Kimco Realty Corporation (NYSE:KIM) Announces Quarterly Dividend of $0.28

Key Points

• Kimco Realty declared a quarterly dividend of $0.28 per share, payable December 18 to shareholders of record December 4. The dividend implies $1.12 in annual payments and a 4.6% yield.
• The dividend currently exceeds earnings coverage, with a 151.4% payout ratio, although analysts expect a more sustainable 58.6% ratio next year based on projected earnings of $1.91 per share.
• Kimco reported quarterly EPS of $0.47, slightly beating estimates, while revenue rose 3.9% year over year to $546.15 million. The stock gained 4.2% to $24.38, and analysts maintained a “Moderate Buy” consensus with a $25.71 average price target.

Kimco Realty Corporation (NYSE:KIM - Get Free Report) declared a quarterly dividend on Thursday, October 29th. Investors of record on Friday, December 4th will be given a dividend of $0.28 per share by the real estate investment trust on Friday, December 18th. This represents a $1.12 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Friday, December 4th.

Kimco Realty has increased its dividend by an average of 0.1% annually over the last three years and has increased its dividend annually for the last 2 consecutive years. Kimco Realty has a payout ratio of 151.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Kimco Realty to earn $1.91 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 58.6%.

Kimco Realty Stock Up 4.2%

KIM stock traded up $0.98 during trading on Thursday, reaching $24.38. The stock had a trading volume of 6,961,831 shares, compared to its average volume of 5,199,874. Kimco Realty has a one year low of $19.76 and a one year high of $26.65. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.84. The company's 50 day moving average is $23.05 and its two-hundred day moving average is $23.46. The company has a market capitalization of $16.35 billion, a price-to-earnings ratio of 28.68, a P/E/G ratio of 2.69 and a beta of 0.94.

Kimco Realty (NYSE:KIM - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. Kimco Realty had a net margin of 27.76% and a return on equity of 5.76%. The firm had revenue of $546.15 million during the quarter, compared to analyst estimates of $549.06 million. During the same quarter last year, the business posted $0.44 EPS. The company's revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts forecast that Kimco Realty will post 1.84 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Weiss Ratings lowered Kimco Realty from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Wells Fargo & Company cut their price objective on shares of Kimco Realty from $26.00 to $23.00 and set an "equal weight" rating for the company in a report on Friday, October 23rd. Piper Sandler decreased their price target on shares of Kimco Realty from $31.00 to $27.00 and set an "overweight" rating on the stock in a report on Monday, October 12th. UBS Group lowered their price objective on shares of Kimco Realty from $29.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, October 9th. Finally, Mizuho reduced their target price on Kimco Realty from $25.00 to $23.00 and set a "neutral" rating on the stock in a research note on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $25.71.

Kimco Realty Company Profile

Kimco Realty Corporation is a real estate investment trust that owns, operates and develops open-air, grocery-anchored shopping centers and mixed-use properties in the United States. Its properties are designed to serve everyday consumer needs and typically include grocery stores, restaurants, service businesses, retailers and other essential tenants.

The company's portfolio is concentrated in major metropolitan areas and high-density communities, with a focus on locations that offer convenient access, strong surrounding demographics and complementary tenant mixes.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.