NasdaqGS:REG

Stock Analysis Report

Executive Summary

Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas.

Snowflake

Fundamentals

Acceptable track record second-rate dividend payer.


Similar Companies

Share Price & News

How has Regency Centers's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

1.2%

REG

0.9%

US REITs

0.07%

US Market


1 Year Return

10.4%

REG

21.8%

US REITs

8.9%

US Market

Return vs Industry: REG underperformed the US REITs industry which returned 21.8% over the past year.

Return vs Market: REG exceeded the US Market which returned 8.9% over the past year.


Shareholder returns

REGIndustryMarket
7 Day1.2%0.9%0.07%
30 Day2.4%2.2%-0.3%
90 Day4.8%7.9%-1.6%
1 Year14.4%10.4%27.0%21.8%11.3%8.9%
3 Year5.6%-4.8%37.5%20.2%46.3%36.8%
5 Year37.4%17.0%65.5%30.4%62.1%44.3%

Price Volatility Vs. Market

How volatile is Regency Centers's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Regency Centers undervalued compared to its fair value and its price relative to the market?

9.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: REG ($69.29) is trading below our estimate of fair value ($76.44)

Significantly Below Fair Value: REG is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: REG is poor value based on its PE Ratio (40.1x) compared to the REITs industry average (37.3x).

PE vs Market: REG is poor value based on its PE Ratio (40.1x) compared to the US market (17.8x).


Price to Earnings Growth Ratio

PEG Ratio: REG is poor value based on its PEG Ratio (25x)


Price to Book Ratio

PB vs Industry: REG is good value based on its PB Ratio (1.8x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is Regency Centers forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

1.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: REG's forecast earnings growth (1.6% per year) is below the savings rate (2.7%).

Earnings vs Market: REG's earnings (1.6% per year) are forecast to grow slower than the US market (14.5% per year).

High Growth Earnings: REG's earnings are forecast to grow, but not significantly.

Revenue vs Market: REG's revenue (2% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: REG's revenue (2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: REG's Return on Equity is forecast to be low in 3 years time (4.5%).


Next Steps

Past Performance

How has Regency Centers performed over the past 5 years?

17.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: REG's earnings have grown by 17% per year over the past 5 years.

Accelerating Growth: REG's earnings growth over the past year (18.5%) exceeds its 5-year average (17% per year).

Earnings vs Industry: REG earnings growth over the past year (18.5%) exceeded the REITs industry 16.9%.


Return on Equity

High ROE: REG's Return on Equity (4.6%) is considered low.


Return on Assets

ROA vs Industry: REG's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: REG's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Regency Centers's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: REG has a high level of physical assets or inventory.

Debt Coverage by Assets: REG's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: REG's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if REG has a sufficient allowance for bad loans.

Low Risk Liabilities: REG reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if REG has an acceptable proportion of non-loan assets held.

Low Risk Deposits: REG has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if REG has an appropriate level of bad loans.


Next Steps

Dividend

What is Regency Centers's current dividend yield, its reliability and sustainability?

3.38%

Current Dividend Yield


Dividend Yield vs Market

company3.4%marketbottom25%1.4%markettop25%3.7%industryaverage3.6%forecastin3Years3.4%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: REG's dividend (3.38%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: REG's dividend (3.38%) is low compared to the top 25% of dividend payers in the US market (3.68%).

Stable Dividend: REG's dividend payments have been volatile in the past 10 years.

Growing Dividend: REG's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (58.8%), REG's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: REG's dividends in 3 years are forecast to be thoroughly covered by earnings (0.3% payout ratio).


Next Steps

Management

What is the CEO of Regency Centers's salary, the management and board of directors tenure and is there insider trading?

4.0yrs

Average management tenure


CEO

Hap Stein (66yo)

26.8yrs

Tenure

US$5,419,621

Compensation

Mr. Martin E. Stein, Jr. is Chairman of the Board and Chief Executive Officer of Regency Centers Corporation (“Regency”) since 1998. He served as 2008 Chairman of the National Association of Real Estate In ...


CEO Compensation Analysis

Compensation vs. Market: Hap's total compensation ($USD5.42M) is about average for companies of similar size in the US market ($USD11.18M).

Compensation vs Earnings: Hap's compensation has been consistent with company performance over the past year.


Management Age and Tenure

4.0yrs

Average Tenure

63yo

Average Age

Experienced Management: REG's management team is considered experienced (4 years average tenure).


Board Age and Tenure

3.8yrs

Average Tenure

66.5yo

Average Age

Experienced Board: REG's board of directors are considered experienced (3.8 years average tenure).


