Franklin Resources Inc. Buys 673,976 Shares of Kite Realty Group Trust (NYSE:KRG)

Franklin Resources Inc. boosted its stake in Kite Realty Group Trust (NYSE:KRG) by 51.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,982,182 shares of the real estate investment trust’s stock after purchasing an additional 673,976 shares during the quarter. Franklin Resources Inc.’s holdings in Kite Realty Group Trust were worth $50,684,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. increased its holdings in Kite Realty Group Trust by 819.0% in the third quarter. UMB Bank n.a. now owns 1,066 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 950 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Kite Realty Group Trust in the third quarter valued at about $39,000. Strategic Investment Solutions Inc. IL bought a new stake in Kite Realty Group Trust in the third quarter valued at about $45,000. Quarry LP increased its holdings in Kite Realty Group Trust by 108.4% in the second quarter. Quarry LP now owns 2,244 shares of the real estate investment trust’s stock valued at $50,000 after purchasing an additional 1,167 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in Kite Realty Group Trust by 42.7% in the second quarter. Blue Trust Inc. now owns 3,314 shares of the real estate investment trust’s stock valued at $72,000 after acquiring an additional 992 shares during the period. Institutional investors own 90.81% of the company’s stock.

Kite Realty Group Trust Stock Down 0.6 %

KRG stock opened at $25.99 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.08 and a quick ratio of 3.08. The stock has a market capitalization of $5.71 billion, a P/E ratio of -649.75, a P/E/G ratio of 3.81 and a beta of 1.28. The business has a 50-day moving average of $26.60 and a 200-day moving average of $25.06. Kite Realty Group Trust has a fifty-two week low of $19.64 and a fifty-two week high of $28.24.

Kite Realty Group Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be given a dividend of $0.27 per share. This is a boost from Kite Realty Group Trust’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 4.16%. The ex-dividend date of this dividend is Thursday, January 9th. Kite Realty Group Trust’s dividend payout ratio is currently -2,700.00%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. KeyCorp boosted their target price on Kite Realty Group Trust from $28.00 to $31.00 and gave the company an “overweight” rating in a research note on Tuesday, November 12th. Robert W. Baird boosted their target price on Kite Realty Group Trust from $26.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Piper Sandler boosted their target price on Kite Realty Group Trust from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, September 3rd. Compass Point boosted their target price on Kite Realty Group Trust from $29.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Wells Fargo & Company raised Kite Realty Group Trust from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $23.00 to $26.00 in a research note on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.86.

Kite Realty Group Trust Company 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.