Kimco Realty Corp (NYSE:KIM) to Issue Quarterly Dividend of $0.24

Kimco Realty Corp (NYSE:KIM) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Thursday, June 6th will be given a dividend of 0.24 per share by the real estate investment trust on Thursday, June 20th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date is Thursday, June 6th.

Kimco Realty has raised its dividend by an average of 19.9% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Kimco Realty has a payout ratio of 124.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Kimco Realty to earn $1.66 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 57.8%.

Kimco Realty Price Performance

Shares of KIM opened at $19.11 on Friday. The business has a 50-day moving average of $18.90 and a 200-day moving average of $19.43. Kimco Realty has a 1 year low of $16.34 and a 1 year high of $22.83. The company has a market capitalization of $12.88 billion, a price-to-earnings ratio of 36.05, a price-to-earnings-growth ratio of 4.29 and a beta of 1.46. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.86 and a quick ratio of 5.05.

Insider Buying and Selling at Kimco Realty

In other news, Director Frank Lourenso sold 8,890 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $19.42, for a total transaction of $172,643.80. Following the transaction, the director now directly owns 203,534 shares of the company’s stock, valued at $3,952,630.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on KIM shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Kimco Realty in a research report on Tuesday, January 30th. They issued a “hold” rating and a $23.00 price target on the stock. Robert W. Baird cut their price target on shares of Kimco Realty from $23.00 to $21.00 and set an “outperform” rating on the stock in a research report on Thursday, April 4th. Bank of America reissued a “neutral” rating and issued a $20.00 price objective (down from $24.00) on shares of Kimco Realty in a research report on Friday, April 5th. Mizuho cut their target price on Kimco Realty from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, February 23rd. Finally, Citigroup reiterated a “neutral” rating and issued a $20.00 target price (down from $26.00) on shares of Kimco Realty in a report on Friday, March 22nd. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $21.48.

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.