Zacks Investment Research upgraded shares of Regency Centers Corporation (NYSE:REG) from a hold rating to a buy rating in a research note issued to investors on Tuesday, November 7th. They currently have $72.00 price objective 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 equities analysts also recently issued reports on REG. TheStreet upgraded shares of Regency Centers from a c rating to a b- rating in a report on Thursday, August 3rd. Citigroup Inc. set a $70.00 target price on Regency Centers and gave the company a hold rating in a research report on Monday, August 14th. BidaskClub upgraded Regency Centers from a hold rating to a buy rating in a research report on Tuesday, August 1st. Boenning Scattergood restated a hold rating on shares of Regency Centers in a research report on Monday, August 7th. Finally, Robert W. Baird restated a buy rating and issued a $72.00 price objective on shares of Regency Centers in a research report on Thursday, August 24th. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $70.86.
Regency Centers (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, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.04. Regency Centers had a net margin of 17.59% and a return on equity of 2.82%. The firm had revenue of $262.14 million for the quarter, compared to the consensus estimate of $254.04 million. During the same quarter in the prior year, the company posted $0.81 earnings per share. equities research analysts predict that Regency Centers will post 3.68 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 29th. Investors of record on Wednesday, November 15th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Tuesday, November 14th. Regency Centers’s dividend payout ratio is currently 235.56%.
In related news, Vice Chairman Chaim Katzman sold 1,055,758 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $64.30, for a total value of $67,885,239.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 12.66% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. IHT Wealth Management LLC acquired a new stake in shares of Regency Centers in the 2nd quarter worth $124,000. Perigon Wealth Management LLC increased its position in shares of Regency Centers by 93.2% during the 2nd quarter. Perigon Wealth Management LLC now owns 2,125 shares of the real estate investment trust’s stock worth $133,000 after purchasing an additional 1,025 shares during the last quarter. Global X Management Co. LLC acquired a new stake in shares of Regency Centers during the 2nd quarter worth about $179,000. Advisor Group Inc. increased its position in shares of Regency Centers by 15.6% during the 2nd quarter. Advisor Group Inc. now owns 2,999 shares of the real estate investment trust’s stock worth $188,000 after purchasing an additional 404 shares during the last quarter. Finally, Riverhead Capital Management LLC increased its position in shares of Regency Centers by 342.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,100 shares of the real estate investment trust’s stock worth $194,000 after purchasing an additional 2,400 shares during the last quarter. 92.24% of the stock is owned by hedge funds and other institutional investors.
About Regency Centers
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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