PNC Financial Services Group Inc. Increases Holdings in Kite Realty Group Trust (NYSE:KRG)

PNC Financial Services Group Inc. lifted its position in Kite Realty Group Trust (NYSE:KRG) by 5.2% in the fourth quarter, Holdings Channel reports. The firm owned 13,542 shares of the real estate investment trust’s stock after buying an additional 667 shares during the period. PNC Financial Services Group Inc.’s holdings in Kite Realty Group Trust were worth $342,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in Kite Realty Group Trust by 0.8% during the third quarter. Geode Capital Management LLC now owns 5,679,153 shares of the real estate investment trust’s stock worth $150,865,000 after buying an additional 43,015 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Kite Realty Group Trust by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,725,783 shares of the real estate investment trust’s stock worth $94,039,000 after purchasing an additional 73,926 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Kite Realty Group Trust by 51.5% during the third quarter. Franklin Resources Inc. now owns 1,982,182 shares of the real estate investment trust’s stock worth $50,684,000 after purchasing an additional 673,976 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Kite Realty Group Trust by 432.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,361,062 shares of the real estate investment trust’s stock worth $36,150,000 after purchasing an additional 1,105,539 shares in the last quarter. Finally, Aew Capital Management L P acquired a new position in shares of Kite Realty Group Trust during the fourth quarter worth $31,663,000. Hedge funds and other institutional investors own 90.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KRG. Piper Sandler reaffirmed a “neutral” rating and set a $25.00 price target (down from $33.00) on shares of Kite Realty Group Trust in a research report on Thursday, February 13th. Raymond James reduced their price target on Kite Realty Group Trust from $31.00 to $28.00 and set a “strong-buy” rating on the stock in a research report on Monday, March 10th. Jefferies Financial Group downgraded Kite Realty Group Trust from a “buy” rating to a “hold” rating and reduced their price target for the stock from $31.00 to $27.00 in a research report on Thursday, January 2nd. Wells Fargo & Company reduced their price target on Kite Realty Group Trust from $28.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. cut their target price on Kite Realty Group Trust from $30.00 to $27.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 15th. Five investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Kite Realty Group Trust has an average rating of “Moderate Buy” and an average target price of $28.13.

Kite Realty Group Trust Price Performance

NYSE KRG opened at $22.12 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.98 and a quick ratio of 2.98. The stock’s fifty day moving average price is $22.77 and its 200 day moving average price is $24.97. Kite Realty Group Trust has a 1 year low of $19.64 and a 1 year high of $28.24. The company has a market cap of $4.86 billion, a price-to-earnings ratio of 1,105.75, a PEG ratio of 3.57 and a beta of 1.30.

Kite Realty Group Trust (NYSE:KRG) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.45. Kite Realty Group Trust had a return on equity of 0.12% and a net margin of 0.48%. As a group, equities research analysts forecast that Kite Realty Group Trust will post 2.05 earnings per share for the current year.

Kite Realty Group Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 16th. Shareholders of record on Wednesday, April 9th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 4.88%. The ex-dividend date of this dividend is Wednesday, April 9th. Kite Realty Group Trust’s dividend payout ratio is currently 5,400.00%.

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.