Zacks Investment Research Upgrades Regency Centers Corporation (REG) to “Buy”
Regency Centers Corporation (NYSE:REG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $71.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price target indicates a potential upside of 8.55% from the company’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 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 research firms have also recently issued reports on REG. BidaskClub raised Regency Centers Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. Citigroup Inc. set a $70.00 price target on Regency Centers Corporation and gave the company a “hold” rating in a report on Monday, August 14th. Barclays PLC reissued an “equal weight” rating and set a $73.00 price objective (up from $72.00) on shares of Regency Centers Corporation in a report on Monday, July 10th. Royal Bank Of Canada raised Regency Centers Corporation from an “outperform” rating to a “top pick” rating and boosted their price objective for the stock from $72.00 to $75.00 in a report on Thursday, August 17th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $74.00 price objective on shares of Regency Centers Corporation in a report on Monday, July 17th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $72.13.
Regency Centers Corporation (REG) traded up 2.78% during trading on Thursday, hitting $65.41. 830,526 shares of the stock traded hands. The firm’s 50-day moving average is $65.38 and its 200 day moving average is $64.35. Regency Centers Corporation has a 52 week low of $58.63 and a 52 week high of $79.96. The stock has a market cap of $11.10 billion, a P/E ratio of 108.65 and a beta of 0.56.
Regency Centers Corporation (NYSE:REG) last released its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, beating the Zacks’ 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 during the quarter, compared to analysts’ expectations of $248.50 million. During the same period in the previous year, the business posted $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.
In other news, Vice Chairman Chaim Katzman sold 1,055,758 shares of the business’s stock in a transaction dated 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Lou Fiala sold 7,775 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was 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 disclosure for this sale can be found here. 12.66% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position 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 worth $1,627,206,000 after buying an additional 125,593 shares during the period. BlackRock Inc. grew its position 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 worth $983,755,000 after buying an additional 14,487,580 shares during the period. State Street Corp grew its position 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 worth $569,344,000 after buying an additional 3,280,070 shares during the period. Daiwa Securities Group Inc. grew its position 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 worth $335,146,000 after buying an additional 2,799,040 shares during the period. Finally, Principal Financial Group Inc. grew its position 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 worth $310,932,000 after buying 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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