REG Regency Centers Corporation - Common Stock
$76.24
Price · Aug 19, 2026
Fundamentals as of Feb 13, 2026
52W Range
$67–$84
56% of range
Analyst Rating
HOLD
24 analysts
Price Target
$87
+14% upside
P/E (TTM)
52.2
ROE
7.7%
Net Profit Margin
34.0%
About Regency Centers Corporation - Common Stock Company overview from Wikipedia
Regency Centers Corporation is a real estate investment trust based in Jacksonville, Florida, and is one of the largest operators of shopping centers with grocery stores as anchor tenants. As of October 21, 2020, the company owned 415 properties comprising 56-million-square feet of space. Notable properties owned by the company include Serramonte Center and a 30% interest in Village District.
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Regency Centers Corporation is a real estate investment trust based in Jacksonville, Florida, and is one of the largest operators of shopping centers with grocery stores as anchor tenants. As of October 21, 2020, the company owned 415 properties comprising 56-million-square feet of space. Notable properties owned by the company include Serramonte Center and a 30% interest in Village District.
## History
In 1963, the company was founded as Regency Square Properties by Martin and Joan Stein. Four years later, the company built Jacksonville's first regional mall, Regency Square.
In 1993, the company became a public company, raising $108 million in an initial public offering.
In 1997, the company acquired Branch Properties, a Publix developer and leading owner of shopping centers in Atlanta, Georgia.
In 2004, the company acquired a $400-million property portfolio from Branch Properties.
On December 27, 2004, the company and California State Teachers’ Retirement System (CalSTRS) formed a new co-investment partnership to acquire over $200 million in neighborhood and community shopping centers.
In 2005, the company, in partnership with Macquarie CountryWide Trust, acquired 101 centers from First Washington Realty, Inc. and California Public Employees' Retirement System for $2.74 billion. First Washington Realty Inc. and the California Public Employees’ Retirement System bought back a 60% interest in most of the portfolio in 2009.
In August 2013, the company sold a portfolio of seven grocery-oriented shopping centers to a joint venture between Blackstone Group and DDR Corp. (now SITE Centers) for $332 million.
In 2017, the company acquired Equity One.
Longtime CEO Hap Stein stepped down from his role as Chairman & CEO in 2019. He was succeeded by Lisa Palmer.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
REG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$76.24
Market Cap
$13.94B
P/E (TTM)
52.2
EPS (TTM)
—
Revenue (TTM)
$1.55B
Div Yield
3.7%
ROE
7.7%
Debt/Equity
—
52W Range
$67 – $84
REG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.55B
2017-12-31
→
2025-12-31
EPS
—
Free Cash Flow
—
Margins
34.0%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
REG
Peer Median
P/E (TTM)
52.2
26.9
P/S (TTM)
9.0
8.7
P/B
2.0
1.9
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
REG
Peer Median
Operating Margin
72.3%
—
Net Profit Margin
34.0%
30.4%
ROA
4.2%
3.6%
ROE
7.7%
7.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
REG
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
REG
Peer Median
Revenue YoY
6.9%
—
Revenue CAGR 3Y
8.3%
—
Revenue CAGR 5Y
8.9%
—
Net Income YoY
31.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
REG
Peer Median
Payout Ratio
97.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
3.7%
Payout Ratio
97.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 12, 2026 | $0.7550 |
| March 11, 2026 | $0.7550 |
| Dec. 15, 2025 | $0.7550 |
| Sept. 11, 2025 | $0.7050 |
| June 11, 2025 | $0.7050 |
| March 12, 2025 | $0.7050 |
| Dec. 16, 2024 | $0.7050 |
| Sept. 12, 2024 | $0.6700 |
| June 12, 2024 | $0.6700 |
| March 12, 2024 | $0.6700 |
