TIAA CREF Investment Management LLC Lowers Position in Regency Centers Corp (REG)
TIAA CREF Investment Management LLC lowered its stake in shares of Regency Centers Corp (NYSE:REG) by 2.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 718,377 shares of the real estate investment trust’s stock after selling 19,404 shares during the quarter. TIAA CREF Investment Management LLC owned about 0.42% of Regency Centers worth $49,697,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ZWJ Investment Counsel Inc. purchased a new position in shares of Regency Centers during the fourth quarter worth about $201,000. Wetherby Asset Management Inc. purchased a new position in shares of Regency Centers during the fourth quarter worth about $213,000. WINTON GROUP Ltd purchased a new position in shares of Regency Centers during the third quarter worth about $219,000. Commerzbank Aktiengesellschaft FI purchased a new position in shares of Regency Centers during the fourth quarter worth about $227,000. Finally, Parametrica Management Ltd purchased a new position in shares of Regency Centers during the fourth quarter worth about $229,000. 91.60% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director John C. Schweitzer sold 7,136 shares of Regency Centers stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $58.36, for a total transaction of $416,456.96. Following the completion of the sale, the director now directly owns 45,847 shares in the company, valued at approximately $2,675,630.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider H Craig Ramey sold 1,400 shares of Regency Centers stock in a transaction that occurred on Thursday, March 8th. The shares were sold at an average price of $59.11, for a total transaction of $82,754.00. Following the sale, the insider now owns 18,337 shares of the company’s stock, valued at $1,083,900.07. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,347,072 shares of company stock valued at $139,128,434. Insiders own 1.10% of the company’s stock.
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 (EPS) for the quarter, missing the Zacks’ 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 analyst estimates of $257.60 million. During the same quarter in the previous year, the business posted $0.86 earnings per share. equities research analysts forecast that Regency Centers Corp will post 3.8 earnings per share for the current fiscal year.
Regency Centers announced that its board has initiated a share buyback plan on Thursday, February 8th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, March 2nd. Stockholders of record on Tuesday, February 20th were given a dividend of $0.555 per share. This represents a $2.22 dividend on an annualized basis and a dividend yield of 3.93%. This is an increase from Regency Centers’s previous quarterly dividend of $0.38. The ex-dividend date was Friday, February 16th. Regency Centers’s dividend payout ratio (DPR) is presently 255.17%.
A number of research firms recently issued reports on REG. Robert W. Baird reissued a “buy” rating and set a $68.00 price target on shares of Regency Centers in a report on Wednesday. Deutsche Bank lowered their price target on Regency Centers from $73.00 to $72.00 and set a “hold” rating on the stock in a report on Monday. SunTrust Banks set a $67.00 price objective on Regency Centers and gave the company a “buy” rating in a report on Friday, March 2nd. Wells Fargo reaffirmed an “outperform” rating and issued a $65.00 price objective (down previously from $76.00) on shares of Regency Centers in a report on Friday, March 2nd. Finally, Jefferies Group set a $64.00 price objective on Regency Centers and gave the company a “hold” rating in a report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Regency Centers currently has a consensus rating of “Buy” and an average target price of $69.35.
Regency Centers Profile
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.
Want to see what other hedge funds are holding REG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Regency Centers Corp (NYSE:REG).
Receive News & Ratings for Regency Centers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Regency Centers and related companies with MarketBeat.com's FREE daily email newsletter.