Regency Centers Corporation (REG) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Regency Centers Corporation (NYSE:REG) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $70.00 target price on the real estate investment trust’s stock.
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 topic of a number of other research reports. Robert W. Baird reissued a buy rating and set a $72.00 target price on shares of Regency Centers Corporation in a report on Thursday, August 24th. BidaskClub cut shares of Regency Centers Corporation from a sell rating to a strong sell rating in a report on Thursday, June 22nd. Argus lowered their target price on shares of Regency Centers Corporation from $80.00 to $75.00 and set a buy rating on the stock in a report on Thursday, August 31st. TheStreet raised shares of Regency Centers Corporation from a c rating to a b- rating in a report on Thursday, August 3rd. Finally, Jefferies Group LLC cut shares of Regency Centers Corporation from a buy rating to a hold rating and lowered their target price for the company from $74.00 to $67.00 in a report on Friday, September 15th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Regency Centers Corporation has an average rating of Buy and an average target price of $71.46.
Regency Centers Corporation (NYSE REG) traded up 0.41% during trading on Tuesday, reaching $63.83. The company’s stock had a trading volume of 21,120 shares. Regency Centers Corporation has a 12 month low of $58.63 and a 12 month high of $75.15. The company has a market cap of $10.83 billion, a price-to-earnings ratio of 106.03 and a beta of 0.56. The stock’s 50 day moving average is $63.69 and its 200 day moving average 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 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $248.50 million. During the same quarter in the previous year, the firm posted $0.81 EPS. On average, equities analysts expect that Regency Centers Corporation will post $0.85 EPS for the current fiscal year.
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In other news, Director Mary Lou Fiala sold 7,775 shares of the company’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 transaction, the director now owns 17,145 shares of the company’s stock, valued at $1,127,112.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman Chaim Katzman sold 1,055,758 shares of the company’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 disclosure for this sale can be found here. Corporate insiders own 12.66% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Perpetual Ltd bought a new position in shares of Regency Centers Corporation in the second quarter worth $2,596,000. Perigon Wealth Management LLC increased its holdings in shares of Regency Centers Corporation by 93.2% in the second quarter. Perigon Wealth Management LLC now owns 2,125 shares of the real estate investment trust’s stock worth $133,000 after purchasing an additional 1,025 shares during the period. Wealthcare Advisory Partners LLC bought a new position in shares of Regency Centers Corporation in the second quarter worth $459,000. Phocas Financial Corp. increased its holdings in shares of Regency Centers Corporation by 3.5% in the second quarter. Phocas Financial Corp. now owns 7,558 shares of the real estate investment trust’s stock worth $473,000 after purchasing an additional 254 shares during the period. Finally, Toronto Dominion Bank increased its holdings in shares of Regency Centers Corporation by 25.7% in the second quarter. Toronto Dominion Bank now owns 49,630 shares of the real estate investment trust’s stock worth $3,109,000 after purchasing an additional 10,147 shares during the period. 91.55% 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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