Zacks Investment Research upgraded shares of Regency Centers Corporation (NYSE:REG) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $72.00 target price on the real estate investment trust’s stock.
According to Zacks, “Regency reported better-than-expected results in the third quarter with respect to funds from operations (FFO) per share. Results were driven by robust growth in revenues and same-property net operating income (NOI). Moreover, the company witnessed stronger leasing activity in its same-property portfolio as well as small-shops portfolio. The company also raised its full-year 2017 outlook. Notably, its 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. Furthermore, shares of Regency have outperformed its industry in a month’s time. However, 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 research analysts have also commented on the company. Boenning Scattergood reissued a hold rating on shares of Regency Centers Corporation in a research report on Monday, November 6th. Robert W. Baird reaffirmed a buy rating on shares of Regency Centers Corporation in a research report on Friday, November 3rd. Jefferies Group LLC lowered Regency Centers Corporation from a buy rating to a hold rating and reduced their target price for the company from $74.00 to $67.00 in a research report on Friday, September 15th. BMO Capital Markets assumed coverage on Regency Centers Corporation in a research report on Monday, September 11th. They set a market perform rating and a $65.00 target price on the stock. Finally, Argus reduced their target price on Regency Centers Corporation from $80.00 to $75.00 and set a buy rating on the stock in a research report on Thursday, August 31st. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $70.86.
Regency Centers Corporation (NYSE:REG) opened at $66.45 on Tuesday. The company has a market capitalization of $11,281.73, a price-to-earnings ratio of 18.22, a PEG ratio of 2.21 and a beta of 0.55. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.63 and a quick ratio of 0.93. Regency Centers Corporation has a 1 year low of $58.63 and a 1 year high of $72.05.
Regency Centers Corporation (NYSE:REG) last released its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.04. The firm had revenue of $262.14 million during the quarter, compared to analyst estimates of $254.04 million. Regency Centers Corporation had a return on equity of 2.82% and a net margin of 17.59%. During the same period in the previous year, the company posted $0.81 EPS. research analysts anticipate that Regency Centers Corporation will post 3.68 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 29th. Shareholders of record on Wednesday, November 15th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.12 annualized dividend and a yield of 3.19%. Regency Centers Corporation’s payout ratio is presently 235.56%.
In other Regency Centers Corporation news, 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 value of $511,128.50. Following the sale, the director now owns 17,145 shares in the company, valued at approximately $1,127,112.30. The disclosure for this sale can be found here. 12.66% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the business. IHT Wealth Management LLC purchased a new stake in Regency Centers Corporation during the 2nd quarter valued at about $124,000. Perigon Wealth Management LLC grew its stake in Regency Centers Corporation by 93.2% during the 2nd quarter. Perigon Wealth Management LLC now owns 2,125 shares of the real estate investment trust’s stock valued at $133,000 after purchasing an additional 1,025 shares during the last quarter. Global X Management Co. LLC purchased a new stake in Regency Centers Corporation during the 2nd quarter valued at about $179,000. Advisor Group Inc. grew its stake in Regency Centers Corporation by 15.6% during the 2nd quarter. Advisor Group Inc. now owns 2,999 shares of the real estate investment trust’s stock valued at $188,000 after purchasing an additional 404 shares during the last quarter. Finally, Riverhead Capital Management LLC grew its stake in Regency Centers Corporation by 342.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,100 shares of the real estate investment trust’s stock valued at $194,000 after purchasing an additional 2,400 shares during the last quarter. Institutional investors and hedge funds own 91.57% of the company’s stock.
About Regency Centers Corporation
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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