Regency Centers Corp (NYSE:REG) declared a quarterly dividend on Friday, February 14th, Wall Street Journal reports. Stockholders of record on Monday, February 24th will be paid a dividend of 0.595 per share by the real estate investment trust on Thursday, March 5th. This represents a $2.38 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Regency Centers’s previous quarterly dividend of $0.59.
Regency Centers has increased its dividend by an average of 4.3% per year over the last three years and has increased its dividend every year for the last 6 years. Regency Centers has a payout ratio of 151.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Regency Centers to earn $3.92 per share next year, which means the company should continue to be able to cover its $2.38 annual dividend with an expected future payout ratio of 60.7%.
Shares of REG stock traded up $1.19 during trading hours on Friday, reaching $64.02. 1,358,344 shares of the company’s stock were exchanged, compared to its average volume of 800,916. The stock’s 50 day moving average is $62.75 and its 200-day moving average is $65.14. The company has a market cap of $10.58 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 2.50 and a beta of 0.37. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. Regency Centers has a fifty-two week low of $60.35 and a fifty-two week high of $70.26.
Regency Centers (NYSE:REG) last issued its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.16). The business had revenue of $280.86 million for the quarter, compared to analyst estimates of $284.66 million. Regency Centers had a return on equity of 3.86% and a net margin of 23.19%. During the same period in the previous year, the company posted $0.46 earnings per share. Equities analysts anticipate that Regency Centers will post 3.78 EPS for the current year.
Several equities analysts recently issued reports on the company. Citigroup downgraded Regency Centers from a “buy” rating to a “neutral” rating and cut their target price for the company from $75.00 to $71.00 in a research report on Thursday, December 12th. BMO Capital Markets reissued a “hold” rating and issued a $66.00 target price on shares of Regency Centers in a research report on Thursday, October 31st. Scotiabank downgraded Regency Centers from an “outperform” rating to a “sector perform” rating in a research report on Monday, November 4th. Morgan Stanley downgraded Regency Centers from an “overweight” rating to an “equal” rating and cut their target price for the company from $71.00 to $65.00 in a research report on Tuesday, December 17th. Finally, Jefferies Financial Group raised Regency Centers from a “hold” rating to a “buy” rating and upped their target price for the company from $66.00 to $71.00 in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $69.11.
About Regency Centers
Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers.
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