Regency Centers (NYSE:REG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Shares of Regency have underperformed the industry it belongs to in the past three months. Recently, the company reported fourth-quarter 2017 core funds from operations (FFO) per share of 92 cents, which came in line with the Zacks Consensus Estimate. The company is making strategic acquisitions to fortify its portfolio in thriving submarkets. It is also focusing on building a premium portfolio of grocery-anchored shopping centers, which are usually necessity driven. Further, the presence of leading grocers in its tenant roster augurs well for long-term growth. However, the recent efforts of online retailers to go deeper into the grocery business have emerged as a concern. In fact, move outs, store closures and bankruptcies of retailers are likely to affects performance in the near term. Also, rate hike and stiff completion add to woes.”
REG has been the subject of several other research reports. Jefferies Group set a $69.00 price target on shares of Regency Centers and gave the company a “hold” rating in a research note on Friday, December 15th. Boenning Scattergood reaffirmed a “hold” rating on shares of Regency Centers in a research note on Tuesday, January 16th. SunTrust Banks reaffirmed a “buy” rating and set a $74.00 price target on shares of Regency Centers in a research note on Friday, December 1st. BMO Capital Markets set a $68.00 price target on shares of Regency Centers and gave the company a “hold” rating in a research note on Thursday, January 11th. Finally, Robert W. Baird reaffirmed a “buy” rating on shares of Regency Centers in a research note on Friday, November 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $71.29.
Regency Centers (NYSE:REG) last posted its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.42). Regency Centers had a net margin of 18.16% and a return on equity of 2.71%. The company had revenue of $257.95 million for the quarter, compared to the consensus estimate of $257.60 million. During the same period in the prior year, the firm posted $0.86 EPS. sell-side analysts expect that Regency Centers will post 3.8 EPS for the current fiscal year.
Regency Centers declared that its Board of Directors has approved a share repurchase program on Thursday, February 8th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Alan Todd Roth sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $69.89, for a total value of $174,725.00. Following the completion of the transaction, the director now owns 7,453 shares of the company’s stock, valued at $520,890.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO J Christian Leavitt sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $67.61, for a total transaction of $135,220.00. Following the completion of the transaction, the chief accounting officer now directly owns 14,314 shares of the company’s stock, valued at approximately $967,769.54. The disclosure for this sale can be found here. Insiders sold 598,762 shares of company stock valued at $38,701,922 in the last three months. 12.66% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of REG. Principal Financial Group Inc. grew its holdings in Regency Centers by 3.9% in the third quarter. Principal Financial Group Inc. now owns 5,156,883 shares of the real estate investment trust’s stock worth $319,928,000 after purchasing an additional 193,020 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Regency Centers by 7.3% in the third quarter. Schwab Charles Investment Management Inc. now owns 1,586,197 shares of the real estate investment trust’s stock worth $98,408,000 after purchasing an additional 107,561 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in Regency Centers by 3,080.1% in the third quarter. Advisors Asset Management Inc. now owns 7,505 shares of the real estate investment trust’s stock worth $466,000 after purchasing an additional 7,269 shares during the last quarter. Honeywell International Inc. grew its holdings in Regency Centers by 27.8% in the third quarter. Honeywell International Inc. now owns 56,679 shares of the real estate investment trust’s stock worth $3,516,000 after purchasing an additional 12,312 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Regency Centers by 1.2% in the third quarter. Swiss National Bank now owns 651,279 shares of the real estate investment trust’s stock worth $40,405,000 after purchasing an additional 7,700 shares during the last quarter. 92.24% of the stock is owned by institutional investors.
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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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