Norges Bank Invests $65.50 Million in Kite Realty Group Trust $KRG

Norges Bank purchased a new stake in Kite Realty Group Trust (NYSE:KRG) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,892,001 shares of the real estate investment trust’s stock, valued at approximately $65,504,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Truist Financial Corp raised its holdings in Kite Realty Group Trust by 5.3% in the 2nd quarter. Truist Financial Corp now owns 10,024 shares of the real estate investment trust’s stock valued at $227,000 after acquiring an additional 503 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Kite Realty Group Trust by 0.5% in the second quarter. State of Alaska Department of Revenue now owns 131,664 shares of the real estate investment trust’s stock worth $2,981,000 after purchasing an additional 641 shares during the period. Verdence Capital Advisors LLC raised its stake in Kite Realty Group Trust by 3.1% in the second quarter. Verdence Capital Advisors LLC now owns 22,302 shares of the real estate investment trust’s stock valued at $505,000 after purchasing an additional 661 shares in the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in Kite Realty Group Trust by 2.4% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 32,956 shares of the real estate investment trust’s stock worth $737,000 after purchasing an additional 778 shares during the period. Finally, Blue Trust Inc. grew its stake in Kite Realty Group Trust by 44.0% during the second quarter. Blue Trust Inc. now owns 2,973 shares of the real estate investment trust’s stock worth $67,000 after buying an additional 908 shares in the last quarter. Institutional investors own 90.81% of the company’s stock.

Kite Realty Group Trust Stock Performance

NYSE KRG opened at $22.63 on Friday. The firm’s fifty day moving average price is $22.41 and its two-hundred day moving average price is $22.36. The stock has a market cap of $4.90 billion, a PE ratio of 35.35, a PEG ratio of 5.70 and a beta of 0.90. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.98 and a current ratio of 0.98. Kite Realty Group Trust has a fifty-two week low of $18.51 and a fifty-two week high of $27.04.

Kite Realty Group Trust (NYSE:KRG) last announced its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The company had revenue of $205.06 million during the quarter, compared to analysts’ expectations of $208.82 million. Kite Realty Group Trust had a return on equity of 4.27% and a net margin of 16.34%.Kite Realty Group Trust has set its FY 2025 guidance at 2.090-2.110 EPS. On average, equities analysts expect that Kite Realty Group Trust will post 2.05 EPS for the current fiscal year.

Kite Realty Group Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 16th. Stockholders of record on Friday, January 9th will be paid a $0.29 dividend. This is an increase from Kite Realty Group Trust’s previous quarterly dividend of $0.27. This represents a $1.16 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Friday, January 9th. Kite Realty Group Trust’s payout ratio is currently 168.75%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on KRG. Wells Fargo & Company upgraded shares of Kite Realty Group Trust from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $23.00 to $25.00 in a research report on Tuesday, October 21st. LADENBURG THALM/SH SH began coverage on shares of Kite Realty Group Trust in a research report on Tuesday, September 9th. They set a “buy” rating and a $30.00 price objective for the company. Raymond James Financial downgraded Kite Realty Group Trust from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, November 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kite Realty Group Trust in a research note on Monday. Finally, Citigroup restated a “neutral” rating and set a $24.00 price objective (down from $28.00) on shares of Kite Realty Group Trust in a research report on Friday, September 12th. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $25.88.

Kite Realty Group Trust Profile

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.