Sumitomo Mitsui Trust Group Inc. Sells 17,783 Shares of Kite Realty Group Trust (NYSE:KRG)

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Kite Realty Group Trust (NYSE:KRG) by 4.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 425,695 shares of the real estate investment trust’s stock after selling 17,783 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Kite Realty Group Trust were worth $11,306,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Versor Investments LP bought a new position in shares of Kite Realty Group Trust during the third quarter valued at about $537,000. State of New Jersey Common Pension Fund D raised its stake in shares of Kite Realty Group Trust by 7.1% during the third quarter. State of New Jersey Common Pension Fund D now owns 225,110 shares of the real estate investment trust’s stock valued at $5,979,000 after acquiring an additional 15,000 shares during the last quarter. Mesirow Financial Investment Management Inc. bought a new position in shares of Kite Realty Group Trust during the third quarter valued at about $203,000. Atria Investments Inc bought a new position in shares of Kite Realty Group Trust during the third quarter valued at about $216,000. Finally, Van ECK Associates Corp raised its stake in shares of Kite Realty Group Trust by 12.3% during the third quarter. Van ECK Associates Corp now owns 37,319 shares of the real estate investment trust’s stock valued at $974,000 after acquiring an additional 4,096 shares during the last quarter. 90.81% of the stock is owned by institutional investors.

Analyst Ratings Changes

KRG has been the topic of several research analyst reports. Wells Fargo & Company upgraded shares of Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $23.00 to $26.00 in a research report on Wednesday, August 28th. Piper Sandler boosted their price target on shares of Kite Realty Group Trust from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday, September 3rd. Robert W. Baird boosted their price target on shares of Kite Realty Group Trust from $26.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday. Raymond James upgraded shares of Kite Realty Group Trust from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research report on Friday, August 16th. Finally, KeyCorp upped 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 research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.86.

Insider Activity at Kite Realty Group Trust

In related news, Director Steven P. Grimes sold 37,295 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $26.80, for a total transaction of $999,506.00. Following the transaction, the director now owns 732,252 shares in the company, valued at $19,624,353.60. This represents a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is owned by insiders.

Kite Realty Group Trust Trading Down 0.6 %

NYSE:KRG opened at $26.69 on Monday. The company’s 50 day moving average price is $26.31 and its 200-day moving average price is $24.17. Kite Realty Group Trust has a 52 week low of $19.64 and a 52 week high of $27.94. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.97. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of -667.25, a PEG ratio of 4.07 and a beta of 1.29.

Kite Realty Group Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be given a dividend of $0.27 per share. This is an increase from Kite Realty Group Trust’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $1.08 dividend on an annualized basis and a yield of 4.05%. Kite Realty Group Trust’s dividend payout ratio is -2,600.00%.

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.