Wells Fargo & Company Cuts Kite Realty Group Trust (NYSE:KRG) Price Target to $26.00

Kite Realty Group Trust (NYSE:KRG) had its target price decreased by Wells Fargo & Company from $28.00 to $26.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

Several other research analysts have also weighed in on the company. Robert W. Baird lifted their target price on Kite Realty Group Trust from $26.00 to $29.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. JPMorgan Chase & Co. cut their price objective on Kite Realty Group Trust from $30.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. KeyCorp increased 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. Finally, Jefferies Financial Group cut shares of Kite Realty Group Trust from a “buy” rating to a “hold” rating and reduced their price target for the company from $31.00 to $27.00 in a report on Thursday, January 2nd. Five equities research analysts have rated the stock with a hold rating, three 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 a consensus price target of $29.13.

Kite Realty Group Trust Stock Performance

Shares of NYSE:KRG opened at $23.15 on Wednesday. The firm’s 50 day simple moving average is $25.05 and its 200 day simple moving average is $25.49. Kite Realty Group Trust has a fifty-two week low of $19.64 and a fifty-two week high of $28.24. The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of -578.75, a P/E/G ratio of 3.61 and a beta of 1.29. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.08 and a quick ratio of 3.08.

Kite Realty Group Trust (NYSE:KRG) last posted its earnings results on Wednesday, October 30th. The real estate investment trust reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.43). Kite Realty Group Trust had a negative return on equity of 0.28% and a negative net margin of 1.18%. The firm had revenue of $207.25 million during the quarter, compared to analyst estimates of $210.39 million. During the same quarter last year, the business posted $0.51 earnings per share. As a group, sell-side analysts forecast that Kite Realty Group Trust will post 2.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Sei Investments Co. lifted its position in Kite Realty Group Trust by 9.8% during the 2nd quarter. Sei Investments Co. now owns 147,905 shares of the real estate investment trust’s stock worth $3,310,000 after buying an additional 13,182 shares in the last quarter. Bank of Montreal Can lifted its holdings in Kite Realty Group Trust by 850.5% during the 2nd quarter. Bank of Montreal Can now owns 221,689 shares of the real estate investment trust’s stock valued at $4,970,000 after purchasing an additional 198,365 shares during the last quarter. AQR Capital Management LLC raised its holdings in Kite Realty Group Trust by 59.9% in the 2nd quarter. AQR Capital Management LLC now owns 170,487 shares of the real estate investment trust’s stock valued at $3,769,000 after acquiring an additional 63,881 shares during the period. Mackenzie Financial Corp increased its stake in shares of Kite Realty Group Trust by 407.4% during the second quarter. Mackenzie Financial Corp now owns 77,753 shares of the real estate investment trust’s stock worth $1,740,000 after purchasing an additional 62,430 shares during the period. Finally, Algert Global LLC lifted its holdings in shares of Kite Realty Group Trust by 2.1% during the second quarter. Algert Global LLC now owns 138,627 shares of the real estate investment trust’s stock worth $3,102,000 after buying an additional 2,797 shares in the last quarter. Institutional investors and hedge funds own 90.81% of the company’s stock.

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.