Regency Centers (REG) Lowered to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Regency Centers (NYSE:REG) from a buy rating to a hold rating in a research note released on Tuesday.
According to Zacks, “Shares of Regency have outperformed the industry it belongs to, over the past month. Recently, the company announced the acquisition of Indigo Square in Mt. Pleasant, S.C. The company will develop a 51,000 square-foot retail project on this prime retail land. Earlier, it acquired around 22 acres in the Midtown neighborhood of Raleigh, NC, and announced a project — Midtown East — in the area. The company has considerable experience in the retail real estate industry and has developed several retail real estate projects over the years. Regency’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. However, the recent efforts of online retailers to go deeper into the grocery business have emerged as a concern. Rate hike also adds to its woes.”
A number of other research analysts have also recently issued reports on REG. BidaskClub raised shares of Regency Centers from a hold rating to a buy rating in a research report on Tuesday, August 1st. TheStreet raised shares of Regency Centers from a c rating to a b- rating in a research report on Thursday, August 3rd. Boenning Scattergood reissued a hold rating on shares of Regency Centers in a research report on Monday, August 7th. Citigroup set a $70.00 price target on shares of Regency Centers and gave the company a hold rating in a research report on Monday, August 14th. Finally, Royal Bank Of Canada raised shares of Regency Centers from an outperform rating to a top pick rating and lifted their price target for the company from $72.00 to $75.00 in a research report on Thursday, August 17th. Eight equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $70.59.
Regency Centers (NYSE:REG) last issued its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.04. Regency Centers had a net margin of 17.59% and a return on equity of 2.82%. The company had revenue of $262.14 million during the quarter, compared to analysts’ expectations of $254.04 million. During the same period last year, the company posted $0.81 EPS. equities analysts anticipate that Regency Centers will post 3.68 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 29th. Shareholders of record on Wednesday, November 15th were issued a $0.53 dividend. The ex-dividend date was Tuesday, November 14th. This represents a $2.12 annualized dividend and a yield of 3.11%. Regency Centers’s dividend payout ratio (DPR) is presently 235.56%.
In other Regency Centers news, Vice Chairman Chaim Katzman sold 1,055,758 shares of Regency Centers 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.66% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of REG. FMR LLC purchased a new position in Regency Centers in the first quarter worth about $3,290,000. Louisiana State Employees Retirement System raised its holdings in Regency Centers by 1.1% in the second quarter. Louisiana State Employees Retirement System now owns 9,100 shares of the real estate investment trust’s stock worth $570,000 after buying an additional 100 shares during the last quarter. Aperio Group LLC raised its holdings in shares of Regency Centers by 36.8% during the second quarter. Aperio Group LLC now owns 53,036 shares of the real estate investment trust’s stock valued at $3,322,000 after purchasing an additional 14,280 shares during the last quarter. US Bancorp DE raised its holdings in shares of Regency Centers by 56.5% during the second quarter. US Bancorp DE now owns 27,471 shares of the real estate investment trust’s stock valued at $1,721,000 after purchasing an additional 9,915 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado raised its holdings in shares of Regency Centers by 0.3% during the second quarter. Public Employees Retirement Association of Colorado now owns 34,078 shares of the real estate investment trust’s stock valued at $2,135,000 after purchasing an additional 118 shares during the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.
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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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