Regency Centers Corporation (REG) Upgraded 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 research report issued on Thursday. The brokerage presently has a $71.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s target price indicates a potential upside of 13.40% 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 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.”
REG has been the topic of several other research reports. Jefferies Group LLC raised Regency Centers Corporation from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $72.00 to $74.00 in a research report on Friday, June 16th. Royal Bank Of Canada reissued a “buy” rating and issued a $70.00 price objective on shares of Regency Centers Corporation in a research report on Monday, June 19th. Citigroup Inc. reissued a “neutral” rating and issued a $67.00 price objective (down previously from $70.00) on shares of Regency Centers Corporation in a research report on Monday, July 10th. Robert W. Baird reissued a “buy” rating and issued a $72.00 price objective on shares of Regency Centers Corporation in a research report on Thursday, August 24th. Finally, Boenning Scattergood cut Regency Centers Corporation from a “neutral” rating to an “under perform” rating and set a $62.50 price objective on the stock. in a research report on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Regency Centers Corporation presently has a consensus rating of “Buy” and an average price target of $71.54.
Regency Centers Corporation (NYSE REG) traded up 0.34% during midday trading on Thursday, reaching $62.82. The company had a trading volume of 68,316 shares. The firm has a market capitalization of $10.66 billion, a price-to-earnings ratio of 104.35 and a beta of 0.56. Regency Centers Corporation has a 12-month low of $58.63 and a 12-month high of $79.96. The stock’s 50 day moving average is $65.17 and its 200 day moving average is $64.16.
Regency Centers Corporation (NYSE:REG) last posted its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.93 earnings per share 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 business had revenue of $240.42 million for the quarter, compared to analysts’ expectations of $248.50 million. During the same quarter in the previous year, the firm earned $0.81 earnings per share. Equities research analysts expect that Regency Centers Corporation will post $0.85 earnings per share for the current year.
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In related news, Vice Chairman Chaim Katzman sold 1,055,758 shares of the business’s stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Lou Fiala sold 7,775 shares of the business’s stock in a transaction 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 sale, the director now owns 17,145 shares in the company, valued at $1,127,112.30. The disclosure for this sale can be found here. Insiders own 12.66% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Regency Centers Corporation by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 25,977,087 shares of the real estate investment trust’s stock valued at $1,627,206,000 after purchasing an additional 125,593 shares during the period. BlackRock Inc. raised its stake in shares of Regency Centers Corporation by 4,387.0% during the 1st quarter. BlackRock Inc. now owns 14,817,817 shares of the real estate investment trust’s stock valued at $983,755,000 after purchasing an additional 14,487,580 shares during the period. State Street Corp raised its stake in shares of Regency Centers Corporation by 61.9% during the 1st quarter. State Street Corp now owns 8,575,865 shares of the real estate investment trust’s stock valued at $569,344,000 after purchasing an additional 3,280,070 shares during the period. Daiwa Securities Group Inc. raised its stake in shares of Regency Centers Corporation by 109.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 5,350,352 shares of the real estate investment trust’s stock valued at $335,146,000 after purchasing an additional 2,799,040 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Regency Centers Corporation by 0.5% during the 2nd quarter. Principal Financial Group Inc. now owns 4,963,863 shares of the real estate investment trust’s stock valued at $310,932,000 after purchasing an additional 23,282 shares during the period. Institutional investors own 91.52% of the company’s stock.
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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