AlphaCrest Capital Management LLC Makes New Investment in Regency Centers Co. (NASDAQ:REG)

Posted by Defense World Staff on Mar 8th, 2023

AlphaCrest Capital Management LLC acquired a new position in shares of Regency Centers Co. (NASDAQ:REG – Get Rating) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,980 shares of the company’s stock, valued at approximately $699,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. PGGM Investments bought a new position in Regency Centers during the 3rd quarter worth about $93,351,000. Principal Financial Group Inc. grew its holdings in shares of Regency Centers by 19.7% during the second quarter. Principal Financial Group Inc. now owns 7,392,275 shares of the company’s stock worth $438,438,000 after buying an additional 1,217,612 shares in the last quarter. State Street Corp raised its position in Regency Centers by 8.1% in the 1st quarter. State Street Corp now owns 11,923,732 shares of the company’s stock valued at $857,927,000 after buying an additional 890,452 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Regency Centers by 119.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,233,170 shares of the company’s stock valued at $73,139,000 after acquiring an additional 671,905 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Regency Centers by 101.8% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,179,901 shares of the company’s stock valued at $63,538,000 after acquiring an additional 595,343 shares in the last quarter. 88.58% of the stock is currently owned by institutional investors and hedge funds.

Regency Centers Stock Performance

REG opened at $61.35 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.60. Regency Centers Co. has a 12-month low of $51.97 and a 12-month high of $73.41. The business has a 50 day moving average of $64.41 and a 200-day moving average of $61.48. The stock has a market cap of $10.51 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 4.08 and a beta of 1.15.

Regency Centers (NASDAQ:REG – Get Rating) last posted its quarterly earnings results on Friday, February 10th. The company reported $0.98 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.98. Regency Centers had a return on equity of 7.59% and a net margin of 39.45%. The business had revenue of $314.52 million for the quarter, compared to analysts’ expectations of $305.23 million. During the same quarter in the prior year, the business earned $1.01 EPS. On average, equities research analysts expect that Regency Centers Co. will post 4.07 earnings per share for the current year.

Regency Centers declared that its board has approved a stock buyback plan on Thursday, February 9th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Regency Centers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 5th. Investors of record on Wednesday, March 15th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $2.60 dividend on an annualized basis and a yield of 4.24%. Regency Centers’s dividend payout ratio (DPR) is currently 92.20%.

Insider Buying and Selling at Regency Centers

In other news, CEO Lisa Palmer sold 15,180 shares of the business’s stock in a transaction that occurred on Tuesday, February 14th. The stock was sold at an average price of $65.58, for a total transaction of $995,504.40. Following the completion of the sale, the chief executive officer now owns 106,000 shares in the company, valued at $6,951,480. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on REG. Robert W. Baird upgraded shares of Regency Centers from a “neutral” rating to an “outperform” rating and set a $71.00 price objective on the stock in a report on Thursday, January 5th. JPMorgan Chase & Co. upgraded shares of Regency Centers from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $72.00 in a research note on Friday, December 16th. Finally, Barclays lifted their target price on Regency Centers from $62.00 to $69.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 6th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.27.

Regency Centers Company Profile

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Regency Centers Corp. operates as a real estate investment trust, which engages in the ownership, operation, and development of retail shopping centers. Its portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to its neighborhoods, communities, and customers.