Bank of Nova Scotia Sells 33,442 Shares of Regency Centers Corporation $REG

Key Points

• Bank of Nova Scotia reduced its Regency Centers stake by 58.7%, selling 33,442 shares and retaining 23,546 shares valued at approximately $1.78 million. Institutional investors collectively own 96.07% of the REIT.
• Analyst sentiment remains positive, with Regency Centers carrying a “Moderate Buy” consensus rating and an average price target of $83.06; Wells Fargo and UBS recently raised their targets.
• Regency Centers shares opened at $81.11, near their 52-week high, while the company maintains a quarterly dividend of $0.755 per share, equivalent to a 3.7% annualized yield.

Bank of Nova Scotia cut its position in shares of Regency Centers Corporation (NASDAQ:REG - Free Report) by 58.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,546 shares of the company's stock after selling 33,442 shares during the quarter. Bank of Nova Scotia's holdings in Regency Centers were worth $1,781,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Azzad Asset Management Inc. ADV raised its position in shares of Regency Centers by 68.6% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 53,562 shares of the company's stock worth $3,697,000 after acquiring an additional 21,799 shares in the last quarter. M&T Bank Corp boosted its position in shares of Regency Centers by 168.6% during the 4th quarter. M&T Bank Corp now owns 25,931 shares of the company's stock valued at $1,791,000 after purchasing an additional 16,277 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of Regency Centers by 3.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 311,562 shares of the company's stock valued at $21,507,000 after purchasing an additional 10,745 shares in the last quarter. Legal & General Group Plc grew its stake in Regency Centers by 2.8% during the fourth quarter. Legal & General Group Plc now owns 1,705,024 shares of the company's stock worth $117,698,000 after purchasing an additional 46,438 shares during the period. Finally, F m Investments LLC acquired a new stake in Regency Centers during the fourth quarter worth approximately $1,128,000. Institutional investors own 96.07% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Regency Centers from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Thursday, July 23rd. UBS Group raised their price objective on shares of Regency Centers from $81.00 to $85.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft lowered shares of Regency Centers from a "buy" rating to a "hold" rating and set a $85.00 price objective for the company. in a research note on Friday, May 29th. Citigroup boosted their target price on shares of Regency Centers from $76.00 to $82.00 and gave the company a "neutral" rating in a research report on Tuesday, May 5th. Finally, Raymond James Financial reissued an "outperform" rating and set a $88.00 target price on shares of Regency Centers in a research note on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat.com, Regency Centers has an average rating of "Moderate Buy" and an average price target of $83.06.

Regency Centers Stock Up 0.2%

Shares of NASDAQ:REG opened at $81.11 on Thursday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.14 and a current ratio of 2.14. Regency Centers Corporation has a 52-week low of $66.86 and a 52-week high of $83.66. The business's 50 day simple moving average is $79.59 and its two-hundred day simple moving average is $77.41. The firm has a market cap of $14.85 billion, a P/E ratio of 27.97, a PEG ratio of 3.43 and a beta of 0.80.

Regency Centers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were paid a dividend of $0.755 per share. This represents a $3.02 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Friday, June 12th. Regency Centers's payout ratio is 104.14%.

Insider Buying and Selling at Regency Centers

In other Regency Centers news, Chairman Martin E. Stein, Jr. sold 274,615 shares of the company's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $78.40, for a total transaction of $21,529,816.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Nicholas Andrew Wibbenmeyer sold 7,927 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $79.06, for a total transaction of $626,708.62. Following the sale, the insider directly owned 33,069 shares of the company's stock, valued at approximately $2,614,435.14. The trade was a 19.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 283,782 shares of company stock worth $22,255,898. 1.00% of the stock is owned by corporate insiders.

Regency Centers Profile

Regency Centers Corporation is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and development of grocery-anchored shopping centers. Focused on everyday needs retail, the company's portfolio is strategically concentrated in high-growth, densely populated markets across the United States. By aligning its properties with essential retailers, Regency Centers delivers stable income streams and drives sustained value for shareholders.

Founded in 1963 and headquartered in Jacksonville, Florida, Regency Centers began as a single shopping center developer before evolving into one of the largest owners of grocery-center real estate.

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