Kimco Realty Corp (NYSE:KIM) Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System raised its stake in Kimco Realty Corp (NYSE:KIM) by 7.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 182,533 shares of the real estate investment trust’s stock after purchasing an additional 12,800 shares during the quarter. State of Michigan Retirement System’s holdings in Kimco Realty were worth $3,579,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Kimco Realty in the 4th quarter valued at approximately $150,326,000. JPMorgan Chase & Co. boosted its stake in shares of Kimco Realty by 23.4% in the third quarter. JPMorgan Chase & Co. now owns 31,120,015 shares of the real estate investment trust’s stock valued at $547,401,000 after buying an additional 5,894,446 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Kimco Realty in the fourth quarter worth $84,678,000. Cohen & Steers Inc. raised its position in Kimco Realty by 7.3% in the fourth quarter. Cohen & Steers Inc. now owns 44,190,222 shares of the real estate investment trust’s stock worth $941,817,000 after acquiring an additional 3,022,995 shares in the last quarter. Finally, PGGM Investments acquired a new stake in Kimco Realty in the fourth quarter valued at $46,323,000. Institutional investors and hedge funds own 89.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Mizuho cut their price target on shares of Kimco Realty from $21.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Bank of America reiterated a “neutral” rating and set a $20.00 price target (down from $24.00) on shares of Kimco Realty in a research report on Friday, April 5th. Citigroup reaffirmed a “neutral” rating and issued a $20.00 price objective (down from $26.00) on shares of Kimco Realty in a research note on Friday, March 22nd. Truist Financial dropped their price objective on Kimco Realty from $23.00 to $22.00 and set a “hold” rating for the company in a research note on Monday, May 20th. Finally, Robert W. Baird lowered their target price on Kimco Realty from $23.00 to $21.00 and set an “outperform” rating on the stock in a report on Thursday, April 4th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Kimco Realty has an average rating of “Hold” and an average price target of $21.52.

Kimco Realty Price Performance

Kimco Realty stock opened at $19.41 on Wednesday. The stock has a market capitalization of $13.08 billion, a P/E ratio of 36.62, a P/E/G ratio of 3.76 and a beta of 1.51. Kimco Realty Corp has a 12-month low of $16.34 and a 12-month high of $22.83. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.86 and a quick ratio of 1.86. The firm’s 50-day moving average is $18.89 and its two-hundred day moving average is $19.50.

Kimco Realty Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, June 6th. This represents a $0.96 annualized dividend and a yield of 4.95%. Kimco Realty’s payout ratio is currently 181.14%.

Kimco Realty 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.