Regency Centers Corporation (REG) Posts Quarterly Earnings Results
Regency Centers Corporation (NYSE:REG) announced its earnings results on Wednesday. The real estate investment trust reported $0.95 EPS for the quarter, topping the consensus estimate of $0.91 by $0.04, Briefing.com reports. Regency Centers Corporation had a net margin of 17.59% and a return on equity of 2.82%. The company had revenue of $262.14 million during the quarter, compared to analysts’ expectations of $254.04 million. During the same period last year, the company posted $0.81 earnings per share. Regency Centers Corporation updated its FY17 guidance to $3.62-3.68 EPS.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 29th. Investors of record on Wednesday, November 15th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 3.25%. The ex-dividend date is Tuesday, November 14th. Regency Centers Corporation’s payout ratio is presently 235.56%.
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REG has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Regency Centers Corporation from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a report on Thursday, September 14th. Barclays PLC decreased their target price on shares of Regency Centers Corporation from $73.00 to $71.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. Citigroup Inc. reiterated a “neutral” rating and issued a $67.00 target price (down from $70.00) on shares of Regency Centers Corporation in a report on Monday, July 10th. Jefferies Group LLC cut shares of Regency Centers Corporation from a “buy” rating to a “hold” rating and decreased their target price for the stock from $74.00 to $67.00 in a report on Friday, September 15th. Finally, BMO Capital Markets assumed coverage on shares of Regency Centers Corporation in a report on Monday, September 11th. They issued a “market perform” rating and a $65.00 target price for the company. Eight research 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’s stock. The stock presently has an average rating of “Buy” and an average target price of $71.46.
In other news, Vice Chairman Chaim Katzman sold 1,055,758 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $64.30, for a total transaction of $67,885,239.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mary Lou Fiala sold 7,775 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $65.74, for a total value of $511,128.50. Following the sale, the director now owns 17,145 shares in the company, valued at approximately $1,127,112.30. The disclosure for this sale can be found here. Corporate insiders own 12.66% of the company’s stock.
About Regency Centers Corporation
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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