Cornerstone Wealth Management LLC bought a new position in Kite Realty Group Trust (NYSE:KRG) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 6,717 shares of the real estate investment trust’s stock, valued at approximately $334,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Private Advisor Group LLC bought a new stake in shares of Kite Realty Group Trust in the 2nd quarter worth about $212,000. Bank of America Corp DE lifted its holdings in shares of Kite Realty Group Trust by 12.5% in the 2nd quarter. Bank of America Corp DE now owns 910,250 shares of the real estate investment trust’s stock worth $15,547,000 after acquiring an additional 101,111 shares during the last quarter. Ramsey Quantitative Systems bought a new stake in shares of Kite Realty Group Trust in the 3rd quarter worth about $366,000. Martingale Asset Management L P lifted its holdings in shares of Kite Realty Group Trust by 140.3% in the 2nd quarter. Martingale Asset Management L P now owns 110,078 shares of the real estate investment trust’s stock worth $1,881,000 after acquiring an additional 64,262 shares during the last quarter. Finally, Goodwin Daniel L lifted its holdings in shares of Kite Realty Group Trust by 15.4% in the 3rd quarter. Goodwin Daniel L now owns 45,379 shares of the real estate investment trust’s stock worth $756,000 after acquiring an additional 6,047 shares during the last quarter. Hedge funds and other institutional investors own 90.85% of the company’s stock.
In related news, CEO John A. Kite sold 35,000 shares of Kite Realty Group Trust stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $17.42, for a total transaction of $609,700.00. Following the completion of the sale, the chief executive officer now owns 68,588 shares in the company, valued at approximately $1,194,802.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.93% of the company’s stock.
Several equities research analysts have recently issued reports on KRG shares. Zacks Investment Research lowered shares of Kite Realty Group Trust from a “hold” rating to a “sell” rating in a report on Wednesday, July 11th. Citigroup raised their target price on shares of Kite Realty Group Trust from $16.50 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, August 16th. Finally, Robert W. Baird lowered shares of Kite Realty Group Trust from an “outperform” rating to a “neutral” rating and set a $17.00 target price for the company. in a report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $17.83.
Shares of KRG opened at $16.15 on Wednesday. Kite Realty Group Trust has a 1-year low of $13.87 and a 1-year high of $20.24. The stock has a market cap of $1.32 billion, a P/E ratio of 7.92, a P/E/G ratio of 1.83 and a beta of 0.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.89 and a quick ratio of 0.84.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, October 5th were issued a dividend of $0.3175 per share. This is a positive change from Kite Realty Group Trust’s previous quarterly dividend of $0.32. The ex-dividend date was Thursday, October 4th. This represents a $1.27 dividend on an annualized basis and a yield of 7.86%. Kite Realty Group Trust’s dividend payout ratio (DPR) is presently 62.25%.
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About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to tenants in desirable markets through our portfolio of open-air shopping centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders.
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