BEVERLY HILLS, Calif. - Kennedy Wilson (NYSE:KW), a global real estate investment firm, has declared a quarterly dividend of $0.12 per share, equating to an annual rate of $0.48 per share. Shareholders on record by June 28, 2024, will be eligible for the dividend, which is scheduled for disbursement on July 5, 2024.
The company has stated that this adjusted dividend rate will enable it to retain approximately $66 million annually. These funds will be directed towards bolstering Kennedy Wilson's investment management operations, allowing for the repurchase of securities and reduction of the company's leverage.
Kennedy Wilson is known for owning, operating, and investing in real estate on its own balance sheet and through its investment management platform. The company's primary focus areas within the investment management sector include multifamily residential properties, industrial real estate, and debt investments, with operations spanning the United States, United Kingdom, and Ireland.
The announcement includes a disclaimer, cautioning that statements in the press release that are not based on historical facts are considered forward-looking and may be subject to various risks and uncertainties. The company advises against placing undue reliance on these forward-looking statements, which are valid only as of the date of the press release. Kennedy Wilson does not commit to updating these statements unless required by law.
InvestingPro Insights
Kennedy Wilson's (NYSE:KW) recent dividend declaration is a testament to its commitment to shareholder returns, marking 14 consecutive years of dividend payments. This consistency is a significant aspect for income-focused investors, especially when considering the company's substantial dividend yield of 10.81% as of March 27, 2024. The InvestingPro Tips highlight this as a noteworthy feature, indicating that Kennedy Wilson pays a significant dividend to shareholders (KW1).
On the financial front, the company's market capitalization stands at $1.24 billion, with a negative P/E ratio of -3.62, signaling that investors are willing to hold on to the stock despite the company not being profitable over the last twelve months (KW4). This could be due to the high gross profit margin of 64.66%, which suggests that Kennedy Wilson is effective at converting revenue into gross profit. Additionally, the InvestingPro Tips suggest that analysts do not anticipate the company will be profitable this year (KW2), which could be reflected in the negative revenue growth of -10.02% over the last twelve months.
For those looking to delve deeper into Kennedy Wilson's financial health and future prospects, there are more InvestingPro Tips available at https://www.investing.com/pro/KW. And for investors seeking to take their analysis to the next level, using the promo code PRONEWS24 will grant an additional 10% off a yearly or biyearly Pro and Pro+ subscription. As of now, there are 15 additional tips listed in InvestingPro that could provide further insights into Kennedy Wilson's performance and investment potential.
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