Spirit of America Management Corp NY reduced its stake in shares of Kimco Realty Corp (NYSE:KIM) by 16.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,319 shares of the real estate investment trust’s stock after selling 8,500 shares during the quarter. Spirit of America Management Corp NY’s holdings in Kimco Realty were worth $708,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in KIM. OppenheimerFunds Inc. increased its stake in Kimco Realty by 6.0% in the second quarter. OppenheimerFunds Inc. now owns 140,984 shares of the real estate investment trust’s stock valued at $2,395,000 after purchasing an additional 8,022 shares during the period. Van ECK Associates Corp acquired a new position in Kimco Realty in the second quarter valued at $1,484,000. Meadow Creek Investment Management LLC increased its stake in Kimco Realty by 1,385.7% in the second quarter. Meadow Creek Investment Management LLC now owns 323,268 shares of the real estate investment trust’s stock valued at $5,492,000 after purchasing an additional 301,510 shares during the period. Commerzbank Aktiengesellschaft FI increased its stake in Kimco Realty by 144.6% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 73,397 shares of the real estate investment trust’s stock valued at $1,247,000 after purchasing an additional 43,395 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Kimco Realty by 4.2% in the first quarter. Principal Financial Group Inc. now owns 670,493 shares of the real estate investment trust’s stock valued at $9,655,000 after purchasing an additional 27,134 shares during the period. Hedge funds and other institutional investors own 86.24% of the company’s stock.
A number of research analysts have commented on the stock. ValuEngine upgraded shares of Kimco Realty from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 21st. Sandler O’Neill restated a “hold” rating and issued a $18.00 price objective on shares of Kimco Realty in a research note on Friday, July 27th. JPMorgan Chase & Co. upgraded shares of Kimco Realty from a “neutral” rating to an “overweight” rating in a research note on Friday, June 15th. Wells Fargo & Co lifted their price objective on shares of Kimco Realty from $16.00 to $17.00 and gave the company a “market perform” rating in a research note on Monday, July 30th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $17.00 price objective on shares of Kimco Realty in a research note on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. Kimco Realty presently has a consensus rating of “Hold” and an average target price of $18.15.
In other news, Director Philip E. Coviello, Jr. bought 5,500 shares of the stock in a transaction dated Wednesday, August 1st. The shares were acquired at an average price of $16.46 per share, with a total value of $90,530.00. Following the completion of the acquisition, the director now directly owns 52,965 shares in the company, valued at $871,803.90. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.90% of the stock is owned by insiders.
Shares of NYSE:KIM opened at $14.81 on Friday. The stock has a market capitalization of $7.05 billion, a PE ratio of 9.82, a PEG ratio of 3.63 and a beta of 0.38. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.92. Kimco Realty Corp has a fifty-two week low of $13.16 and a fifty-two week high of $19.79.
Kimco Realty (NYSE:KIM) last issued its earnings results on Thursday, July 26th. The real estate investment trust reported $0.36 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.36. The business had revenue of $293.40 million for the quarter, compared to the consensus estimate of $291.04 million. Kimco Realty had a net margin of 42.68% and a return on equity of 9.40%. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 earnings per share. On average, equities analysts predict that Kimco Realty Corp will post 1.45 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Tuesday, October 2nd will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 7.56%. The ex-dividend date is Monday, October 1st. Kimco Realty’s payout ratio is 72.26%.
Kimco Realty Profile
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America's largest publicly traded owners and operators of open-air shopping centers. As of June 30, 2018, the company owned interests in 460 U.S. shopping centers comprising 79 million square feet of leasable space primarily concentrated in the top major metropolitan markets.
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