Kite Realty Group Trust (KRG) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Kite Realty Group Trust (NYSE:KRG) from a hold rating to a sell rating in a research note issued to investors on Friday.

According to Zacks, “Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust focused primarily on the development, construction, acquisition, ownership and operation of high quality neighborhood and community shopping centers in selected growth markets in the United States. They own interests in a portfolio of operating retail properties, retail properties under development, operating commercial properties, a related parking garage, commercial property under development and parcels of land that may be used for future development. “

Several other research firms have also commented on KRG. ValuEngine lowered shares of Kite Realty Group Trust from a buy rating to a hold rating in a research report on Friday, September 1st. KeyCorp reaffirmed a hold rating on shares of Kite Realty Group Trust in a research report on Friday, August 25th. Robert W. Baird reaffirmed a buy rating and set a $23.00 price target on shares of Kite Realty Group Trust in a research report on Thursday, August 24th. Finally, Capital One Financial reaffirmed an equal weight rating on shares of Kite Realty Group Trust in a research report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Kite Realty Group Trust currently has an average rating of Buy and a consensus price target of $25.33.

Kite Realty Group Trust (NYSE:KRG) opened at $18.93 on Friday. Kite Realty Group Trust has a 52-week low of $17.60 and a 52-week high of $25.01. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $1,582.44, a PE ratio of 9.28, a price-to-earnings-growth ratio of 2.06 and a beta of 0.62.

Kite Realty Group Trust (NYSE:KRG) last released its quarterly earnings results on Thursday, October 26th. The real estate investment trust reported $0.49 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. Kite Realty Group Trust had a net margin of 3.60% and a return on equity of 0.80%. The firm had revenue of $87.10 million during the quarter, compared to analyst estimates of $88.16 million. During the same quarter in the prior year, the firm earned $0.52 EPS. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. equities analysts forecast that Kite Realty Group Trust will post 2.04 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Friday, January 5th will be issued a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 6.71%. This is a positive change from Kite Realty Group Trust’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, January 4th. Kite Realty Group Trust’s dividend payout ratio is currently 806.67%.

In related news, CAO Thomas R. Olinger sold 3,157 shares of the stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $19.01, for a total value of $60,014.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.87% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio increased its holdings in Kite Realty Group Trust by 3.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 96,169 shares of the real estate investment trust’s stock worth $1,947,000 after acquiring an additional 2,881 shares in the last quarter. Cetera Advisors LLC bought a new position in Kite Realty Group Trust in the 3rd quarter worth approximately $223,000. Eii Capital Management Inc. bought a new position in Kite Realty Group Trust in the 3rd quarter worth approximately $480,000. California Public Employees Retirement System boosted its stake in Kite Realty Group Trust by 9.7% in the 3rd quarter. California Public Employees Retirement System now owns 229,717 shares of the real estate investment trust’s stock worth $4,652,000 after purchasing an additional 20,225 shares during the period. Finally, Zions Bancorporation bought a new position in Kite Realty Group Trust in the 3rd quarter worth approximately $111,000. 94.41% of the stock is owned by institutional investors.

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Kite Realty Group Trust Company Profile

Kite Realty Group Trust is a real estate investment trust. The Company, through its subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of neighborhood and community shopping centers in selected markets in the United States.

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