Royal Bank Of Canada Upgrades Regal Entertainment Group (RGC) to Outperform

Royal Bank Of Canada upgraded shares of Regal Entertainment Group (NYSE:RGC) from a sector perform rating to an outperform rating in a report issued on Thursday morning, MarketBeat Ratings reports. The firm currently has $20.00 target price on the stock, up from their prior target price of $19.00. The analysts noted that the move was a valuation call.

RGC has been the topic of a number of other reports. Zacks Investment Research upgraded Regal Entertainment Group from a sell rating to a hold rating in a report on Wednesday, October 25th. B. Riley reiterated a buy rating and issued a $26.00 price objective on shares of Regal Entertainment Group in a report on Tuesday, August 1st. Morgan Stanley upgraded Regal Entertainment Group from an underweight rating to an equal weight rating and set a $17.00 price objective on the stock in a report on Thursday, October 5th. Credit Suisse Group decreased their price objective on Regal Entertainment Group from $17.00 to $13.00 and set an underperform rating on the stock in a report on Thursday, September 28th. Finally, Benchmark Co. decreased their price target on Regal Entertainment Group from $24.00 to $19.00 and set a buy rating on the stock in a research note on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Regal Entertainment Group has a consensus rating of Hold and an average target price of $22.90.

Shares of Regal Entertainment Group (RGC) opened at 16.61 on Thursday. The stock has a market capitalization of $2.60 billion, a P/E ratio of 15.42 and a beta of 0.97. The stock has a 50 day moving average price of $16.20 and a 200 day moving average price of $18.70. Regal Entertainment Group has a one year low of $13.90 and a one year high of $24.79.

Regal Entertainment Group (NYSE:RGC) last released its quarterly earnings data on Tuesday, October 24th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. Regal Entertainment Group had a negative return on equity of 16.46% and a net margin of 4.41%. The firm had revenue of $716.00 million for the quarter, compared to analysts’ expectations of $701.66 million. During the same period in the prior year, the firm posted $0.29 earnings per share. The firm’s quarterly revenue was down 11.8% on a year-over-year basis. Equities analysts forecast that Regal Entertainment Group will post $0.96 earnings per share for the current year.

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Regal Entertainment Group announced that its board has authorized a share repurchase program on Thursday, August 31st that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Monday, December 4th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date of this dividend is Friday, December 1st. Regal Entertainment Group’s dividend payout ratio is currently 101.15%.

In related news, Director Stephen A. Kaplan acquired 10,000 shares of the business’s stock in a transaction dated Friday, August 25th. The shares were acquired at an average price of $14.87 per share, with a total value of $148,700.00. Following the completion of the transaction, the director now owns 155,572 shares of the company’s stock, valued at $2,313,355.64. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Thomas D. Bell, Jr. acquired 25,000 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were bought at an average cost of $14.76 per share, for a total transaction of $369,000.00. Following the transaction, the director now directly owns 126,939 shares of the company’s stock, valued at approximately $1,873,619.64. The disclosure for this purchase can be found here. Insiders have bought 242,500 shares of company stock worth $641,000 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its position in shares of Regal Entertainment Group by 8.3% during the second quarter. The Manufacturers Life Insurance Company now owns 4,871 shares of the company’s stock worth $100,000 after acquiring an additional 373 shares during the period. IFP Advisors Inc increased its position in shares of Regal Entertainment Group by 164.3% during the second quarter. IFP Advisors Inc now owns 5,419 shares of the company’s stock worth $111,000 after acquiring an additional 3,369 shares during the period. Bronfman E.L. Rothschild L.P. increased its position in shares of Regal Entertainment Group by 169.5% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 5,519 shares of the company’s stock worth $113,000 after acquiring an additional 3,471 shares during the period. Farmers National Bank increased its position in shares of Regal Entertainment Group by 901.2% during the second quarter. Farmers National Bank now owns 81,096 shares of the company’s stock worth $135,000 after acquiring an additional 72,996 shares during the period. Finally, Ffcm LLC increased its position in shares of Regal Entertainment Group by 123.4% during the second quarter. Ffcm LLC now owns 8,109 shares of the company’s stock worth $165,000 after acquiring an additional 4,480 shares during the period. 82.07% of the stock is currently owned by institutional investors and hedge funds.

Regal Entertainment Group Company Profile

Regal Entertainment Group is an operator of theatre circuits in the United States. As of March 31, 2017, the Company operated 7,262 screens in 559 theatres in 43 states along with Guam, Saipan, American Samoa and the District of Columbia. The Company manages its business under theatre exhibition operations segment.

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