Bank of Nova Scotia Decreases Stake in Regency Centers Corporation (NASDAQ:REG)

Bank of Nova Scotia lowered its position in Regency Centers Corporation (NASDAQ:REG - Free Report) by 31.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 22,452 shares of the company's stock after selling 10,192 shares during the quarter. Bank of Nova Scotia's holdings in Regency Centers were worth $1,656,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Jupiter Asset Management Ltd. purchased a new stake in shares of Regency Centers during the 1st quarter valued at approximately $9,928,000. Jefferies Financial Group Inc. bought a new stake in Regency Centers during the 1st quarter valued at $32,136,000. Natixis Advisors LLC lifted its position in shares of Regency Centers by 9.3% during the first quarter. Natixis Advisors LLC now owns 34,115 shares of the company's stock worth $2,516,000 after acquiring an additional 2,907 shares in the last quarter. Vestcor Inc lifted its position in shares of Regency Centers by 586.3% during the first quarter. Vestcor Inc now owns 63,927 shares of the company's stock worth $4,715,000 after acquiring an additional 54,612 shares in the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Regency Centers by 1,815.3% in the first quarter. Federated Hermes Inc. now owns 8,121 shares of the company's stock worth $599,000 after acquiring an additional 7,697 shares during the period. 96.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Nicholas Andrew Wibbenmeyer sold 4,158 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $72.44, for a total transaction of $301,205.52. Following the transaction, the insider owned 33,069 shares of the company's stock, valued at approximately $2,395,518.36. This trade represents a 11.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on REG. Wall Street Zen lowered Regency Centers from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. Barclays initiated coverage on Regency Centers in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $77.00 target price for the company. Scotiabank lowered their price target on shares of Regency Centers from $76.00 to $75.00 and set a "sector perform" rating on the stock in a report on Monday, May 12th. Truist Financial boosted their price objective on shares of Regency Centers from $78.00 to $79.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Finally, Robert W. Baird upped their target price on shares of Regency Centers from $78.00 to $80.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $77.92.

Regency Centers Price Performance

NASDAQ REG traded down $0.66 during trading hours on Thursday, reaching $72.54. 929,690 shares of the stock traded hands, compared to its average volume of 1,211,378. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.13 and a quick ratio of 1.01. The stock has a 50 day simple moving average of $70.97 and a two-hundred day simple moving average of $71.86. Regency Centers Corporation has a 1 year low of $63.44 and a 1 year high of $78.18. The company has a market cap of $13.17 billion, a price-to-earnings ratio of 33.90, a price-to-earnings-growth ratio of 3.51 and a beta of 1.05.

Regency Centers (NASDAQ:REG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.12 by $0.04. The company had revenue of $369.85 million for the quarter, compared to analysts' expectations of $366.35 million. Regency Centers had a return on equity of 6.05% and a net margin of 27.00%. Regency Centers's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm posted $1.06 EPS. On average, analysts predict that Regency Centers Corporation will post 4.54 EPS for the current fiscal year.

Regency Centers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Thursday, September 11th will be issued a $0.705 dividend. This represents a $2.82 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Thursday, September 11th. Regency Centers's payout ratio is presently 131.78%.

About Regency Centers

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. 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.