Kite Realty Group Trust (NYSE:KRG) Share Price Crosses Above Fifty Day Moving Average Following Weak Earnings

Kite Realty Group Trust (NYSE:KRG) passed above its 50 day moving average during trading on Monday after the company announced better than expected quarterly earnings. The stock has a 50 day moving average of $25.08 and traded as high as $25.75. Kite Realty Group Trust shares last traded at $25.7040, with a volume of 2,450,350 shares traded.

The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.15). Kite Realty Group Trust had a return on equity of 11.26% and a net margin of 41.80%. The firm had revenue of $190.28 million for the quarter, compared to analyst estimates of $195.62 million.

Kite Realty Group Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Saturday, January 9th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.5%. The ex-dividend date is Friday, January 8th. Kite Realty Group Trust’s dividend payout ratio (DPR) is 71.60%.

Wall Street Analyst Weigh In

KRG has been the subject of a number of research reports. UBS Group restated a “neutral” rating and set a $26.00 target price (down from $30.00) on shares of Kite Realty Group Trust in a research report on Friday, October 9th. Weiss Ratings lowered shares of Kite Realty Group Trust from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, September 28th. JPMorgan Chase & Co. lowered shares of Kite Realty Group Trust from a “neutral” rating to an “underweight” rating and set a $27.00 price target on the stock. in a research report on Thursday, September 24th. Wells Fargo & Company set a $27.00 price objective on shares of Kite Realty Group Trust and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Finally, Piper Sandler restated a “neutral” rating and set a $27.00 price objective (down from $33.00) on shares of Kite Realty Group Trust in a research report on Monday, October 12th. Three equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $27.78.

Hedge Funds Weigh In On Kite Realty Group Trust

Several institutional investors have recently added to or reduced their stakes in KRG. Kestra Advisory Services LLC boosted its holdings in shares of Kite Realty Group Trust by 8.9% in the 3rd quarter. Kestra Advisory Services LLC now owns 33,264 shares of the real estate investment trust’s stock valued at $811,000 after purchasing an additional 2,708 shares during the last quarter. Moss Adams Wealth Advisors LLC purchased a new stake in shares of Kite Realty Group Trust during the 3rd quarter valued at $240,000. State of Wyoming acquired a new stake in shares of Kite Realty Group Trust during the 3rd quarter worth $979,000. Signaturefd LLC increased its holdings in shares of Kite Realty Group Trust by 31.0% during the 3rd quarter. Signaturefd LLC now owns 18,264 shares of the real estate investment trust’s stock worth $445,000 after buying an additional 4,323 shares during the last quarter. Finally, James Investment Research Inc. increased its holdings in shares of Kite Realty Group Trust by 11.4% during the 3rd quarter. James Investment Research Inc. now owns 23,943 shares of the real estate investment trust’s stock worth $584,000 after buying an additional 2,450 shares during the last quarter. 90.81% of the stock is currently owned by institutional investors and hedge funds.

Kite Realty Group Trust Trading Up 2.5%

The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market capitalization of $5.15 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 4.41 and a beta of 0.88. The business has a fifty day moving average price of $25.08 and a 200 day moving average price of $26.08.

About Kite Realty Group Trust

Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust that owns, operates, acquires, develops and redevelops open-air shopping centers in the United States. Its properties are primarily grocery-anchored and neighborhood shopping centers designed to serve daily consumer needs.

The company’s tenant base includes grocery stores, restaurants, service providers, fitness operators, retailers and other businesses. Kite Realty focuses on well-located properties in established and growing communities, with an emphasis on maintaining diversified centers that attract recurring customer traffic.

Headquartered in Indianapolis, Indiana, Kite Realty expanded its portfolio through the 2021 merger with Retail Properties of America, Inc The company’s operations extend across multiple U.S.