Principal Financial Group Inc. Cuts Stake in Kite Realty Group Trust (NYSE:KRG)

Principal Financial Group Inc. trimmed its stake in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) by 41.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 509,587 shares of the real estate investment trust's stock after selling 362,749 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Kite Realty Group Trust worth $13,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. UMB Bank n.a. lifted its holdings in Kite Realty Group Trust by 819.0% in the third quarter. UMB Bank n.a. now owns 1,066 shares of the real estate investment trust's stock valued at $28,000 after buying an additional 950 shares during the period. GAMMA Investing LLC lifted its stake in shares of Kite Realty Group Trust by 158.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,965 shares of the real estate investment trust's stock valued at $44,000 after purchasing an additional 1,204 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in Kite Realty Group Trust during the third quarter worth approximately $45,000. Quarry LP increased its holdings in Kite Realty Group Trust by 108.4% in the second quarter. Quarry LP now owns 2,244 shares of the real estate investment trust's stock worth $50,000 after purchasing an additional 1,167 shares in the last quarter. Finally, SageView Advisory Group LLC bought a new position in shares of Kite Realty Group Trust during the 1st quarter worth approximately $52,000. Institutional investors and hedge funds own 90.81% of the company's stock.

Kite Realty Group Trust Price Performance

KRG stock traded down $0.15 during mid-day trading on Friday, reaching $26.69. 1,862,346 shares of the company traded hands, compared to its average volume of 1,646,262. Kite Realty Group Trust has a 52-week low of $19.64 and a 52-week high of $27.94. The company has a market capitalization of $5.86 billion, a P/E ratio of -667.25, a P/E/G ratio of 4.07 and a beta of 1.29. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.08 and a quick ratio of 3.08. The company has a fifty day moving average price of $26.31 and a 200-day moving average price of $24.17.

Kite Realty Group Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This is a boost from Kite Realty Group Trust's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 4.05%. Kite Realty Group Trust's dividend payout ratio is currently -2,600.00%.

Analyst Upgrades and Downgrades

KRG has been the topic of several recent research reports. Wells Fargo & Company raised Kite Realty Group Trust from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $23.00 to $26.00 in a research note on Wednesday, August 28th. Compass Point boosted their price target on shares of Kite Realty Group Trust from $29.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. Robert W. Baird increased their price objective on shares of Kite Realty Group Trust from $26.00 to $29.00 and gave the company a "neutral" rating in a research note on Friday. Piper Sandler boosted their target price 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. Finally, KeyCorp raised their price objective on shares of Kite Realty Group Trust from $28.00 to $31.00 and gave the stock an "overweight" rating in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating, four have issued 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 an average target price of $28.86.

Insider Buying and Selling at Kite Realty Group Trust

In other Kite Realty Group Trust news, Director Steven P. Grimes sold 37,295 shares of the firm's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $26.80, for a total transaction of $999,506.00. Following the sale, the director now owns 732,252 shares in the company, valued at $19,624,353.60. This trade represents a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.00% of the company's stock.

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.