Wells Fargo & Company Lowers Kite Realty Group Trust (NYSE:KRG) Price Target to $24.00

Kite Realty Group Trust (NYSE:KRG) had its price target dropped by Wells Fargo & Company from $26.00 to $24.00 in a note issued to investors on Wednesday, Marketbeat reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 6.23% from the company’s previous close.

A number of other analysts have also issued reports on KRG. Piper Sandler reaffirmed a “neutral” rating and issued a $25.00 price target (down from $33.00) on shares of Kite Realty Group Trust in a research note on Thursday, February 13th. Jefferies Financial Group lowered shares of Kite Realty Group Trust from a “buy” rating to a “hold” rating and dropped their target price for the stock from $31.00 to $27.00 in a 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 on the stock in a research report on Wednesday, January 15th. Finally, Raymond James cut their price objective on shares of Kite Realty Group Trust from $31.00 to $28.00 and set a “strong-buy” rating for the company in a report on Monday, March 10th. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.88.

Kite Realty Group Trust Price Performance

Shares of NYSE KRG opened at $22.59 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.98 and a current ratio of 2.98. The firm has a fifty day moving average of $22.75 and a 200 day moving average of $24.88. The firm has a market cap of $4.96 billion, a PE ratio of 1,129.60, a PEG ratio of 3.57 and a beta of 1.30. Kite Realty Group Trust has a one year low of $19.64 and a one year high of $28.24.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new position in shares of Kite Realty Group Trust in the 3rd quarter valued at $39,000. Versant Capital Management Inc boosted its stake in Kite Realty Group Trust by 551.7% during the fourth quarter. Versant Capital Management Inc now owns 2,457 shares of the real estate investment trust’s stock worth $62,000 after buying an additional 2,080 shares during the period. Optiver Holding B.V. increased its position in shares of Kite Realty Group Trust by 19.9% during the fourth quarter. Optiver Holding B.V. now owns 2,813 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 467 shares during the last quarter. FIL Ltd raised its stake in shares of Kite Realty Group Trust by 19.8% in the 4th quarter. FIL Ltd now owns 3,500 shares of the real estate investment trust’s stock valued at $88,000 after acquiring an additional 579 shares during the period. Finally, Spectrum Wealth Counsel LLC purchased a new stake in shares of Kite Realty Group Trust in the 4th quarter valued at approximately $101,000. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

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.