Wall Street analysts expect Regency Centers Co. (NYSE:REG) to report sales of $263.14 million for the current quarter, Zacks reports. Six analysts have provided estimates for Regency Centers’ earnings, with the lowest sales estimate coming in at $261.20 million and the highest estimate coming in at $266.68 million. Regency Centers reported sales of $189.43 million in the same quarter last year, which indicates a positive year over year growth rate of 38.9%. The company is expected to report its next quarterly earnings report after the market closes on Monday, April 30th.
On average, analysts expect that Regency Centers will report full-year sales of $1.06 billion for the current year, with estimates ranging from $1.04 billion to $1.09 billion. For the next financial year, analysts expect that the business will post sales of $1.11 billion per share, with estimates ranging from $1.07 billion to $1.14 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Regency Centers.
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 consensus estimate of $0.92 by ($0.42). The business had revenue of $257.95 million during the quarter, compared to the consensus estimate of $257.60 million. Regency Centers had a return on equity of 2.71% and a net margin of 18.16%. During the same period in the prior year, the firm earned $0.86 earnings per share.
Several analysts have weighed in on REG shares. Wells Fargo reissued an “outperform” rating and issued a $65.00 price target (down from $76.00) on shares of Regency Centers in a research note on Friday, March 2nd. Robert W. Baird restated a “buy” rating and issued a $68.00 price objective on shares of Regency Centers in a research report on Wednesday, March 21st. Morgan Stanley assumed coverage on shares of Regency Centers in a research report on Tuesday, March 27th. They issued an “overweight” rating and a $65.00 price objective on the stock. Deutsche Bank decreased their price objective on shares of Regency Centers from $73.00 to $72.00 and set a “hold” rating on the stock in a research report on Monday, March 19th. Finally, TheStreet cut shares of Regency Centers from a “b-” rating to a “c” rating in a research report on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $68.89.
In related news, Director Bryce Blair purchased 1,709 shares of Regency Centers stock in a transaction that occurred on Monday, March 5th. The shares were bought at an average price of $58.50 per share, for a total transaction of $99,976.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Chaim Katzman sold 17,600 shares of the business’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $64.06, for a total transaction of $1,127,456.00. The disclosure for this sale can be found here. Insiders have sold 2,095,240 shares of company stock worth $122,811,931 in the last quarter. 1.10% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in REG. Cubist Systematic Strategies LLC increased its position in shares of Regency Centers by 13.5% during the third quarter. Cubist Systematic Strategies LLC now owns 10,802 shares of the real estate investment trust’s stock valued at $670,000 after buying an additional 1,285 shares during the period. California Public Employees Retirement System increased its position in shares of Regency Centers by 4.5% during the third quarter. California Public Employees Retirement System now owns 288,491 shares of the real estate investment trust’s stock valued at $17,898,000 after buying an additional 12,425 shares during the period. Neuberger Berman Group LLC increased its position in shares of Regency Centers by 9.3% during the third quarter. Neuberger Berman Group LLC now owns 171,057 shares of the real estate investment trust’s stock valued at $10,612,000 after buying an additional 14,580 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Regency Centers by 1.2% during the third quarter. Public Employees Retirement System of Ohio now owns 233,034 shares of the real estate investment trust’s stock valued at $14,457,000 after buying an additional 2,780 shares during the period. Finally, Parametric Portfolio Associates LLC increased its position in shares of Regency Centers by 15.0% during the third quarter. Parametric Portfolio Associates LLC now owns 282,668 shares of the real estate investment trust’s stock valued at $17,537,000 after buying an additional 36,907 shares during the period. Institutional investors own 91.60% of the company’s stock.
Regency Centers stock opened at $58.53 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $9,972.69, a price-to-earnings ratio of 15.86, a price-to-earnings-growth ratio of 2.19 and a beta of 0.47. Regency Centers has a twelve month low of $54.87 and a twelve month high of $70.64.
Regency Centers declared that its board has initiated a share repurchase plan on Thursday, February 8th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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Regency Centers Company Profile
Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers.
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