Kite Realty Group Trust (NYSE:KRG) Hits New 1-Year High on Analyst Upgrade

Kite Realty Group Trust (NYSE:KRG - Get Free Report)'s stock price hit a new 52-week high on Tuesday after Piper Sandler raised their price target on the stock from $30.00 to $33.00. Piper Sandler currently has an overweight rating on the stock. Kite Realty Group Trust traded as high as $26.24 and last traded at $26.12, with a volume of 68209 shares changing hands. The stock had previously closed at $26.08.

A number of other research analysts have also recently weighed in on the company. Raymond James raised Kite Realty Group Trust from a "market perform" rating to a "strong-buy" rating and set a $28.00 price objective on the stock in a research report on Friday, August 16th. Robert W. Baird boosted their target price on Kite Realty Group Trust from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Wednesday, July 31st. Wells Fargo & Company raised Kite Realty Group Trust from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $23.00 to $26.00 in a research report on Wednesday, August 28th. Finally, KeyCorp upped their price objective on Kite Realty Group Trust from $25.00 to $28.00 and gave the company an "overweight" rating in a research report on Tuesday, August 20th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $27.33.

Hedge Funds Weigh In On Kite Realty Group Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue grew its position in shares of Kite Realty Group Trust by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 126,703 shares of the real estate investment trust's stock worth $2,745,000 after buying an additional 649 shares in the last quarter. Retirement Systems of Alabama grew its position in shares of Kite Realty Group Trust by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 275,494 shares of the real estate investment trust's stock worth $5,973,000 after buying an additional 724 shares in the last quarter. United Services Automobile Association boosted its position in Kite Realty Group Trust by 4.6% during the second quarter. United Services Automobile Association now owns 17,781 shares of the real estate investment trust's stock valued at $398,000 after purchasing an additional 777 shares in the last quarter. UniSuper Management Pty Ltd boosted its position in Kite Realty Group Trust by 1.5% during the first quarter. UniSuper Management Pty Ltd now owns 62,353 shares of the real estate investment trust's stock valued at $1,352,000 after purchasing an additional 900 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Kite Realty Group Trust by 42.7% during the second quarter. Blue Trust Inc. now owns 3,314 shares of the real estate investment trust's stock valued at $72,000 after purchasing an additional 992 shares in the last quarter. Institutional investors own 90.81% of the company's stock.

Kite Realty Group Trust Stock Performance

The business has a 50-day moving average of $24.04 and a two-hundred day moving average of $22.24. The company has a market cap of $5.68 billion, a P/E ratio of 99.41, a P/E/G ratio of 3.99 and a beta of 1.31. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.08 and a quick ratio of 2.08.

Kite Realty Group Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 16th. Shareholders of record on Wednesday, October 9th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.02%. The ex-dividend date is Wednesday, October 9th. This is an increase from Kite Realty Group Trust's previous quarterly dividend of $0.25. Kite Realty Group Trust's dividend payout ratio (DPR) is currently 384.63%.

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.