Zacks Reiterates “Neutral” Rating for Kimco Realty Corp (KIM)
Kimco Realty Corp (NYSE:KIM)‘s stock had its “neutral” rating reiterated by Zacks in a report released on Thursday. They currently have a $24.00 target price on the stock. Zacks‘s price objective suggests a potential upside of 4.26% from the company’s current price.
Zacks’ analyst wrote, “Kimco’s first-quarter 2014 adjusted FFO per share came above the year-ago quarter figure and was in line with the Zacks Consensus Estimate. Growth in revenues, occupancy levels and significant leasing activity were the positives. Going forward, the company’s effort in improving its core portfolio by divesting non-strategic assets, shedding joint ventures as well as acquiring high-quality properties bodes well. In addition, a significant redevelopment pipeline in high-income, high-growth areas is encouraging. Although this portfolio transformation activity looks promising going forward, high disposition activity tends to dilute earnings in the near term and a huge redevelopment pipeline increases operational risks. Furthermore, rising online sales that adversely affect the demand for retail space remains a concern and an anticipated increase in interest rate may dent the financial results, going forward. Hence, we remain Neutral on the stock.”
Kimco Realty Corp (NYSE:KIM) traded up 0.67% during mid-day trading on Thursday, hitting $23.175. 1,008,505 shares of the company’s stock traded hands. Kimco Realty Corp has a 52 week low of $19.22 and a 52 week high of $23.61. The stock has a 50-day moving average of $22.85 and a 200-day moving average of $21.68. The company has a market cap of $9.515 billion and a P/E ratio of 48.36.
Kimco Realty Corp (NYSE:KIM) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.34 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.34. The company had revenue of $246.90 million for the quarter, compared to the consensus estimate of $237.42 million. During the same quarter last year, the company posted $0.33 earnings per share. Kimco Realty Corp’s revenue was up 8.8% compared to the same quarter last year. Analysts expect that Kimco Realty Corp will post $1.38 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, July 15th. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 3.91%. The ex-dividend date is Tuesday, July 1st.
A number of other firms have also recently commented on KIM. Analysts at Cowen and Company raised their price target on shares of Kimco Realty Corp from $24.00 to $25.00 in a research note on Tuesday, May 27th. They now have an “outperform” rating on the stock. Separately, analysts at Raymond James downgraded shares of Kimco Realty Corp from an “outperform” rating to a “market perform” rating in a research note on Monday, May 12th. Finally, analysts at Barclays raised their price target on shares of Kimco Realty Corp from $26.00 to $28.00 in a research note on Tuesday, April 22nd. They now have an “overweight” rating on the stock. Nine equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Kimco Realty Corp currently has a consensus rating of “Hold” and an average price target of $24.33.
Kimco Realty Corp. is a real estate investment trust (NYSE:KIM) that owns and operates North America’s largest portfolio of neighborhood and community shopping centers.
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