Prudential Financial Inc. Buys 185,783 Shares of Kite Realty Group Trust (NYSE:KRG)

Prudential Financial Inc. grew its stake in Kite Realty Group Trust (NYSE:KRG) by 199.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 279,050 shares of the real estate investment trust’s stock after purchasing an additional 185,783 shares during the quarter. Prudential Financial Inc. owned about 0.13% of Kite Realty Group Trust worth $7,043,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of KRG. Proficio Capital Partners LLC purchased a new position in shares of Kite Realty Group Trust during the fourth quarter valued at about $1,180,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Kite Realty Group Trust by 2.0% during the 4th 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 acquiring an additional 73,926 shares during the period. Raymond James Financial Inc. bought a new position in shares of Kite Realty Group Trust in the 4th quarter worth approximately $19,632,000. New York State Common Retirement Fund lifted its stake in shares of Kite Realty Group Trust by 18.6% in the 4th quarter. New York State Common Retirement Fund now owns 108,589 shares of the real estate investment trust’s stock valued at $2,741,000 after purchasing an additional 17,015 shares during the period. Finally, Aew Capital Management L P bought a new stake in shares of Kite Realty Group Trust during the fourth quarter valued at approximately $31,663,000. 90.81% of the stock is owned by hedge funds and other institutional investors.

Kite Realty Group Trust Stock Performance

Shares of KRG opened at $22.27 on Monday. The company has a market cap of $4.89 billion, a price-to-earnings ratio of 1,113.50, a P/E/G ratio of 3.57 and a beta of 1.30. The business’s fifty day simple moving average is $22.73 and its two-hundred day simple moving average is $24.84. Kite Realty Group Trust has a 12 month low of $19.64 and a 12 month high of $28.24. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.97.

Kite Realty Group Trust (NYSE:KRG) last released its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $0.53 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%. Research analysts anticipate that Kite Realty Group Trust will post 2.05 earnings per share for the current fiscal year.

Kite Realty Group Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 16th. Stockholders of record on Wednesday, April 9th will be issued a dividend of $0.27 per share. The ex-dividend date is Wednesday, April 9th. This represents a $1.08 annualized dividend and a dividend yield of 4.85%. Kite Realty Group Trust’s payout ratio is 5,400.00%.

Analysts Set New Price Targets

Several equities analysts have commented on KRG shares. Jefferies Financial Group lowered Kite Realty Group Trust from a “buy” rating to a “hold” rating and lowered their price objective for the company from $31.00 to $27.00 in a research report on Thursday, January 2nd. JPMorgan Chase & Co. lowered their price target on shares of Kite Realty Group Trust from $30.00 to $27.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Raymond James decreased their target price on shares of Kite Realty Group Trust from $31.00 to $28.00 and set a “strong-buy” rating for the company in a research note on Monday, March 10th. Piper Sandler reissued a “neutral” rating and issued a $25.00 price target (down from $33.00) on shares of Kite Realty Group Trust in a research report on Thursday, February 13th. Finally, Wells Fargo & Company reduced their price objective on Kite Realty Group Trust from $26.00 to $24.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 26th. Five research 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. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.88.

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.