Citigroup Inc. Buys 460,436 Shares of Kimco Realty Corporation (NYSE:KIM)

Key Points

• Citigroup Inc. increased its ownership in Kimco Realty Corporation by 65.8%, acquiring an additional 460,436 shares in the first quarter, bringing its total to approximately 1.16 million shares valued at nearly $24.64 million.
• Kimco Realty recently announced a quarterly dividend of $0.25 per share, representing an annualized dividend yield of 4.7%, with a payout ratio of 120.48%.
• Despite a competitive market outlook, analysts have mixed ratings for Kimco Realty with a consensus price target of $24.57, but some brokerages have reduced their price objectives for the stock.

Citigroup Inc. increased its stake in shares of Kimco Realty Corporation (NYSE:KIM - Free Report) by 65.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,159,908 shares of the real estate investment trust's stock after purchasing an additional 460,436 shares during the period. Citigroup Inc. owned 0.17% of Kimco Realty worth $24,636,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Golden State Wealth Management LLC increased its position in shares of Kimco Realty by 177.6% during the 1st quarter. Golden State Wealth Management LLC now owns 1,424 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 911 shares during the last quarter. WASHINGTON TRUST Co bought a new stake in Kimco Realty in the first quarter valued at $34,000. Olde Wealth Management LLC bought a new stake in Kimco Realty in the first quarter valued at $41,000. Sentry Investment Management LLC bought a new stake in Kimco Realty in the first quarter valued at $45,000. Finally, Menard Financial Group LLC bought a new stake in Kimco Realty in the fourth quarter valued at $90,000. Hedge funds and other institutional investors own 89.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on KIM. Barclays began coverage on Kimco Realty in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $25.00 target price for the company. Raymond James Financial lowered their target price on Kimco Realty from $28.00 to $26.00 and set a "strong-buy" rating for the company in a research note on Monday, May 5th. Scotiabank lowered their target price on Kimco Realty from $24.00 to $23.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Wall Street Zen upgraded Kimco Realty from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Piper Sandler lowered their price target on Kimco Realty from $28.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, August 4th. Ten research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $24.57.

Kimco Realty Stock Performance

KIM traded up $0.04 during midday trading on Friday, reaching $21.20. The company had a trading volume of 3,209,031 shares, compared to its average volume of 4,309,264. The company has a quick ratio of 3.92, a current ratio of 3.92 and a debt-to-equity ratio of 0.76. The business has a 50-day moving average of $21.29 and a two-hundred day moving average of $21.13. The company has a market cap of $14.36 billion, a P/E ratio of 25.54, a P/E/G ratio of 1.55 and a beta of 1.31. Kimco Realty Corporation has a 1 year low of $17.93 and a 1 year high of $25.83.

Kimco Realty (NYSE:KIM - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. Kimco Realty had a return on equity of 5.58% and a net margin of 28.54%. The business had revenue of $525.18 million during the quarter, compared to analysts' expectations of $524.75 million. During the same quarter in the prior year, the business posted $0.41 earnings per share. The business's quarterly revenue was up 5.0% on a year-over-year basis. As a group, equities research analysts predict that Kimco Realty Corporation will post 1.71 earnings per share for the current fiscal year.

Kimco Realty Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.7%. The ex-dividend date is Friday, September 5th. Kimco Realty's dividend payout ratio (DPR) is currently 120.48%.

Kimco Realty Profile

Kimco Realty Corp. 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 December 31, 2018, the company owned interests in 437 U.S. shopping centers comprising 76 million square feet of leasable space primarily concentrated in the top major metropolitan markets.