Zacks Investment Research upgraded shares of Regency Centers Corp. (NYSE:REG) from a hold rating to a buy rating in a research note issued to investors on Monday. The brokerage currently has $77.00 price target on the real estate investment trust’s stock.
According to Zacks, “Recently, Regency updated its core 2016 funds from operations (FFO) per share guidance range to $3.28–$3.30, which reflects an increase from the previous range of $3.25–$3.28. The company’s latest expectation for 2016 same property net operating income (SPNOI) growth of around 3.5% is also ahead of the earlier guided range of 3.0–3.4%. Also, the company expects 2017 core FFO per share to remain in the range of $3.42–$3.48. Regency primarily focuses on building a premium portfolio of grocery-anchored shopping centers. Such centers are usually necessity driven and drive a dependable traffic. Also, the presence of a cluster of leading grocers will cushion the company from market swings. As such, over the past 60 days, its 2016 estimate moved north. However, the shift in retail shopping from brick and mortar stores to internet sales, is a concern for the company. Also, rate hike has added to its woes.”
Several other analysts also recently weighed in on the company. TheStreet downgraded Regency Centers Corp. from a buy rating to a hold rating in a research note on Wednesday, November 16th. Evercore ISI raised Regency Centers Corp. from a hold rating to a buy rating and set a $80.00 target price on the stock in a research note on Thursday, November 3rd. Jefferies Group reaffirmed a hold rating on shares of Regency Centers Corp. in a research note on Wednesday, November 9th. Raymond James Financial Inc. reaffirmed a market perform rating on shares of Regency Centers Corp. in a research note on Monday, January 9th. Finally, RBC Capital Markets downgraded Regency Centers Corp. from a top pick rating to an outperform rating and cut their target price for the company from $86.00 to $78.00 in a research note on Tuesday, January 3rd. Nine investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Regency Centers Corp. currently has an average rating of Hold and an average target price of $78.58.
Shares of Regency Centers Corp. (NYSE:REG) opened at 68.91 on Monday. The firm has a 50-day moving average price of $67.99 and a 200 day moving average price of $74.75. Regency Centers Corp. has a 12-month low of $65.16 and a 12-month high of $85.35. The firm has a market cap of $7.18 billion, a price-to-earnings ratio of 64.64 and a beta of 0.62.
Regency Centers Corp. (NYSE:REG) last announced its quarterly earnings results on Tuesday, November 1st. The real estate investment trust reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.01. Regency Centers Corp. had a return on equity of 6.61% and a net margin of 20.55%. During the same period in the prior year, the business posted $0.76 EPS. On average, equities research analysts anticipate that Regency Centers Corp. will post $1.26 earnings per share for the current fiscal year.
In other Regency Centers Corp. news, Director Bryce Blair bought 1,486 shares of the firm’s stock in a transaction dated Thursday, December 22nd. The stock was acquired at an average price of $66.92 per share, with a total value of $99,443.12. Following the completion of the transaction, the director now directly owns 4,084 shares in the company, valued at approximately $273,301.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.80% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in REG. Riverhead Capital Management LLC boosted its stake in Regency Centers Corp. by 161.4% in the third quarter. Riverhead Capital Management LLC now owns 2,300 shares of the real estate investment trust’s stock worth $178,000 after buying an additional 1,420 shares during the last quarter. Virtu Financial LLC purchased a new stake in Regency Centers Corp. during the second quarter worth about $210,000. Hartford Investment Management Co. purchased a new stake in Regency Centers Corp. during the third quarter worth about $243,000. Quantbot Technologies LP boosted its stake in Regency Centers Corp. by 15.1% in the third quarter. Quantbot Technologies LP now owns 3,246 shares of the real estate investment trust’s stock worth $251,000 after buying an additional 425 shares during the last quarter. Finally, KCG Holdings Inc. purchased a new stake in Regency Centers Corp. during the third quarter worth about $252,000. 98.55% of the stock is owned by hedge funds and other institutional investors.
Regency Centers Corp. Company Profile
Regency Centers Corporation is a real estate investment trust (REIT) and the general partner of the Regency Centers, L.P. (Operating Partnership). The Company’s operating, investing and financing activities are performed through the Operating Partnership, its subsidiaries and through its co-investment partnerships.
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