Kimco Realty (NYSE:KIM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, January 2nd.
According to Zacks, “Shares of Kimco Realty have underperformed the industry it belongs to, in the past three months. Moreover, the stock has seen the Zacks Consensus Estimate for full-year 2017 funds from operations (FFO) per share being revised downward in a month’s time. Notably, decreasing footfall at malls amid shift of consumers toward online channels, store closures and bankruptcy of retailers are likely to hurt the performance of this retail REIT. Also, the dilutive impact on earnings from sale of assets cannot be bypassed in the near term. However, its redevelopment and development efforts, non-core asset dispositions and measures to enhance small shops portfolio have capacity to drive long-term growth.”
A number of other brokerages have also recently issued reports on KIM. BMO Capital Markets began coverage on Kimco Realty in a report on Monday, September 11th. They set a “market perform” rating and a $21.00 price objective for the company. JPMorgan Chase & Co. raised Kimco Realty from a “neutral” rating to an “overweight” rating and set a $24.00 price target for the company in a report on Tuesday, September 26th. Robert W. Baird reaffirmed a “buy” rating and issued a $23.00 price target on shares of Kimco Realty in a report on Friday, November 10th. Mizuho reaffirmed a “hold” rating and issued a $19.00 price target on shares of Kimco Realty in a report on Monday, October 9th. Finally, Stifel Nicolaus initiated coverage on Kimco Realty in a report on Thursday, November 30th. They issued a “hold” rating and a $19.50 price target for the company. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $22.22.
Shares of Kimco Realty (NYSE KIM) traded down $0.12 during mid-day trading on Tuesday, reaching $17.01. The company had a trading volume of 2,620,800 shares, compared to its average volume of 4,279,163. The company has a market capitalization of $7,240.00, a PE ratio of 25.01, a P/E/G ratio of 2.15 and a beta of 0.66. Kimco Realty has a 52-week low of $16.93 and a 52-week high of $25.70. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.08 and a current ratio of 0.08.
Kimco Realty (NYSE:KIM) last issued its quarterly earnings data on Wednesday, October 25th. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.13). The company had revenue of $290.92 million for the quarter, compared to the consensus estimate of $295.34 million. Kimco Realty had a net margin of 17.85% and a return on equity of 4.68%. The firm’s revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.38 earnings per share. research analysts anticipate that Kimco Realty will post 1.55 EPS for the current fiscal year.
In other Kimco Realty news, insider Milton Cooper acquired 50,000 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was acquired at an average cost of $19.20 per share, for a total transaction of $960,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.90% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Penserra Capital Management LLC bought a new stake in Kimco Realty in the 3rd quarter valued at approximately $105,000. Pacer Advisors Inc. lifted its stake in Kimco Realty by 8.4% in the 2nd quarter. Pacer Advisors Inc. now owns 10,219 shares of the real estate investment trust’s stock valued at $188,000 after acquiring an additional 790 shares in the last quarter. Eqis Capital Management Inc. bought a new stake in Kimco Realty in the 3rd quarter valued at approximately $201,000. Stoneridge Investment Partners LLC bought a new stake in Kimco Realty in the 3rd quarter valued at approximately $203,000. Finally, Carnegie Capital Asset Management LLC bought a new stake in Kimco Realty in the 2nd quarter valued at approximately $204,000. Institutional investors and hedge funds own 91.58% of the company’s stock.
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About Kimco Realty
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 June 30, 2017, the Company had interests in 510 shopping center properties, including 84 million square feet of gross leasable area (GLA), located in 32 states, Puerto Rico and Canada.
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