Kite Realty Group Trust (NYSE:KRG) Sees Significant Increase in Short Interest

Kite Realty Group Trust (NYSE:KRG) was the recipient of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 2,120,000 shares, an increase of 7.6% from the December 15th total of 1,970,000 shares. Based on an average trading volume of 579,700 shares, the days-to-cover ratio is presently 3.7 days. Approximately 2.5% of the shares of the company are sold short.

A number of analysts have recently issued reports on the stock. Citigroup raised their price target on shares of Kite Realty Group Trust from $16.00 to $19.50 and gave the company a “neutral” rating in a report on Monday, December 9th. Zacks Investment Research downgraded shares of Kite Realty Group Trust from a “buy” rating to a “hold” rating in a report on Thursday, January 9th. Sandler O’Neill raised shares of Kite Realty Group Trust from a “hold” rating to a “buy” rating in a report on Wednesday, November 27th. Bank of America raised shares of Kite Realty Group Trust from an “underperform” rating to a “neutral” rating in a report on Monday, January 6th. Finally, Compass Point raised shares of Kite Realty Group Trust from a “sell” rating to a “neutral” rating and set a $19.50 price target on the stock in a report on Friday, December 27th. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $19.00.

Shares of NYSE:KRG traded down $0.17 during trading on Thursday, hitting $18.24. The company’s stock had a trading volume of 21,283 shares, compared to its average volume of 724,897. The company has a 50-day moving average of $18.87 and a 200-day moving average of $16.82. Kite Realty Group Trust has a 12 month low of $14.03 and a 12 month high of $19.77. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.17 and a quick ratio of 1.17. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 9.16 and a beta of 0.87.

Kite Realty Group Trust (NYSE:KRG) last issued its quarterly earnings data on Tuesday, November 5th. The real estate investment trust reported ($0.05) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.04). Kite Realty Group Trust had a negative return on equity of 3.45% and a negative net margin of 14.39%. The business had revenue of $74.94 million during the quarter, compared to the consensus estimate of $76.16 million. During the same quarter last year, the company earned $0.48 EPS. Kite Realty Group Trust’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, research analysts anticipate that Kite Realty Group Trust will post 1.61 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 20th were paid a $0.317 dividend. This represents a $1.27 annualized dividend and a dividend yield of 6.95%. The ex-dividend date was Thursday, December 19th. Kite Realty Group Trust’s dividend payout ratio (DPR) is presently 63.50%.

In other news, CEO John A. Kite sold 12,500 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $18.78, for a total transaction of $234,750.00. Following the sale, the chief executive officer now owns 26,110 shares of the company’s stock, valued at approximately $490,345.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.07% of the company’s stock.

Several large investors have recently modified their holdings of KRG. HM Payson & Co. bought a new position in shares of Kite Realty Group Trust in the 2nd quarter worth approximately $50,000. Tower Research Capital LLC TRC lifted its stake in shares of Kite Realty Group Trust by 227.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,132 shares of the real estate investment trust’s stock worth $93,000 after purchasing an additional 4,257 shares during the period. Russell Investments Group Ltd. bought a new position in shares of Kite Realty Group Trust in the 2nd quarter worth approximately $106,000. Fox Run Management L.L.C. bought a new position in shares of Kite Realty Group Trust in the 3rd quarter worth approximately $207,000. Finally, Private Advisor Group LLC lifted its stake in shares of Kite Realty Group Trust by 38.9% in the 2nd quarter. Private Advisor Group LLC now owns 14,638 shares of the real estate investment trust’s stock worth $221,000 after purchasing an additional 4,096 shares during the period. Hedge funds and other institutional investors own 91.25% of the company’s stock.

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 neighborhood, community, and lifestyle centers.

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