Shares of Kimco Realty closed 3% higher on Monday after the real estate investment trust (REIT) announced a 6.3% hike in its quarterly dividend to $0.17 per share.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Kimco Realty (KIM) said that the new quarterly dividend will be paid on March 24 to shareholders of record as of March 10. Its annual dividend of $0.68 per share now reflects a dividend yield of 3.7%.
On Feb. 11, the company reported better-than-expected 4Q results. Revenues declined 9% year-over-year to $269.4 million but beat the Street’s estimates of $262.9 million. Kimco’s 4Q earnings of $0.45 per share spiked 104.5% year-over-year and topped the consensus forecasts of $0.10 per share.
Funds from operations (FFO) of $0.31 per share beat the Street’s estimates by a penny and declined 13.9% year-over-year. (See Kimco Realty stock analysis on TipRanks)
Following the earnings, Mizuho Securities analyst Haendel St. Juste raised the stock’s price target to $20 (10% upside potential) from $17 and maintained a Buy rating on Feb. 12.
In a note to investors, St. Juste said that the company reported “modest” upside in 4Q. He added that the fiscal 2021 guidance is “better-than-feared though wider-than-expected,” and reflects uncertainty around vaccine distribution and “return to normal” timing.
The Street has a bullish outlook on the stock, with a Strong Buy consensus rating based on 6 Buys and 2 Holds. The average analyst price target of $17.27 implies downside potential of about 5% from current levels.
Furthermore, KIM scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
Related News:
Humana Ramps Up Dividend By 12%; Street Sees 26% Upside
Matador Resources Initiates Quarterly Dividend; Shares Climb 3.5%
Foot Locker Boosts 2021 Capital Allocation, Hikes Dividend By 33%