The company reported that its second-quarter net income rose 2.1% to $1.27 billion. Adjusted earnings came to $1.22 per share, beating Zacks Investment Research analyst consensus of $1.20 per share.
The Jacksonville Daily Record recently published an article analyzing stocks and performance. The article included the following on Regency Centers:
Regency Centers Corp.’s stock last week reached its highest level in almost seven years after Raymond James analysts upgraded the Jacksonville-based shopping center developer.
The analysts upgraded Regency from “market perform” to “outperform” as part of an overall reassessment of a number of real estate investment trust stocks.
“We believe the company’s recycling and repositioning efforts over the last several years have created a high-quality portfolio that will continue to deliver strong earnings growth and above-average same-store net operating income growth in 2015,” they said.
“Through portfolio upgrades and prudent asset management, Regency Centers has shown an ability to create value, as consensus NAV (net asset value) estimates have grown an average 12 percent per year over the last five years. We expect that NAV growth to continue, driving Regency shares higher,” they said.
The Raymond James analysts set a $71 price target for the stock.
Regency’s shares rose as much as $2.01 to $68.02 Wednesday after the upgrade and reached as high as $68.15 on Thursday, its highest level since early 2008.
Regency was the best performing stock among larger Jacksonville-based companies last year, producing a total return of 42 percent.
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Regency Centers Corp (NYSE:REG) reached a new 52-week high during mid-day trading on Thursday, American Banking News.com reports. The stock traded as high as $64.08 and last traded at $64.05, with a volume of 374,659 shares traded. The stock had previously closed at $63.36.
A number of research firms have recently commented on REG. Analysts at Citigroup Inc. raised their price target on shares of Regency Centers Corp from $55.00 to $60.00 in a research note on Thursday, December 4th. They now have a “neutral” rating on the stock. Separately, analysts at Bank of America upgraded shares of Regency Centers Corp from a “neutral” rating to a “buy” rating in a research note on Thursday, December 4th. They now have a $67.00 price target on the stock, up previously from $62.00. Finally, analysts at Credit Suisse initiated coverage on shares of Regency Centers Corp in a research note on Tuesday, November 11th. They set a “neutral” rating on the stock. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Regency Centers Corp has a consensus rating of “Hold” and a consensus price target of $58.75.
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Higher revenue growth kept Regency Centers Corporation 's (REG) winning streak alive, with a positive earnings surprise of around 3% in third-quarter 2014. In particular, the company's core funds from operations (core FFO) of 71 cents per share exceeded the Zacks Consensus Estimate by 2 cents and the year-ago quarter figure by 6 cents.
Encouragingly, this retail real estate investment trust (REIT) raised its outlook for 2014. In addition, including non-core items, reported FFO for the quarter was 70 cents per share, up from the prior-year quarter figure of 65 cents.
Total revenue for the quarter rose 11% year over year to $133.6 million, exceeding the Zacks Consensus Estimate of $130 million.
October's outstanding performance by REITs should be a message to all who were not previously aware of how insulated they are to many typical equity risks. Rent is often the last cost to be cut by a tenant, which provides stability during times of economic stress. Movements in interest rates, European turmoil, and Ebola may cause temporary volatility in REIT prices, but the ability for the underlying rent-payers to write a check every month will be minimally affected. In the 54 years since the creation of the REIT structure, publicly traded equity REITs have proven themselves as an asset class that cannot be ignored in any investor's portfolio.