Regency Centers Corporation (REG) Rating Increased to Buy at Zacks Investment Research
Regency Centers Corporation (NYSE:REG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $71.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.23% from the stock’s current price.
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. It created a high-quality portfolio of 429 properties, mainly grocery anchored, situated in several top markets. Yet, the recent efforts of online retailers to go deeper into the grocery business have emerged as a pressing concern for this REIT. Also, rate hike add to its woes.”
A number of other equities analysts have also commented on the stock. Boenning Scattergood lowered shares of Regency Centers Corporation from a “neutral” rating to an “under perform” rating and set a $62.50 price target on the stock. in a research report on Tuesday. BMO Capital Markets began coverage on shares of Regency Centers Corporation in a research report on Monday, September 11th. They set a “market perform” rating and a $65.00 price target on the stock. Argus lowered their price target on shares of Regency Centers Corporation from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, August 31st. Robert W. Baird reaffirmed a “buy” rating and set a $72.00 price target on shares of Regency Centers Corporation in a research report on Thursday, August 24th. Finally, Royal Bank Of Canada raised shares of Regency Centers Corporation from an “outperform” rating to a “top pick” rating and raised their price target for the stock from $72.00 to $75.00 in a research report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Regency Centers Corporation presently has an average rating of “Buy” and an average price target of $71.54.
Shares of Regency Centers Corporation (NYSE:REG) opened at 65.00 on Thursday. Regency Centers Corporation has a 12 month low of $58.63 and a 12 month high of $79.96. The firm has a market capitalization of $11.03 billion, a price-to-earnings ratio of 107.97 and a beta of 0.56. The stock’s 50 day moving average is $65.31 and its 200 day moving average is $64.30.
Regency Centers Corporation (NYSE:REG) last released its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.93 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $240.42 million for the quarter, compared to analyst estimates of $248.50 million. During the same period last year, the firm earned $0.81 earnings per share. Equities research analysts forecast that Regency Centers Corporation will post $0.89 earnings per share for the current fiscal year.
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In other Regency Centers Corporation news, Vice Chairman Chaim Katzman sold 1,055,758 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $64.30, for a total value of $67,885,239.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mary Lou Fiala sold 7,775 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $65.74, for a total transaction of $511,128.50. Following the completion of the transaction, the director now directly owns 17,145 shares in the company, valued at $1,127,112.30. The disclosure for this sale can be found here. 12.66% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Perigon Wealth Management LLC increased 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 buying an additional 1,025 shares during the period. Wealthcare Advisory Partners LLC bought a new position in Regency Centers Corporation in the 2nd quarter valued at about $459,000. Phocas Financial Corp. increased 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 buying an additional 254 shares during the period. Toronto Dominion Bank increased 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 buying an additional 10,147 shares during the period. Finally, Afam Capital Inc. bought a new position in Regency Centers Corporation in the 2nd quarter valued at about $3,764,000. 91.52% of the stock is currently owned by hedge funds and other institutional investors.
Regency Centers Corporation Company Profile
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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