Zacks Investment Research upgraded shares of Regency Centers Corporation (NYSE:REG) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. They currently have $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).”
Several other equities research analysts also recently weighed in on the stock. Boenning Scattergood raised shares of Regency Centers Corporation from an under perform rating to a neutral rating in a research report on Tuesday, October 3rd. Jefferies Group LLC downgraded shares of Regency Centers Corporation from a buy rating to a hold rating and dropped their target price for the stock from $74.00 to $67.00 in a research report on Friday, September 15th. BMO Capital Markets assumed coverage on shares of Regency Centers Corporation in a research report on Monday, September 11th. They issued a market perform rating and a $65.00 target price for the company. Argus dropped their target price on shares of Regency Centers Corporation from $80.00 to $75.00 and set a buy rating for the company in a research report on Thursday, August 31st. Finally, Robert W. Baird reissued a buy rating and issued a $72.00 target price on shares of Regency Centers Corporation in a research report on Thursday, August 24th. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $71.46.
Shares of Regency Centers Corporation (NYSE REG) traded up 0.95% during trading on Tuesday, hitting $64.65. 258,949 shares of the company were exchanged. The company’s 50-day moving average price is $63.60 and its 200 day moving average price is $63.82. The stock has a market cap of $10.97 billion, a P/E ratio of 107.39 and a beta of 0.56. Regency Centers Corporation has a 12 month low of $58.63 and a 12 month high of $75.15.
Regency Centers Corporation (NYSE:REG) last released its earnings results 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. The company had revenue of $240.42 million during the quarter, compared to the consensus estimate of $248.50 million. Regency Centers Corporation had a net margin of 13.19% and a return on equity of 2.20%. During the same quarter in the previous year, the firm earned $0.81 EPS. On average, equities analysts predict that Regency Centers Corporation will post $0.85 earnings per share for the current fiscal year.
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In other news, Vice Chairman Chaim Katzman sold 1,055,758 shares of Regency Centers Corporation 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 Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Lou Fiala sold 7,775 shares of Regency Centers Corporation 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 of the company’s stock, valued at $1,127,112.30. The disclosure for this sale can be found here. Insiders own 12.66% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. IHT Wealth Management LLC acquired a new position in shares of Regency Centers Corporation in the 2nd quarter valued at about $124,000. Perigon Wealth Management LLC boosted its holdings in shares of 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. Victory Capital Management Inc. acquired a new position in shares of Regency Centers Corporation in the 1st quarter valued at about $176,000. Global X Management Co. LLC acquired a new position in shares of Regency Centers Corporation in the 2nd quarter valued at about $179,000. Finally, Advisor Group Inc. boosted its holdings in shares of Regency Centers Corporation by 15.6% in the 2nd quarter. Advisor Group Inc. now owns 2,999 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 404 shares during the period. 91.55% of the stock is owned by institutional investors and hedge funds.
About Regency Centers Corporation
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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