Kimco Realty Corporation: Monthly Overview (September 22, 2024)
Company Overview
Kimco Realty Corporation (NYSE: KIM), headquartered in Jericho, New York, stands as a prominent real estate investment trust (REIT) focused on the retail sector. The firm specializes in owning and managing high-quality, open-air, grocery-anchored shopping centers and mixed-use properties, predominantly located in first-ring suburbs of major metropolitan areas throughout the United States. As of June 30, 2024, Kimco’s portfolio comprises 567 shopping centers and mixed-use assets, covering approximately 101 million square feet of gross leasable space. With a legacy of over 60 years in shopping center management and a public trading history that began in 1991, Kimco’s strong performance is further underscored by its status as a member of the S&P 500 Index. Recent financial results reveal a total revenue of approximately $1.9 billion, affirming solid operational performance and stability.
Investment Potential
The retail REIT sector, particularly Kimco Realty Corporation, presents strong investment prospects, reinforced by a “buy” recommendation. The stock is currently valued at $23.24, with an optimistic target high price of $29.00, signaling potential gains for investors. The average target price is estimated at $24.19, indicating moderate growth opportunities. With 674,112,000 shares outstanding, only about 2.99% is shorted, reflecting a favorable sentiment among investors and a relatively low level of market skepticism. Although EBITDA figures are unavailable, the substantial revenue underscores a promising financial foundation, supporting the overall optimistic outlook for investment in this retail REIT.
Market Position and Performance
Kimco’s stock performance reveals resilience, currently trading near its fifty-two week high of $24.25, compared to a low of $16.34. The stock price stands above the fifty-day moving average of $22.35, a sign of bullish activity and investor confidence. Analysts offer a positive consensus, with a recommendation mean score of 2.3 and insights from 18 expert opinions, solidifying the belief in favorable growth for Kimco Realty Corporation. Overall, these metrics position Kimco Realty as a compelling choice for investors seeking robust opportunities within the retail real estate market.
| Metric | Value |
|---|---|
| Market Cap | $15.7b |
| Total Debt | $7.8b |
| Total Cash | $127.6m |
| Shares Outstanding | 674.1m |
| Float Shares | 654.3m |
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