Kite Realty Group Trust (NYSE:KRG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
A number of other research analysts have also issued reports on KRG. Citigroup boosted their target price on Kite Realty Group Trust from $16.50 to $17.00 and gave the company a “neutral” rating in a report on Thursday, August 16th. Robert W. Baird lowered Kite Realty Group Trust from an “outperform” rating to a “neutral” rating and set a $17.00 target price on the stock. in a report on Wednesday, October 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $17.83.
In other news, CEO John A. Kite sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $17.42, for a total value of $609,700.00. Following the transaction, the chief executive officer now owns 68,588 shares of the company’s stock, valued at $1,194,802.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.93% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Morgan Stanley grew its holdings in Kite Realty Group Trust by 7.9% during the third quarter. Morgan Stanley now owns 630,726 shares of the real estate investment trust’s stock worth $10,500,000 after acquiring an additional 46,326 shares during the period. Legal & General Group Plc grew its holdings in Kite Realty Group Trust by 3.4% during the third quarter. Legal & General Group Plc now owns 454,328 shares of the real estate investment trust’s stock worth $7,544,000 after acquiring an additional 14,927 shares during the period. Rehmann Capital Advisory Group grew its holdings in Kite Realty Group Trust by 1,521.8% during the third quarter. Rehmann Capital Advisory Group now owns 9,990 shares of the real estate investment trust’s stock worth $600,000 after acquiring an additional 9,374 shares during the period. Koshinski Asset Management Inc. acquired a new position in Kite Realty Group Trust during the third quarter worth $171,000. Finally, AQR Capital Management LLC acquired a new position in Kite Realty Group Trust during the third quarter worth $229,000. 92.84% of the stock is currently owned by hedge funds and other institutional investors.
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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