Zacks Investment Research Upgrades Regency Centers Corporation (REG) to Buy
Regency Centers Corporation (NYSE:REG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $70.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price target indicates a potential upside of 9.53% from the stock’s previous close.
According to Zacks, “Shares of Regency have underperformed its industry, year to date. However, the stock has seen the Zacks Consensus Estimates for 2017 and 2018 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 concern for this real estate investment trust (REIT).”
REG has been the subject of several other reports. Robert W. Baird reiterated a “buy” rating and set a $72.00 target price on shares of Regency Centers Corporation in a research note on Thursday, August 24th. BidaskClub downgraded Regency Centers Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 22nd. Argus reduced their target price on 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. TheStreet raised Regency Centers Corporation from a “c” rating to a “b-” rating in a report on Thursday, August 3rd. Finally, Jefferies Group LLC cut Regency Centers Corporation from a “buy” rating to a “hold” rating and dropped their price target for the stock from $74.00 to $67.00 in a report on Friday, September 15th. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $71.46.
Regency Centers Corporation (NYSE:REG) opened at 63.91 on Tuesday. Regency Centers Corporation has a one year low of $58.63 and a one year high of $75.15. The firm has a market capitalization of $10.85 billion, a price-to-earnings ratio of 106.16 and a beta of 0.56. The stock’s 50 day moving average price is $63.65 and its 200-day moving average price is $63.82.
Regency Centers Corporation (NYSE:REG) last issued its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.03. Regency Centers Corporation had a return on equity of 2.20% and a net margin of 13.19%. The company had revenue of $240.42 million during the quarter, compared to the consensus estimate of $248.50 million. During the same period in the previous year, the company posted $0.81 EPS. On average, equities research analysts expect that Regency Centers Corporation will post $0.85 EPS for the current fiscal year.
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In other Regency Centers Corporation news, Director Mary Lou Fiala sold 7,775 shares of Regency Centers Corporation stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $65.74, for a total value of $511,128.50. Following the completion of the transaction, the director now directly owns 17,145 shares of the company’s stock, valued at approximately $1,127,112.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Chaim Katzman sold 1,055,758 shares of Regency Centers Corporation stock in a transaction on Monday, September 11th. The shares were sold at an average price of $64.30, for a total value of $67,885,239.40. The disclosure for this sale can be found here. 12.66% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Perpetual Ltd acquired a new position in Regency Centers Corporation in the 2nd quarter valued at $2,596,000. Perigon Wealth Management LLC raised its holdings in 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 valued at $133,000 after acquiring an additional 1,025 shares in the last quarter. Wealthcare Advisory Partners LLC acquired a new position in Regency Centers Corporation in the 2nd quarter valued at $459,000. Phocas Financial Corp. raised its holdings in 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 valued at $473,000 after acquiring an additional 254 shares in the last quarter. Finally, Toronto Dominion Bank raised its holdings in 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 valued at $3,109,000 after acquiring an additional 10,147 shares in the last quarter. 91.55% of the stock is owned by hedge funds and other institutional investors.
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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