,295 shares of the company’s 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 transaction, the director now directly owns 732,252 shares of the company’s stock, valued at approximately $19,624,353.60. This represents a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Kite Realty Group Trust

Several hedge funds have recently bought and sold shares of KRG. UMB Bank n.a. increased its position in Kite Realty Group Trust by 819.0% during the third quarter. UMB Bank n.a. now owns 1,066 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 950 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Kite Realty Group Trust during the third quarter valued at about $39,000. GAMMA Investing LLC boosted its holdings 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 valued at $44,000 after acquiring an additional 1,204 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in Kite Realty Group Trust during the third quarter valued at about $45,000. Finally, Quarry LP boosted its holdings in Kite Realty Group Trust by 108.4% during the second quarter. Quarry LP now owns 2,244 shares of the real estate investment trust’s stock valued at $50,000 after acquiring an additional 1,167 shares during the period. 90.81% of the stock is owned by institutional investors and hedge funds.

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.