Zacks Investment Research upgraded shares of Regency Centers (NYSE:REG) from a sell rating to a hold rating in a research report sent to investors on Monday.
According to Zacks, “Regency’s better-than-expected NAREIT funds from operations (FFO) per share reflect growth in revenues. The company’s premium quality portfolio of shopping centers, located in strong trade areas, which are characterized with higher spending power, enables it to attract top grocers and retailers. Regency has a considerable experience in the retail real estate industry and has developed several retail real estate projects over the years. Its focus on building a premium portfolio of grocery-anchored shopping centers, which are usually necessity driven, augurs well. Regency has resorted to dispositions, reinvesting the proceeds in value accretive developments and acquisitions with superior growth prospects. But, recent efforts of online retailers to penetrate deeper into the grocery business is a concern. Geographic concentration of assets adds to its woes. Also, its shares have underperformed its industry in the past three months.”
Other research analysts have also recently issued research reports about the company. BMO Capital Markets set a $64.00 target price on Regency Centers and gave the company a hold rating in a research note on Thursday, February 14th. Citigroup set a $75.00 target price on Regency Centers and gave the company a buy rating in a research note on Friday, February 22nd. SunTrust Banks reissued a buy rating and issued a $69.00 target price on shares of Regency Centers in a research note on Monday, November 19th. Jefferies Financial Group reissued a hold rating and issued a $66.00 target price on shares of Regency Centers in a research note on Monday, December 17th. Finally, Barclays raised Regency Centers from an equal weight rating to an overweight rating and increased their target price for the company from $63.00 to $69.00 in a research note on Monday, February 4th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $69.12.
Regency Centers (NYSE:REG) last released its earnings results on Wednesday, February 13th. The real estate investment trust reported $0.46 EPS for the quarter, missing the Zacks’ consensus estimate of $0.94 by ($0.48). The firm had revenue of $277.07 million during the quarter, compared to the consensus estimate of $269.96 million. Regency Centers had a net margin of 23.19% and a return on equity of 3.86%. During the same period in the prior year, the company earned $0.92 EPS. As a group, sell-side analysts anticipate that Regency Centers will post 3.78 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Monday, February 25th were paid a dividend of $0.585 per share. This is a boost from Regency Centers’s previous quarterly dividend of $0.56. This represents a $2.34 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Friday, February 22nd. Regency Centers’s dividend payout ratio (DPR) is 63.41%.
In other news, insider Nicholas Andrew Wibbenmeyer sold 2,621 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $64.27, for a total transaction of $168,451.67. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Martin E. Stein, Jr. sold 50,000 shares of the stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $64.92, for a total transaction of $3,246,000.00. The disclosure for this sale can be found here. Insiders have sold 86,283 shares of company stock worth $5,597,966 over the last ninety days. Insiders own 1.10% of the company’s stock.
Several institutional investors have recently bought and sold shares of REG. Cohen & Steers Inc. boosted its holdings in shares of Regency Centers by 170.4% during the third quarter. Cohen & Steers Inc. now owns 10,944,435 shares of the real estate investment trust’s stock worth $707,777,000 after purchasing an additional 6,896,949 shares during the period. Deutsche Bank AG boosted its holdings in shares of Regency Centers by 828.0% during the third quarter. Deutsche Bank AG now owns 2,656,966 shares of the real estate investment trust’s stock worth $171,822,000 after purchasing an additional 2,370,654 shares during the period. Norges Bank purchased a new stake in shares of Regency Centers during the fourth quarter worth about $88,314,000. Alliancebernstein L.P. boosted its holdings in shares of Regency Centers by 181.1% during the third quarter. Alliancebernstein L.P. now owns 2,102,264 shares of the real estate investment trust’s stock worth $135,953,000 after purchasing an additional 1,354,319 shares during the period. Finally, BlackRock Inc. boosted its holdings in shares of Regency Centers by 7.6% during the third quarter. BlackRock Inc. now owns 16,535,804 shares of the real estate investment trust’s stock worth $1,069,372,000 after purchasing an additional 1,163,234 shares during the period. Institutional investors own 93.87% of the company’s stock.
Regency Centers Company Profile
Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers.
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