Royal Bank of Canada increased its holdings in Regal Entertainment Group (NYSE:RGC) by 17.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 724,860 shares of the company’s stock after acquiring an additional 106,214 shares during the quarter. Royal Bank of Canada owned approximately 0.46% of Regal Entertainment Group worth $14,831,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in RGC. BlackRock Inc. increased its holdings in shares of Regal Entertainment Group by 10,841.3% in the 1st quarter. BlackRock Inc. now owns 3,861,499 shares of the company’s stock valued at $87,192,000 after acquiring an additional 3,826,206 shares during the period. Brandywine Global Investment Management LLC purchased a new position in Regal Entertainment Group in the 2nd quarter valued at $48,366,000. Vanguard Group Inc. grew its position in Regal Entertainment Group by 10.7% in the 1st quarter. Vanguard Group Inc. now owns 12,828,823 shares of the company’s stock valued at $289,675,000 after buying an additional 1,241,331 shares during the last quarter. Alliancebernstein L.P. grew its position in Regal Entertainment Group by 11.6% in the 2nd quarter. Alliancebernstein L.P. now owns 10,092,993 shares of the company’s stock valued at $206,503,000 after buying an additional 1,048,051 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Regal Entertainment Group in the 1st quarter valued at $20,986,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently weighed in on RGC shares. Royal Bank Of Canada lowered their price objective on shares of Regal Entertainment Group from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Thursday, June 22nd. B. Riley reiterated a “buy” rating and issued a $26.00 price objective on shares of Regal Entertainment Group in a research report on Tuesday, July 18th. Piper Jaffray Companies set a $19.00 price objective on shares of Regal Entertainment Group and gave the company a “hold” rating in a research report on Thursday, July 27th. BidaskClub lowered shares of Regal Entertainment Group from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 10th. Finally, MKM Partners upgraded shares of Regal Entertainment Group from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $22.00 in a research report on Tuesday, September 5th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $23.38.
Regal Entertainment Group (NYSE:RGC) opened at 16.18 on Friday. The company has a 50-day moving average of $15.88 and a 200 day moving average of $19.11. Regal Entertainment Group has a 52 week low of $13.90 and a 52 week high of $24.79. The firm has a market cap of $2.53 billion, a P/E ratio of 15.02 and a beta of 0.97.
Regal Entertainment Group (NYSE:RGC) last released its quarterly earnings results on Wednesday, July 26th. The company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.02). Regal Entertainment Group had a net margin of 5.24% and a negative return on equity of 20.42%. The company had revenue of $764.20 million during the quarter, compared to analyst estimates of $764.15 million. During the same quarter last year, the business earned $0.23 EPS. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities analysts predict that Regal Entertainment Group will post $0.97 earnings per share for the current year.
Regal Entertainment Group announced that its board has authorized a share buyback program on Thursday, August 31st that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase up to 2.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, September 5th were given a $0.22 dividend. The ex-dividend date was Thursday, August 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 5.44%. Regal Entertainment Group’s dividend payout ratio (DPR) is 82.24%.
In other Regal Entertainment Group news, Director Stephen A. Kaplan acquired 10,000 shares of Regal Entertainment Group stock in a transaction that occurred on Friday, August 25th. The stock was purchased at an average cost of $14.87 per share, with a total value of $148,700.00. Following the purchase, the director now owns 155,572 shares in the company, valued at $2,313,355.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas D. Bell, Jr. acquired 25,000 shares of Regal Entertainment Group stock in a transaction that occurred on Tuesday, August 29th. The stock was acquired at an average cost of $14.76 per share, with a total value of $369,000.00. Following the completion of the purchase, the director now owns 126,939 shares in the company, valued at approximately $1,873,619.64. The disclosure for this purchase can be found here. Insiders purchased a total of 242,500 shares of company stock valued at $641,000 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.
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About Regal Entertainment Group
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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