Wells Fargo & Company Cuts Kimco Realty (NYSE:KIM) Price Target to $23.00

Kimco Realty (NYSE:KIM) had its price objective cut by Wells Fargo & Company from $24.00 to $23.00 in a report published on Wednesday, Marketbeat reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Several other brokerages also recently commented on KIM. JPMorgan Chase & Co. lowered their target price on shares of Kimco Realty from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Tuesday, February 18th. Scotiabank lowered their price objective on shares of Kimco Realty from $26.00 to $24.00 and set a “sector perform” rating for the company in a research report on Friday, February 28th. Jefferies Financial Group lowered Kimco Realty from a “buy” rating to a “hold” rating and reduced their target price for the stock from $28.00 to $25.00 in a report on Thursday, January 2nd. Citigroup lowered their price target on Kimco Realty from $27.00 to $21.00 and set a “neutral” rating for the company in a report on Monday, March 17th. Finally, Mizuho cut their price objective on Kimco Realty from $26.00 to $22.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Ten analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.43.

Kimco Realty Stock Performance

Shares of Kimco Realty stock opened at $20.94 on Wednesday. Kimco Realty has a 52 week low of $17.57 and a 52 week high of $25.83. The company has a debt-to-equity ratio of 0.78, a quick ratio of 3.59 and a current ratio of 3.65. The stock has a market capitalization of $14.23 billion, a price-to-earnings ratio of 37.38, a PEG ratio of 2.78 and a beta of 1.53. The firm has a fifty day moving average of $21.76 and a two-hundred day moving average of $23.12.

Kimco Realty (NYSE:KIM) last released its earnings results on Friday, February 7th. The real estate investment trust reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. Kimco Realty had a return on equity of 3.82% and a net margin of 20.17%. As a group, equities research analysts predict that Kimco Realty will post 1.71 EPS for the current year.

Kimco Realty Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date was Friday, March 7th. Kimco Realty’s dividend payout ratio is currently 178.57%.

Hedge Funds Weigh In On Kimco Realty

A number of institutional investors have recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. grew its position in shares of Kimco Realty by 1.0% in the 4th quarter. Asset Management One Co. Ltd. now owns 1,235,249 shares of the real estate investment trust’s stock valued at $28,868,000 after acquiring an additional 12,705 shares during the period. Lord Abbett & CO. LLC acquired a new position in Kimco Realty during the third quarter worth approximately $17,636,000. B&I Capital AG raised its stake in Kimco Realty by 13.9% in the fourth quarter. B&I Capital AG now owns 509,830 shares of the real estate investment trust’s stock valued at $11,945,000 after buying an additional 62,100 shares during the period. Nordea Investment Management AB lifted its position in shares of Kimco Realty by 6.9% in the fourth quarter. Nordea Investment Management AB now owns 56,244 shares of the real estate investment trust’s stock valued at $1,319,000 after buying an additional 3,614 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Kimco Realty in the fourth quarter valued at approximately $1,045,000. 89.25% of the stock is currently owned by institutional investors and hedge funds.

About Kimco Realty

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.