Texas Permanent School Fund Decreases Stake in Kimco Realty Corp (KIM)
Texas Permanent School Fund lessened its position in Kimco Realty Corp (NYSE:KIM) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 81,979 shares of the real estate investment trust’s stock after selling 2,778 shares during the quarter. Texas Permanent School Fund’s holdings in Kimco Realty were worth $1,517,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in Kimco Realty by 1.2% during the fourth quarter. BlackRock Inc. now owns 40,770,079 shares of the real estate investment trust’s stock worth $597,281,000 after buying an additional 482,878 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Kimco Realty by 17.0% during the fourth quarter. Bank of New York Mellon Corp now owns 18,850,346 shares of the real estate investment trust’s stock worth $276,157,000 after buying an additional 2,739,388 shares in the last quarter. Northern Trust Corp lifted its position in Kimco Realty by 24.4% during the fourth quarter. Northern Trust Corp now owns 8,312,885 shares of the real estate investment trust’s stock worth $121,785,000 after buying an additional 1,629,720 shares in the last quarter. Geode Capital Management LLC lifted its position in Kimco Realty by 8.1% during the fourth quarter. Geode Capital Management LLC now owns 7,138,547 shares of the real estate investment trust’s stock worth $104,438,000 after buying an additional 534,503 shares in the last quarter. Finally, Deutsche Bank AG raised its position in Kimco Realty by 468.0% in the fourth quarter. Deutsche Bank AG now owns 5,837,415 shares of the real estate investment trust’s stock valued at $85,510,000 after purchasing an additional 4,809,739 shares during the period. Institutional investors and hedge funds own 87.70% of the company’s stock.
In other news, Director Richard B. Saltzman sold 5,500 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $18.39, for a total value of $101,145.00. Following the completion of the sale, the director now directly owns 81,335 shares of the company’s stock, valued at approximately $1,495,750.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David Jamieson sold 16,435 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $18.33, for a total value of $301,253.55. Following the completion of the sale, the chief operating officer now directly owns 94,211 shares of the company’s stock, valued at $1,726,887.63. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.
Kimco Realty (NYSE:KIM) last issued its quarterly earnings data on Thursday, May 2nd. The real estate investment trust reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.12). Kimco Realty had a net margin of 39.40% and a return on equity of 8.37%. The firm had revenue of $295.00 million during the quarter, compared to analyst estimates of $282.49 million. During the same period in the previous year, the firm posted $0.39 earnings per share. The company’s quarterly revenue was down 3.0% compared to the same quarter last year. On average, equities analysts predict that Kimco Realty Corp will post 1.46 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Tuesday, July 2nd will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, July 1st. This represents a $1.12 annualized dividend and a dividend yield of 6.20%. Kimco Realty’s dividend payout ratio is currently 77.24%.
A number of equities research analysts have commented on KIM shares. Zacks Investment Research downgraded Kimco Realty from a “hold” rating to a “sell” rating in a research report on Thursday, January 24th. ValuEngine upgraded Kimco Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, January 29th. Finally, Evercore ISI downgraded Kimco Realty from an “in-line” rating to an “underperform” rating in a research report on Monday, April 1st. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $17.75.
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Kimco Realty Company Profile
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.
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