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, November 7th. Zacks Investment Research currently has $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.”
A number of other research analysts also recently issued reports on REG. TheStreet upgraded Regency Centers Corporation from a c rating to a b- rating in a report on Thursday, August 3rd. Argus cut their price objective on Regency Centers Corporation from $80.00 to $75.00 and set a buy rating for the company in a research report on Thursday, August 31st. Robert W. Baird reaffirmed a buy rating and issued a $72.00 price objective on shares of Regency Centers Corporation in a research report on Thursday, August 24th. Jefferies Group LLC reaffirmed a buy rating and issued a $74.00 price objective on shares of Regency Centers Corporation in a report on Monday, July 17th. Finally, BidaskClub upgraded Regency Centers Corporation from a hold rating to a buy rating in a research note on Tuesday, August 1st. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $70.86.
Regency Centers Corporation (NYSE:REG) opened at $67.40 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.63 and a quick ratio of 0.63. Regency Centers Corporation has a 12 month low of $58.63 and a 12 month high of $72.05. The firm has a market capitalization of $11,465.45, a PE ratio of 18.52, a P/E/G ratio of 2.25 and a beta of 0.55.
Regency Centers Corporation (NYSE:REG) last announced its quarterly earnings results 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. The business 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 earned $0.81 EPS. analysts expect that Regency Centers Corporation will post 3.68 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 29th. Shareholders of record on Wednesday, November 15th will be given a dividend of $0.53 per share. The ex-dividend date is Tuesday, November 14th. This represents a $2.12 annualized dividend and a dividend yield of 3.15%. Regency Centers Corporation’s dividend payout ratio is currently 235.56%.
In other news, Director Mary Lou Fiala sold 7,775 shares of the stock in a transaction on 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 $1,127,112.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Chaim Katzman sold 1,055,758 shares of Regency Centers Corporation 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. In the last 90 days, insiders have sold 1,068,033 shares of company stock worth $68,404,918. Company insiders own 12.66% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. IHT Wealth Management LLC purchased a new position in Regency Centers Corporation during the 2nd quarter worth $124,000. Perigon Wealth Management LLC grew its stake in shares of 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 worth $133,000 after purchasing an additional 1,025 shares during the period. Global X Management Co. LLC acquired a new stake in shares of Regency Centers Corporation during the 2nd quarter worth about $179,000. Advisor Group Inc. boosted its stake in shares of 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 worth $188,000 after purchasing an additional 404 shares during the last quarter. Finally, Riverhead Capital Management LLC boosted its stake in shares of 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 worth $194,000 after purchasing an additional 2,400 shares during the last quarter. 92.24% of the stock is currently owned by institutional investors and hedge funds.
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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