Regency Centers (REG) Board of Directors Declares Stock Repurchase Program

Regency Centers (NYSE:REG) announced that its Board of Directors has approved a stock repurchase plan, which allows the company to buyback $250.00 million in outstanding shares on Thursday, February 8th, EventVestor reports. This buyback authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Several analysts have commented on the company. Zacks Investment Research downgraded Regency Centers from a “buy” rating to a “hold” rating in a research note on Tuesday, November 28th. Robert W. Baird reiterated a “buy” rating on shares of Regency Centers in a research note on Friday, November 3rd. Boenning Scattergood reiterated a “hold” rating on shares of Regency Centers in a research note on Monday, November 6th. BMO Capital Markets set a $68.00 target price on Regency Centers and gave the company a “hold” rating in a research note on Thursday, January 11th. Finally, BTIG Research upgraded Regency Centers from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Monday, January 29th. Seven research analysts have rated the stock with a hold rating, five 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 a consensus price target of $71.29.

Regency Centers (REG) traded up $0.07 during midday trading on Friday, hitting $55.65. The stock had a trading volume of 401,836 shares, compared to its average volume of 1,056,007. The company has a market cap of $9,786.46, a PE ratio of 61.76, a price-to-earnings-growth ratio of 1.91 and a beta of 0.43. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.63 and a quick ratio of 0.63. Regency Centers has a 12-month low of $55.15 and a 12-month high of $72.05.

Regency Centers (NYSE:REG) last released its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $0.92 earnings per share for the quarter, meeting the consensus estimate of $0.92. Regency Centers had a return on equity of 2.82% and a net margin of 17.59%. During the same quarter in the previous year, the business posted $0.86 EPS. analysts expect that Regency Centers will post 3.7 EPS for the current fiscal year.

In other news, Vice Chairman Chaim Katzman sold 52,771 shares of the stock in a transaction on Friday, January 26th. The stock was sold at an average price of $64.14, for a total transaction of $3,384,731.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO J Christian Leavitt sold 2,000 shares of the stock in a transaction on Friday, December 8th. The shares were sold at an average price of $67.61, for a total value of $135,220.00. Following the transaction, the chief accounting officer now directly owns 14,314 shares in the company, valued at $967,769.54. The disclosure for this sale can be found here. Insiders have sold a total of 598,762 shares of company stock worth $38,701,922 over the last three months. Insiders own 12.66% of the company’s stock.

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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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