Kimco Realty Corporation (NYSE:KIM) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Kimco Realty Corporation (NYSE:KIM) from a hold rating to a sell rating in a report released on Wednesday morning.

According to Zacks, “Shares of Kimco underperformed the Zacks classified REIT and Equity Trust – Retail industry over the past three months. Notably, in recent times, mall traffic has continued to suffer amid a rapid shift in customers’ shopping preferences and patterns with online purchases growing by leaps and bounds, leading retailers to reconsider their footprint and eventually opt for store closures. Further, retailers that are not being able to cope with competition are filing bankruptcies. This has emerged as a pressing concern for retail REIT like Kimco. Rate hike has further added to the company’s woes. Moreover, though the company remains on track with the strategic 2020 Vision, which envisages the ownership of premium assets in major metro markets in the U.S., as well as a reduction in the joint-venture portfolio, earnings dilution led by high disposition activity cannot be bypassed.”

A number of other equities research analysts have also issued reports on KIM. Robert W. Baird raised shares of Kimco Realty Corporation from a neutral rating to an outperform rating and dropped their price objective for the company from $29.00 to $25.00 in a report on Monday, March 13th. Barclays PLC dropped their price objective on shares of Kimco Realty Corporation from $27.00 to $25.00 and set an overweight rating for the company in a report on Wednesday, March 22nd. Canaccord Genuity reissued a buy rating and issued a $34.00 price objective on shares of Kimco Realty Corporation in a report on Thursday, April 27th. TheStreet lowered shares of Kimco Realty Corporation from a b- rating to a c rating in a report on Wednesday, April 26th. Finally, Citigroup Inc. dropped their price objective on shares of Kimco Realty Corporation from $26.00 to $21.00 and set a neutral rating for the company in a report on Tuesday, May 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $27.95.

Shares of Kimco Realty Corporation (KIM) traded down 0.298% during trading on Wednesday, hitting $18.375. 3,469,611 shares of the company’s stock were exchanged. The company has a 50-day moving average of $18.33 and a 200-day moving average of $22.19. Kimco Realty Corporation has a 12-month low of $17.02 and a 12-month high of $32.24. The company has a market cap of $7.82 billion, a P/E ratio of 29.074 and a beta of 0.65.

Kimco Realty Corporation (NYSE:KIM) last announced its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.37. Kimco Realty Corporation had a net margin of 27.02% and a return on equity of 5.78%. The firm had revenue of $293.60 million during the quarter, compared to analyst estimates of $291.46 million. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Kimco Realty Corporation’s quarterly revenue was down 1.2% on a year-over-year basis. On average, equities analysts expect that Kimco Realty Corporation will post $0.59 earnings per share for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Thursday, July 6th will be given a $0.27 dividend. The ex-dividend date is Monday, July 3rd. This represents a $1.08 dividend on an annualized basis and a yield of 5.86%. Kimco Realty Corporation’s payout ratio is currently 168.75%.

In other Kimco Realty Corporation news, Director Philip E. Coviello, Jr. purchased 20,000 shares of Kimco Realty Corporation stock in a transaction dated Monday, June 5th. The shares were acquired at an average price of $17.37 per share, with a total value of $347,400.00. Following the completion of the transaction, the director now owns 41,045 shares of the company’s stock, valued at $712,951.65. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Philip E. Coviello, Jr. purchased 7,500 shares of Kimco Realty Corporation stock in a transaction dated Tuesday, May 9th. The shares were acquired at an average cost of $19.44 per share, for a total transaction of $145,800.00. Following the transaction, the director now directly owns 41,045 shares of the company’s stock, valued at approximately $797,914.80. The disclosure for this purchase can be found here. Corporate insiders own 2.90% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Kimco Realty Corporation by 6.6% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,887 shares of the real estate investment trust’s stock valued at $148,000 after buying an additional 366 shares in the last quarter. Private Asset Management Inc. boosted its stake in shares of Kimco Realty Corporation by 1.8% in the second quarter. Private Asset Management Inc. now owns 11,338 shares of the real estate investment trust’s stock valued at $208,000 after buying an additional 200 shares in the last quarter. Suntrust Banks Inc. boosted its stake in shares of Kimco Realty Corporation by 5.3% in the first quarter. Suntrust Banks Inc. now owns 9,930 shares of the real estate investment trust’s stock valued at $218,000 after buying an additional 504 shares in the last quarter. Global X Management Co. LLC boosted its stake in shares of Kimco Realty Corporation by 30.5% in the first quarter. Global X Management Co. LLC now owns 9,861 shares of the real estate investment trust’s stock valued at $218,000 after buying an additional 2,304 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its stake in shares of Kimco Realty Corporation by 3.9% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 11,177 shares of the real estate investment trust’s stock valued at $231,000 after buying an additional 420 shares in the last quarter. 90.52% of the stock is currently owned by institutional investors and hedge funds.

Kimco Realty Corporation Company Profile

Kimco Realty Corporation is a self-administered real estate investment trust. The Company is engaged in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, grocery stores or drugstores. As of December 31, 2016, the Company had interests in 525 shopping center properties, aggregating 85.4 million square feet of gross leasable area (GLA), located in 34 states, Puerto Rico and Canada.

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Analyst Recommendations for Kimco Realty Corporation (NYSE:KIM)

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