Wells Fargo & Company Issues Pessimistic Forecast for Kite Realty Group Trust (NYSE:KRG) Stock Price

Kite Realty Group Trust (NYSE:KRG) had its target price cut by stock analysts at Wells Fargo & Company from $26.00 to $24.00 in a report issued on Wednesday, Marketbeat.com reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 6.23% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Jefferies Financial Group cut Kite Realty Group Trust from a “buy” rating to a “hold” rating and lowered their target price for the stock from $31.00 to $27.00 in a research note on Thursday, January 2nd. JPMorgan Chase & Co. cut their target price on shares of Kite Realty Group Trust from $30.00 to $27.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Raymond James decreased their price target on shares of Kite Realty Group Trust from $31.00 to $28.00 and set a “strong-buy” rating for the company in a research note on Monday, March 10th. Finally, Piper Sandler reissued a “neutral” rating and issued a $25.00 price objective (down from $33.00) on shares of Kite Realty Group Trust in a research report on Thursday, February 13th. Five analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $27.88.

Kite Realty Group Trust Stock Down 0.3 %

Shares of NYSE:KRG opened at $22.59 on Wednesday. The firm has a market capitalization of $4.96 billion, a PE ratio of 1,129.60, a price-to-earnings-growth ratio of 3.57 and a beta of 1.30. Kite Realty Group Trust has a 1 year low of $19.64 and a 1 year high of $28.24. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.98 and a quick ratio of 2.98. The firm’s 50-day moving average is $22.75 and its two-hundred day moving average is $24.88.

Kite Realty Group Trust (NYSE:KRG) last announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.45. Kite Realty Group Trust had a net margin of 0.48% and a return on equity of 0.12%. Analysts predict that Kite Realty Group Trust will post 2.05 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. 111 Capital purchased a new position in shares of Kite Realty Group Trust during the fourth quarter worth about $364,000. Wealth Enhancement Advisory Services LLC grew its stake in Kite Realty Group Trust by 15.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,912 shares of the real estate investment trust’s stock worth $629,000 after buying an additional 3,393 shares during the last quarter. Phocas Financial Corp. increased its position in Kite Realty Group Trust by 95.5% during the fourth quarter. Phocas Financial Corp. now owns 285,454 shares of the real estate investment trust’s stock worth $7,205,000 after buying an additional 139,474 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Kite Realty Group Trust in the fourth quarter valued at approximately $6,106,000. Finally, Employees Retirement System of Texas boosted its holdings in shares of Kite Realty Group Trust by 110.4% in the fourth quarter. Employees Retirement System of Texas now owns 202,000 shares of the real estate investment trust’s stock valued at $5,098,000 after acquiring an additional 106,000 shares during the period. 90.81% of the stock is owned by hedge funds and other institutional investors.

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.