Jefferies Group Equities Analysts Lower Earnings Estimates for Regency Centers Corp (REG)
Regency Centers Corp (NYSE:REG) – Jefferies Group decreased their Q2 2018 earnings estimates for shares of Regency Centers in a report issued on Tuesday. Jefferies Group analyst G. Hoglund now forecasts that the real estate investment trust will earn $0.95 per share for the quarter, down from their prior estimate of $0.96. Jefferies Group currently has a “Hold” rating and a $64.00 price objective on the stock. Jefferies Group also issued estimates for Regency Centers’ FY2018 earnings at $3.80 EPS and FY2019 earnings at $4.01 EPS.
Several other research firms have also commented on REG. SunTrust Banks restated a “buy” rating and issued a $74.00 price objective on shares of Regency Centers in a research note on Friday, December 1st. Zacks Investment Research lowered Regency Centers from a “buy” rating to a “hold” rating in a research note on Tuesday, November 28th. BMO Capital Markets set a $68.00 price objective on Regency Centers and gave the stock a “hold” rating in a research note on Thursday, January 11th. Boenning Scattergood restated a “hold” rating on shares of Regency Centers in a research note on Monday, November 6th. Finally, Robert W. Baird restated a “buy” rating on shares of Regency Centers in a research note on Friday, November 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $69.73.
Regency Centers (NYSE:REG) last posted its quarterly earnings data on Thursday, February 8th. The real estate investment trust reported $0.50 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.42). The company had revenue of $257.95 million during the quarter, compared to analysts’ expectations of $257.60 million. Regency Centers had a return on equity of 2.71% and a net margin of 18.16%. During the same quarter last year, the company earned $0.86 earnings per share.
Regency Centers declared that its board has approved a stock repurchase plan on Thursday, February 8th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 2nd. Shareholders of record on Tuesday, February 20th were paid a $0.555 dividend. This represents a $2.22 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date was Friday, February 16th. This is a positive change from Regency Centers’s previous quarterly dividend of $0.38. Regency Centers’s dividend payout ratio is presently 255.17%.
In other Regency Centers news, Director Alan Todd Roth sold 2,500 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $69.89, for a total value of $174,725.00. Following the completion of the sale, the director now owns 7,453 shares in the company, valued at approximately $520,890.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John C. Schweitzer sold 7,136 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $58.36, for a total value of $416,456.96. Following the completion of the sale, the director now owns 45,847 shares of the company’s stock, valued at approximately $2,675,630.92. The disclosure for this sale can be found here. Insiders sold a total of 2,365,155 shares of company stock valued at $140,381,212 in the last quarter. 12.66% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the business. ZWJ Investment Counsel Inc. bought a new position in shares of Regency Centers during the 4th quarter valued at about $201,000. Wetherby Asset Management Inc. bought a new position in shares of Regency Centers during the 4th quarter valued at about $213,000. WINTON GROUP Ltd bought a new position in shares of Regency Centers during the 3rd quarter valued at about $219,000. Commerzbank Aktiengesellschaft FI bought a new position in shares of Regency Centers during the 4th quarter valued at about $227,000. Finally, Parametrica Management Ltd bought a new position in shares of Regency Centers during the 4th quarter valued at about $229,000. Institutional investors and hedge funds own 91.74% of the company’s stock.
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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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