Insider Trading

Insider Buying: REG insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$10,36730 Sep 19
Barbara Johnston
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares150
Max PriceUS$69.11
SellUS$10,08117 Sep 19
Barbara Johnston
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares147
Max PriceUS$68.58
SellUS$135,71919 Aug 19
Thomas Wattles
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares2,073
Max PriceUS$65.47
SellUS$197,22019 Aug 19
Alan Roth
EntityIndividual
Shares3,000
Max PriceUS$65.74
SellUS$228,02515 Aug 19
Dan Chandler
EntityIndividual
Role
Chief Investment Officer
Executive VP & Chief Investment Officer
Shares3,500
Max PriceUS$65.15
SellUS$79,00112 Aug 19
Craig Ramey
EntityIndividual
Shares1,210
Max PriceUS$65.29
SellUS$66,90016 May 19
Craig Ramey
EntityIndividual
Shares1,000
Max PriceUS$66.90
SellUS$927,64025 Mar 19
James Thompson
EntityIndividual
Role
Chief Operating Officer
Executive VP & COO
Shares14,000
Max PriceUS$66.26
SellUS$108,01918 Mar 19
Alan Roth
EntityIndividual
Shares1,658
Max PriceUS$65.15
SellUS$137,55711 Mar 19
Craig Ramey
EntityIndividual
Shares2,150
Max PriceUS$63.98
SellUS$168,45207 Mar 19
Nicholas Wibbenmeyer
EntityIndividual
Shares2,621
Max PriceUS$64.27
SellUS$933,77507 Mar 19
John Schweitzer
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares14,399
Max PriceUS$64.85
SellUS$14,86007 Mar 19
Barbara Johnston
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares230
Max PriceUS$64.61
SellUS$262,91106 Mar 19
Dan Chandler
EntityIndividual
Role
Chief Investment Officer
Executive VP & Chief Investment Officer
Shares4,033
Max PriceUS$65.19
SellUS$3,246,00028 Feb 19
Martin Stein
EntityIndividual
Role
Chief Executive Officer
Chairman & CEO
Shares50,000
Max PriceUS$64.92
SellUS$972,00028 Feb 19
Lisa Palmer
EntityIndividual
Role
Member of the Board of Directors
President & Director
Shares15,000
Max PriceUS$64.80

Ownership Breakdown


Management Team

  • Jim Thompson (63yo)

    Executive VP & COO

    • Tenure: 3.8yrs
    • Compensation: US$2.02m
  • Hap Stein (66yo)

    Chairman & CEO

    • Tenure: 26.8yrs
    • Compensation: US$5.42m
  • Barbara Johnston (66yo)

    Senior VP

    • Tenure: 0yrs
  • Mac Chandler (52yo)

    Executive VP & Chief Investment Officer

    • Tenure: 10.2yrs
    • Compensation: US$2.01m
  • Dale Johnston

    Chief Information Officer & Senior VP

    • Tenure: 0yrs
  • Laura Clark

    Senior Vice President of Capital Markets

    • Tenure: 0yrs
  • Lisa Palmer (51yo)

    President & Director

    • Tenure: 1.5yrs
    • Compensation: US$2.88m
  • Amy D'Olimpio

    Senior Vice President of Human Resources

    • Tenure: 0yrs
  • Jan Hanak

    Vice President of Marketing & Communications

    • Tenure: 4.2yrs
  • Mike Mas

    Executive VP & CFO

    • Tenure: 0.2yrs

Board Members

  • Bryce Blair (60yo)

    Independent Director

    • Tenure: 5yrs
    • Compensation: US$205.25k
  • Ron Blankenship (69yo)

    Lead Director

    • Tenure: 0.8yrs
    • Compensation: US$224.50k
  • Tom Wattles (67yo)

    Independent Director

    • Tenure: 18.8yrs
    • Compensation: US$222.00k
  • Joe Azrack (72yo)

    Independent Director

    • Tenure: 2.6yrs
    • Compensation: US$193.25k
  • John Schweitzer (74yo)

    Independent Director

    • Tenure: 20.8yrs
    • Compensation: US$231.00k
  • Hap Stein (66yo)

    Chairman & CEO

    • Tenure: 26.8yrs
    • Compensation: US$5.42m
  • Peter Linneman (68yo)

    Independent Director

    • Tenure: 2.6yrs
    • Compensation: US$194.50k
  • Dave O’Connor (55yo)

    Independent Director

    • Tenure: 8.2yrs
    • Compensation: US$192.00k
  • Deirdre Evens (55yo)

    Independent Director

    • Tenure: 1.5yrs
    • Compensation: US$169.91k
  • Lisa Palmer (51yo)

    President & Director

    • Tenure: 1.5yrs
    • Compensation: US$2.88m

Company Information

Regency Centers Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Regency Centers Corporation
  • Ticker: REG
  • Exchange: NasdaqGS
  • Founded: 1963
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$11.695b
  • Market Cap: US$11.610b
  • Shares outstanding: 167.91m
  • Website: https://www.regencycenters.com

Number of Employees


Location

  • Regency Centers Corporation
  • One Independent Drive
  • Suite 114
  • Jacksonville
  • Florida
  • 32202
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
REGNasdaqGS (Nasdaq Global Select)YesCommon SharesUSUSDOct 1993
RRCDB (Deutsche Boerse AG)YesCommon SharesDEEUROct 1993
0KUTLSE (London Stock Exchange)YesCommon SharesGBUSDOct 1993

Biography

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  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/23 23:42
End of Day Share Price2019/10/23 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.