Zacks Investment Research downgraded shares of Regency Centers Corporation (NYSE:REG) from a buy rating to a hold rating in a research report released on Wednesday, November 1st.
According to Zacks, “Shares of Regency have underperformed its industry, year to date. Also, the stock has seen the Zacks Consensus Estimates for third-quarter 2017 funds from operations (FFO) per share being revised downward in two months’ time. Notably, the company’s focus on building a premium portfolio of grocery-anchored shopping centers, which are usually necessity-driven, along with the presence of leading grocers in its tenant roaster, augurs well. Also, Regency’s merger with Equity One elevated the company’s position in the retail real estate market and offered it a host of opportunities to drive growth. Yet, the recent efforts of online retailers to go deeper into the grocery business have emerged as a concern for this real estate investment trust (REIT). Rate hike also adds to its woes.”
Several other brokerages have also recently weighed in on REG. BidaskClub upgraded Regency Centers Corporation from a hold rating to a buy rating in a report on Tuesday, August 1st. Citigroup Inc. set a $70.00 price objective on Regency Centers Corporation and gave the stock a hold rating in a research report on Monday, August 14th. Barclays PLC reaffirmed an equal weight rating and set a $73.00 price objective (up previously from $72.00) on shares of Regency Centers Corporation in a research report on Monday, July 10th. Boenning Scattergood upgraded shares of Regency Centers Corporation from an under perform rating to a neutral rating in a research note on Tuesday, October 3rd. Finally, Royal Bank Of Canada upgraded shares of Regency Centers Corporation from an outperform rating to a top pick rating and upped their price objective for the company from $72.00 to $75.00 in a research note on Thursday, August 17th. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Regency Centers Corporation presently has an average rating of Buy and an average price target of $70.86.
Regency Centers Corporation (NYSE:REG) last posted its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.04. Regency Centers Corporation had a return on equity of 2.82% and a net margin of 17.59%. The company had revenue of $262.14 million for the quarter, compared to analysts’ expectations of $254.04 million. During the same period in the previous year, the firm posted $0.81 EPS. analysts predict that Regency Centers Corporation will post 3.68 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 29th. Stockholders of record on Wednesday, November 15th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Tuesday, November 14th. Regency Centers Corporation’s dividend payout ratio (DPR) is presently 235.56%.
In other Regency Centers Corporation news, Director Mary Lou Fiala sold 7,775 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $65.74, for a total transaction of $511,128.50. Following the completion of the transaction, the director now directly owns 17,145 shares of the company’s stock, valued at approximately $1,127,112.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Chaim Katzman sold 1,055,758 shares of the business’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $64.30, for a total transaction of $67,885,239.40. The disclosure for this sale can be found here. Insiders sold a total of 1,068,033 shares of company stock valued at $68,404,918 over the last ninety days. Company insiders own 12.66% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio raised its position in shares of Regency Centers Corporation by 1.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 233,034 shares of the real estate investment trust’s stock worth $14,457,000 after buying an additional 2,780 shares in the last quarter. Gyroscope Capital Management Group LLC bought a new stake in shares of Regency Centers Corporation during the 3rd quarter worth about $308,000. Neuberger Berman Group LLC raised its position in shares of Regency Centers Corporation by 9.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 171,057 shares of the real estate investment trust’s stock worth $10,612,000 after buying an additional 14,580 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Regency Centers Corporation by 4.5% during the 3rd quarter. California Public Employees Retirement System now owns 288,491 shares of the real estate investment trust’s stock worth $17,898,000 after buying an additional 12,425 shares in the last quarter. Finally, Cubist Systematic Strategies LLC raised its position in shares of Regency Centers Corporation by 13.5% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 10,802 shares of the real estate investment trust’s stock worth $670,000 after buying an additional 1,285 shares in the last quarter. Institutional investors own 92.24% of the company’s stock.
Regency Centers Corporation Company Profile
Regency Centers Corporation is a real estate investment trust (REIT). The Company is the general partner of Regency Centers, L.P. (the Operating Partnership). The Company is engaged in the ownership, management, leasing, acquisition and development of retail shopping centers through the Operating Partnership.
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