Principal Financial Group Inc. Sells 362,749 Shares of Kite Realty Group Trust (NYSE:KRG)

Principal Financial Group Inc. lessened its holdings in shares of Kite Realty Group Trust (NYSE:KRG) by 41.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 509,587 shares of the real estate investment trust’s stock after selling 362,749 shares during the quarter. Principal Financial Group Inc.’s holdings in Kite Realty Group Trust were worth $13,535,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. ProShare Advisors LLC lifted its holdings in shares of Kite Realty Group Trust by 4.7% during the 1st quarter. ProShare Advisors LLC now owns 49,851 shares of the real estate investment trust’s stock worth $1,081,000 after acquiring an additional 2,242 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its stake in Kite Realty Group Trust by 13.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 70,299 shares of the real estate investment trust’s stock worth $1,471,000 after purchasing an additional 8,120 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Kite Realty Group Trust by 2.8% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,434 shares of the real estate investment trust’s stock worth $2,893,000 after purchasing an additional 3,671 shares in the last quarter. SageView Advisory Group LLC bought a new position in shares of Kite Realty Group Trust during the 1st quarter valued at about $52,000. Finally, Vanguard Group Inc. raised its holdings in shares of Kite Realty Group Trust by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 33,597,373 shares of the real estate investment trust’s stock valued at $728,391,000 after buying an additional 881,502 shares in the last quarter. Hedge funds and other institutional investors own 90.81% of the company’s stock.

Kite Realty Group Trust Trading Down 0.6 %

Shares of KRG opened at $26.69 on Friday. The stock has a market capitalization of $5.86 billion, a P/E ratio of -667.25, a PEG ratio of 4.16 and a beta of 1.29. Kite Realty Group Trust has a twelve month low of $19.64 and a twelve month 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 firm has a fifty day simple moving average of $26.31 and a two-hundred day simple moving average of $24.15.

Kite Realty Group Trust Increases Dividend

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

Insider Buying and Selling

In related news, Director Steven P. Grimes sold 37,295 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $26.80, for a total transaction of $999,506.00. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on KRG. KeyCorp upped their target price on Kite Realty Group Trust from $28.00 to $31.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 12th. Robert W. Baird increased their target price on shares of Kite Realty Group Trust from $26.00 to $29.00 and gave the company a “neutral” rating in a 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 target price on the stock in a research report on Friday, August 16th. Compass Point upped their price target on shares of Kite Realty Group Trust from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Piper Sandler lifted their price objective on Kite Realty Group Trust from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, September 3rd. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.86.

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.