Alberta Investment Management Corp Acquires Shares of 896,700 Kimco Realty Corporation $KIM

Key Points

• Alberta Investment Management Corp acquired 896,700 Kimco Realty shares valued at approximately $22.7 million, representing about 0.13% of the REIT. Institutional investors collectively own 89.25% of the company.
• Kimco Realty raised its quarterly dividend from $0.26 to $0.28 per share, equivalent to an annualized $1.12 payout and a 4.6% yield.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $26.50 versus the reported share price of $24.40.

Alberta Investment Management Corp acquired a new position in shares of Kimco Realty Corporation (NYSE:KIM - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 896,700 shares of the real estate investment trust's stock, valued at approximately $22,731,000. Alberta Investment Management Corp owned about 0.13% of Kimco Realty at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in KIM. Bank of New York Mellon Corp purchased a new stake in shares of Kimco Realty in the second quarter valued at about $152,113,000. Oppenheimer Asset Management Inc. purchased a new position in Kimco Realty during the second quarter worth about $1,596,000. Bryn Mawr Trust Advisors LLC purchased a new position in Kimco Realty during the second quarter worth about $7,892,000. Tema ETFs LLC grew its position in Kimco Realty by 9.9% in the 2nd quarter. Tema ETFs LLC now owns 12,904 shares of the real estate investment trust's stock worth $327,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC grew its position in Kimco Realty by 24.3% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 12,514 shares of the real estate investment trust's stock worth $317,000 after purchasing an additional 2,450 shares in the last quarter. Institutional investors own 89.25% of the company's stock.

Kimco Realty Trading Down 0.1%

Shares of KIM stock opened at $24.40 on Monday. The company has a 50 day moving average of $25.23 and a 200-day moving average of $23.82. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.84. Kimco Realty Corporation has a 12-month low of $19.76 and a 12-month high of $26.65. The firm has a market cap of $16.37 billion, a P/E ratio of 28.70, a PEG ratio of 2.60 and a beta of 0.95.

Kimco Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 4.6%. This is a boost from Kimco Realty's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 4th. Kimco Realty's payout ratio is currently 122.35%.

Wall Street Analyst Weigh In

Several research firms have commented on KIM. Evercore set a $25.00 price objective on shares of Kimco Realty in a research note on Friday, May 1st. Jefferies Financial Group raised Kimco Realty to a "hold" rating in a report on Friday, June 26th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $29.00 price target on shares of Kimco Realty in a research report on Monday, June 29th. Stifel Nicolaus set a $28.00 price target on Kimco Realty in a report on Thursday, June 11th. Finally, Wall Street Zen upgraded Kimco Realty from a "sell" rating to a "hold" rating in a report on Sunday, April 26th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $26.50.

Kimco Realty Profile

Founded in 1958 by Milton Cooper and headquartered in Jericho, New York, Kimco Realty Corporation NYSE: KIM is a leading publicly traded real estate investment trust (REIT) specializing in the ownership, operation and development of open-air shopping centers. The company's portfolio, concentrated on neighborhood and community centers anchored by grocery stores, encompasses approximately 400 properties across the United States, with selective holdings in Canada and Mexico.

Kimco's core business activities include acquiring, repositioning and managing retail real estate assets that serve as daily-need destinations for consumers.

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