Regency Centers Corporation (REG) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Regency Centers Corporation (NYSE:REG) from a hold rating to a buy rating in a report issued on Thursday. The brokerage currently has $71.00 price target on the real estate investment trust’s stock.
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 week’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 concern for this REIT. Rate hike add to its woes.”
Several other equities analysts have also recently commented on the stock. Jefferies Group LLC cut shares of Regency Centers Corporation from a buy rating to a hold rating and reduced their price objective for the company from $74.00 to $67.00 in a research note on Friday, September 15th. Boenning Scattergood cut shares of Regency Centers Corporation from a neutral rating to an under perform rating and set a $62.50 price objective for the company. in a research note on Tuesday, September 12th. BMO Capital Markets assumed coverage on shares of Regency Centers Corporation in a research note on Monday, September 11th. They set a market perform rating and a $65.00 price objective for the company. Argus reduced their price objective on shares of Regency Centers Corporation from $80.00 to $75.00 and set a buy rating for the company in a research note on Thursday, August 31st. Finally, Robert W. Baird reaffirmed a buy rating and set a $72.00 price objective on shares of Regency Centers Corporation in a research note on Thursday, August 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $71.54.
Shares of Regency Centers Corporation (NYSE REG) opened at 62.12 on Thursday. The company has a market cap of $10.54 billion, a P/E ratio of 103.19 and a beta of 0.56. The stock’s 50 day moving average is $65.17 and its 200-day moving average is $64.16. Regency Centers Corporation has a one year low of $58.63 and a one year high of $79.96.
Regency Centers Corporation (NYSE:REG) last issued its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.93 EPS for the quarter, beating the consensus estimate of $0.90 by $0.03. The company had revenue of $240.42 million during the quarter, compared to analysts’ expectations of $248.50 million. Regency Centers Corporation had a net margin of 13.19% and a return on equity of 2.20%. During the same quarter in the previous year, the company earned $0.81 earnings per share. Equities research analysts forecast that Regency Centers Corporation will post $0.85 earnings per share for the current year.
ILLEGAL ACTIVITY NOTICE: This piece of content was originally reported by Daily Political and is the property of of Daily Political. If you are reading this piece of content on another domain, it was stolen and republished in violation of international trademark and copyright laws. The original version of this piece of content can be accessed at https://www.dailypolitical.com/2017/09/24/regency-centers-corporation-reg-raised-to-buy-at-zacks-investment-research.html.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 30th. Shareholders of record on Wednesday, August 16th were paid a $0.53 dividend. The ex-dividend date was Monday, August 14th. This represents a $2.12 dividend on an annualized basis and a yield of 3.41%. Regency Centers Corporation’s dividend payout ratio is presently 353.34%.
In other news, Director Mary Lou Fiala sold 7,775 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly 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 available at this hyperlink. Also, Vice Chairman Chaim Katzman sold 1,055,758 shares of the business’s stock in a transaction that occurred on 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.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Perigon Wealth Management LLC lifted its holdings in shares of Regency Centers Corporation by 93.2% in the 2nd quarter. Perigon Wealth Management LLC now owns 2,125 shares of the real estate investment trust’s stock worth $133,000 after acquiring an additional 1,025 shares during the last quarter. Wealthcare Advisory Partners LLC bought a new stake in shares of Regency Centers Corporation in the 2nd quarter worth approximately $459,000. Phocas Financial Corp. lifted its holdings in shares of Regency Centers Corporation by 3.5% in the 2nd quarter. Phocas Financial Corp. now owns 7,558 shares of the real estate investment trust’s stock worth $473,000 after acquiring an additional 254 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Regency Centers Corporation by 25.7% in the 2nd quarter. Toronto Dominion Bank now owns 49,630 shares of the real estate investment trust’s stock worth $3,109,000 after acquiring an additional 10,147 shares during the last quarter. Finally, Afam Capital Inc. bought a new stake in shares of Regency Centers Corporation in the 2nd quarter worth approximately $3,764,000. Hedge funds and other 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Regency Centers Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Regency Centers Corporation and related companies with MarketBeat.com's FREE daily email newsletter.