Regency Centers Corporation (REG) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Regency Centers Corporation (NYSE:REG) from a buy rating to a hold rating in a research report released on Monday.
According to Zacks, “Shares of Regency have underperformed its industry, year to date. However, the stock has seen the Zacks Consensus Estimate for the current-year funds from operations (FFO) per share being revised upward in a month’s time. It did not report any significant damage from the recent hurricanes. 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 pressing concern for this REIT. Rate hike add to its woes.”
A number of other equities research analysts have also commented on REG. Jefferies Group LLC reiterated a hold rating and set a $72.00 price target on shares of Regency Centers Corporation in a report on Friday, May 26th. BidaskClub upgraded shares of Regency Centers Corporation from a strong sell rating to a sell rating in a report on Wednesday, June 14th. Royal Bank Of Canada reiterated a buy rating and set a $70.00 price target on shares of Regency Centers Corporation in a report on Monday, June 19th. Barclays PLC reiterated an equal weight rating and set a $73.00 price target (up from $72.00) on shares of Regency Centers Corporation in a report on Monday, July 10th. Finally, Citigroup Inc. reiterated a neutral rating and set a $67.00 price target (down from $70.00) on shares of Regency Centers Corporation in a report on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $71.54.
Shares of Regency Centers Corporation (NYSE:REG) opened at 62.61 on Monday. The stock’s 50 day moving average is $65.17 and its 200 day moving average is $64.16. Regency Centers Corporation has a 52-week low of $58.63 and a 52-week high of $79.96. The firm has a market capitalization of $10.63 billion, a PE ratio of 104.00 and a beta of 0.56.
Regency Centers Corporation (NYSE:REG) last posted its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.03. Regency Centers Corporation had a net margin of 13.19% and a return on equity of 2.20%. The company had revenue of $240.42 million during the quarter, compared to analyst estimates of $248.50 million. During the same period in the prior year, the business posted $0.81 EPS. On average, equities research analysts forecast that Regency Centers Corporation will post $0.85 EPS for the current year.
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The company also recently declared a quarterly dividend, which was paid on Wednesday, August 30th. Investors of record on Wednesday, August 16th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date was Monday, August 14th. Regency Centers Corporation’s payout ratio is 353.34%.
In related news, Director Mary Lou Fiala sold 7,775 shares of the company’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 transaction, the director now owns 17,145 shares in the company, valued at approximately $1,127,112.30. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Vice Chairman Chaim Katzman sold 1,055,758 shares of the company’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 own 12.66% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Louisiana State Employees Retirement System boosted its stake in Regency Centers Corporation by 1.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 9,100 shares of the real estate investment trust’s stock worth $570,000 after purchasing an additional 100 shares in the last quarter. State of Tennessee Treasury Department boosted its stake in Regency Centers Corporation by 0.3% in the 2nd quarter. State of Tennessee Treasury Department now owns 40,005 shares of the real estate investment trust’s stock worth $2,506,000 after purchasing an additional 110 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its stake in Regency Centers Corporation by 0.3% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 34,078 shares of the real estate investment trust’s stock worth $2,135,000 after purchasing an additional 118 shares in the last quarter. IHT Wealth Management LLC bought a new position in Regency Centers Corporation in the 2nd quarter worth about $124,000. Finally, Candriam Luxembourg S.C.A. boosted its stake in Regency Centers Corporation by 0.8% in the 2nd quarter. Candriam Luxembourg S.C.A. now owns 23,414 shares of the real estate investment trust’s stock worth $1,467,000 after purchasing an additional 185 shares in the last quarter. Institutional investors own 91.52% 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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