Kite Realty Group Trust (KRG) Completes Stock Split

Kite Realty Group Trust (KRG) Completes Stock Split

Shares of Kite Realty Group Trust (NYSE:KRG) surged more than 299% on Monday, only to come crashing down by as much as 75% in after-hours trading last night. However, the plunge isn’t as bad as it looks. This morning, the company completed a one for four reverse stock split. That split was announced on July 22, and the number of shares held by shareholders was adjusted overnight after the market closed on Monday night. After  completing the stock split, Kite had about 332.66 million shares.

Kite Realty Group filings yank the stock around

Kite Realty Group has scheduled an investor and analyst meeting for today and reported plans to distribute some materials to those who planned to attend. On Friday, the company filed its most recent financial statements, updating its information after its July 31 earnings report. Also on Friday, The Vanguard Group revealed that it had a stake in Kite Realty Group as a result of its managing Kite’s collective trust assets. And on Thursday, Kite announced a quarterly preferred dividend of 51.6 cents per share. That dividend will be paid to shareholders of record as of Aug. 22 on or around Sept. 1.

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On July 31, the company reported earnings per share of 13 cents, which was in line with consensus estimates. Kite’s total revenue from property operations rose 40% year over year. In the same quarter a year ago, Kite Realty Group posted $29.9 million in revenue. Along with the company’s earnings report, it also raised the midpoint of its earnings guidance from 49 cents to 52 cents per share.

Analysts weigh in on Kite Realty Trust Group

Analysts began taking an interest in the company recently. Last week, Raymond James upgraded Kite Realty Group from Outperform to Strong Buy. The firm has a $7 per share price target on the company’s stock. Last month, analysts at Wells Fargo began covering the company, setting a Market Perform rating on the stock.

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