Kimco Realty Corporation (KIM), based in New York, is a real estate investment trust (REIT) with a market cap of $16.6 billion. The company focuses on owning and managing open-air, grocery-anchored shopping centers throughout North America, as well as expanding its portfolio of mixed-use properties.
This leading REIT company has slightly underperformed the broader market over the past year. KIM has surged 31% over the past 52 weeks, lagging behind the S&P 500 Index’s ($SPX) 35.8% returns during the same time frame. However, in 2024, KIM has matched the SPX’s 24.3% gains on a YTD basis.
Zooming in further, KIM has also trailed behind the JPMorgan Realty Income ETF’s (JPRE) 24% returns over the past 52 weeks and 9.6% gains on a YTD basis.
On Oct. 31, KIM reported its Q3 earnings and its share dipped 1.3% despite surpassing Wall Street’s top-line and bottom-line projections. During the quarter, the company reached a new all-time high for pro-rata small shop occupancy at 91.8%.
For the current fiscal year, ending in December, analysts expect Kimco Realty's FFO per share to grow 3.8% year over year to $1.63. The company has a history of exceeding or matching the consensus FFO per share estimates in each of the last four quarters.
Among the 22 analysts covering the KIM stock, the consensus rating is a “Moderate Buy.” That’s based on nine “Strong Buy” ratings and 13 “Holds.”
This configuration is less bullish than two months ago when 10 analysts suggested a “Strong Buy” for the stock.
On Nov. 1, Evercore Inc. (EVR) analyst Steve Sakwa maintained a "Hold" rating on Kimco Realty (KIM) and set a price target of $24.
KIM’s mean price target of $24.55 represents a marginal premium from current price levels. The Street-high target of $29 indicates a potential upside of 19.2%.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
