Wall Street analysts expect Kimco Realty (NYSE:KIM) to post sales of $294.28 million for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have provided estimates for Kimco Realty’s earnings, with estimates ranging from $283.92 million to $305.90 million. Kimco Realty reported sales of $292.84 million in the same quarter last year, which would suggest a positive year over year growth rate of 0.5%. The business is scheduled to issue its next earnings results on Wednesday, July 25th.
According to Zacks, analysts expect that Kimco Realty will report full year sales of $1.18 billion for the current financial year, with estimates ranging from $1.14 billion to $1.25 billion. For the next fiscal year, analysts expect that the business will post sales of $1.19 billion per share, with estimates ranging from $1.09 billion to $1.23 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Kimco Realty.
Get Kimco Realty alerts:
Kimco Realty (NYSE:KIM) last announced its quarterly earnings data on Thursday, April 26th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.06). Kimco Realty had a net margin of 40.74% and a return on equity of 9.03%. The firm had revenue of $304.08 million for the quarter, compared to analyst estimates of $298.97 million. During the same quarter in the previous year, the company earned $0.37 EPS. The company’s quarterly revenue was up 3.6% compared to the same quarter last year.
KIM has been the topic of several research reports. Morgan Stanley cut Kimco Realty from an “overweight” rating to an “equal” rating in a research note on Tuesday, March 27th. Bank of America cut Kimco Realty from a “buy” rating to a “neutral” rating and set a $17.00 price objective on the stock. in a research note on Friday, February 16th. SunTrust Banks set a $17.00 price objective on Kimco Realty and gave the company a “hold” rating in a research note on Friday, March 2nd. Citigroup cut their price objective on Kimco Realty from $19.00 to $16.50 and set a “neutral” rating on the stock in a research note on Tuesday, February 27th. Finally, BMO Capital Markets set a $19.00 price target on Kimco Realty and gave the stock a “hold” rating in a research report on Thursday, February 15th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $18.31.
In other news, Director Frank Lourenso sold 3,380 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $15.29, for a total transaction of $51,680.20. Following the sale, the director now directly owns 182,481 shares in the company, valued at approximately $2,790,134.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.90% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of KIM. Orinda Asset Management LLC bought a new position in Kimco Realty in the 4th quarter worth approximately $182,000. Kelman Lazarov Inc. bought a new position in Kimco Realty in the 4th quarter worth approximately $189,000. Bfsg LLC bought a new position in Kimco Realty in the 1st quarter worth approximately $190,000. TIAA FSB bought a new position in Kimco Realty in the 4th quarter worth approximately $211,000. Finally, Commerzbank Aktiengesellschaft FI bought a new position in Kimco Realty in the 4th quarter worth approximately $228,000. 90.36% of the stock is owned by institutional investors and hedge funds.
Kimco Realty traded up $0.02, hitting $14.00, on Wednesday, according to MarketBeat Ratings. 2,579,800 shares of the stock traded hands, compared to its average volume of 5,113,800. Kimco Realty has a twelve month low of $13.98 and a twelve month high of $14.21. The stock has a market capitalization of $6.07 billion, a P/E ratio of 9.03, a PEG ratio of 2.94 and a beta of 0.49. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.09.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 16th. Stockholders of record on Tuesday, July 3rd will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 8.00%. The ex-dividend date is Monday, July 2nd. Kimco Realty’s payout ratio is 72.26%.
Kimco Realty announced that its Board of Directors has authorized a share repurchase program on Thursday, February 15th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
About Kimco Realty
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 December 31, 2017, the company owned interests in 492 U.S. shopping centers comprising 83 million square feet of leasable space primarily concentrated in the top major metropolitan markets.
Get a free copy of the Zacks research report on Kimco Realty (KIM)
For more information about research offerings from Zacks Investment Research, visit Zacks.com