Valued at a market cap of $14.8 billion. Kimco Realty Corporation (KIM), based in New York, is a real estate investment trust (REIT) that focuses on owning and managing open-air, grocery-anchored shopping. The company is expected to announce its fiscal Q4 earnings results before the market opens on Friday, Feb. 7.
Ahead of this event, analysts project the REIT’s FFO to rise 7.7% year over year to $0.42. The company has surpassed or met Wall Street's bottom-line estimates in all of the last four quarterly reports. KIM posted an FFO of $0.43 per share in the latest quarter, surpassing the consensus estimate by 4.9%.
For fiscal 2024, analysts expect KIM to report an FFO of $1.64 per share, up 4.5% from $1.57 per share in fiscal 2023. Looking forward to fiscal 2025, FFO is expected to grow 3.7% year-over-year to $1.70 per share.
Over the past 52 weeks, KIM has gained 6.8%, outperforming the S&P 500 Index's ($SPX) 24.4% rise. However, the stock has outpaced the Real Estate Select Sector SPDR Fund's (XLRE) 1.6% gain over the same period.
On October 31, KIM shares dropped 1.3% following its Q3 earnings release, fuelled by the rise in pro rata interest expense driven by higher debt levels and a $50 million reduction in the company’s disposition outlook. Nevertheless, the company reported an FFO of $0.43 per share, a 7.5% increase from the prior year, surpassing the consensus estimate of $0.41. Revenue reached $507.6 million, exceeding projections by 1.5%. Additionally, KIM raised its full-year 2024 FFO and net income guidance, showcasing robust financial performance.
Analysts' consensus rating on Kimco Realty stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among the 22 analysts covering the stock, opinions include seven "Strong Buys" and 15 "Holds."
The mean price target of $25.76 indicates a potential upside of 16.9% from current market prices.
