Kimco Realty Corp. (NYSE:KIM) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totalling 11,906,127 shares, a drop of 19.2% from the August 15th total of 14,727,209 shares. Approximately 2.9% of the company’s shares are short sold. Based on an average daily trading volume, of 2,643,244 shares, the days-to-cover ratio is presently 4.5 days.
KIM has been the topic of a number of analyst reports. Barclays PLC reiterated a “buy” rating and set a $34.00 price objective on shares of Kimco Realty Corp. in a research report on Tuesday, July 19th. Canaccord Genuity lifted their price objective on Kimco Realty Corp. from $31.00 to $34.00 and gave the stock a “buy” rating in a research report on Tuesday, August 16th. BTIG Research initiated coverage on Kimco Realty Corp. in a research report on Thursday, August 25th. They set a “buy” rating and a $34.00 price objective on the stock. Deutsche Bank AG lifted their price objective on Kimco Realty Corp. from $27.00 to $28.00 and gave the stock a “hold” rating in a research report on Wednesday, August 17th. Finally, Citigroup Inc. downgraded Kimco Realty Corp. from a “buy” rating to a “neutral” rating and set a $32.00 price objective on the stock. in a research report on Thursday, July 7th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Kimco Realty Corp. currently has an average rating of “Buy” and an average price target of $31.33.
In related news, Director Philip E. Coviello, Jr. acquired 1,000 shares of Kimco Realty Corp. stock in a transaction that occurred on Monday, August 8th. The shares were purchased at an average price of $31.17 per share, for a total transaction of $31,170.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.20% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Kimco Realty Corp. during the second quarter worth $532,000. Kentucky Retirement Systems acquired a new position in shares of Kimco Realty Corp. during the second quarter worth $1,120,000. Northwestern Mutual Investment Management Company LLC raised its position in shares of Kimco Realty Corp. by 1.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 16,009 shares of the real estate investment trust’s stock worth $502,000 after buying an additional 213 shares in the last quarter. Mason Street Advisors LLC acquired a new position in shares of Kimco Realty Corp. during the second quarter worth $1,774,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Kimco Realty Corp. by 38.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,367 shares of the real estate investment trust’s stock worth $105,000 after buying an additional 942 shares in the last quarter. 93.67% of the stock is currently owned by institutional investors.
Shares of Kimco Realty Corp. (NYSE:KIM) opened at 29.33 on Thursday. The firm has a market capitalization of $12.32 billion, a PE ratio of 16.43 and a beta of 1.05. The stock has a 50 day moving average price of $29.96 and a 200-day moving average price of $29.42. Kimco Realty Corp. has a 52 week low of $23.44 and a 52 week high of $32.24.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Wednesday, October 5th will be paid a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend is Monday, October 3rd. Kimco Realty Corp.’s dividend payout ratio is presently 56.98%.
Kimco Realty Corp. Company Profile
Kimco Realty Corporation is a real estate investment trust. The Company is engaged principally in the ownership, management, development and operation of open-air shopping centers. The Company holds interests in approximately 550 shopping center properties, aggregating over 88 million square feet of gross leasable area (GLA), located in approximately 36 states of the United States, Puerto Rico and Canada.
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