| Dec. 13, 2023 | $0.6700 |
| Sept. 13, 2023 | $0.6500 |
| June 13, 2023 | $0.6500 |
| March 14, 2023 | $0.6500 |
| Dec. 15, 2022 | $0.6500 |
| Sept. 14, 2022 | $0.6250 |
| June 14, 2022 | $0.6250 |
| March 14, 2022 | $0.6250 |
| Dec. 15, 2021 | $0.6250 |
| Sept. 14, 2021 | $0.5950 |
REG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
24 analysts
- Strong Buy 5 20.8%
- Buy 8 33.3%
- Hold 11 45.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
18 analysts · 2026-08-16
Median
$85.00
Mean
$86.61
← Below all targets
$76.24
Low
$82.00
High
$102.00
Median target
$85.00
+11.5%
Mean target
$86.61
+13.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.61 | $0.60 | 0.01% |
| March 31, 2026 | $0.68 | $0.63 | 0.05% |
| Dec. 31, 2025 | $0.68 | $0.59 | 0.09% |
| Sept. 30, 2025 | $0.58 | $0.57 | 0.01% |
| June 30, 2025 | $0.57 | $0.55 | 0.02% |
| March 31, 2025 | $0.58 | $0.56 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| REG | $12.63B | 47.3 | 6.9% | 34.0% | 7.7% | — |
| SPG | — | 13.1 | 6.7% | 84.3% | 131.6% | — |
| O | $52.65B | 48.2 | 9.1% | 18.4% | 2.7% | — |
| KIM | $13.66B | 9.0 | 5.1% | 27.3% | 5.6% | — |
| FRT | $8.70B | 21.5 | 6.4% | 32.1% | 12.8% | — |
| ADC | $8.65B | 40.7 | 16.4% | 28.4% | 3.5% | — |
| BRX | $8.03B | 21.0 | 6.7% | 28.2% | 12.9% | — |
| NNN | $7.53B | 19.1 | 6.6% | 42.1% | 8.9% | — |
| MAC | $4.74B | -23.7 | 10.4% | -19.4% | -7.6% | — |
| PECO | $4.47B | 40.0 | 9.9% | 15.3% | 4.8% | — |
| KRG | $5.01B | 17.5 | 0.82% | 35.4% | 9.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.55B | $1.45B | $1.32B | $1.22B | $1.17B | $1.02B | $1.13B | $1.12B | $984M | |
| SG&A Expense | $99M | $101M | $98M | $80M | $78M | $75M | $75M | $65M | $68M | |
| Operating Expenses | $970M | $940M | $854M | $752M | $714M | $747M | $763M | $741M | $745M | |
| Operating Income | $1.12B | $1.05B | $951M | $897M | · | · | · | · | · | |
| Interest Expense | · | · | $154M | $146M | $145M | $157M | $151M | $148M | $133M | |
| Other Non-op | $-176M | $-154M | $-148M | $-44M | $-133M | $-256M | $-188M | $-171M | $-114M | |
| Pretax Income | $407M | $360M | $320M | $428M | $319M | $13M | $182M | $209M | $126M | |
| Income Tax | · | $5M | $895.0K | $-39.0K | $1M | $1M | $1M | $522.0K | $-10M | |
| Net Income | $527M | $400M | $365M | $483M | $361M | $45M | $239M | $249M | $176M | |
| Shares (Basic) | · | · | · | · | · | 169,231,000 | 167,526,000 | 169,724,000 | 159,536,000 | |
| Shares (Diluted) | · | · | · | · | · | 169,460,000 | 167,771,000 | 170,100,000 | 159,960,000 | |
| EBITDA | $1.53B | $1.44B | $352M | $320M | $303M | $346M | $374M | · | · |
Balance Sheet 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| PP&E (Net) | $13M | $8M | $7M | $6M | $5M | $7M | $7M | $6M | $6M | |
| Goodwill | $167M | $167M | $167M | $167M | $167M | $174M | $307M | $314M | $332M | |
| Intangibles | $254M | $230M | $283M | $198M | $213M | $189M | $243M | $387M | $479M | |
| Total Assets | $13.00B | $12.39B | $12.43B | $10.86B | $10.79B | $10.94B | $11.13B | $10.94B | · | |
| Total Liabilities | $5.82B | $5.49B | $5.23B | $4.68B | $4.68B | $4.88B | $4.84B | $4.49B | · | |
| Long-term Debt | $4.74B | $4.41B | $4.15B | $3.73B | $3.72B | $3.92B | $3.92B | $3.72B | $3.59B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | |
| Paid-in Capital | $8.70B | $8.50B | $8.70B | $7.88B | $7.88B | $7.79B | $7.65B | $7.67B | · | |
| Treasury Stock | $31M | $28M | $25M | $24M | $23M | $24M | $23M | $20M | · | |
| AOCI | $-4M | $2M | $-1M | $8M | $-10M | $-19M | $-12M | $-927.0K | · | |
| Stockholders' Equity | $6.91B | $6.72B | $7.03B | $6.10B | $6.04B | $5.98B | $6.21B | $6.40B | $6.73B | |
| Liabilities + Equity | $13.00B | $12.39B | $12.43B | $10.86B | $10.79B | $10.94B | $11.13B | $10.94B | · | |
| Shares Outstanding | 182,902,234 | 181,361,454 | 184,581,070 | · | · | · | · | · | · |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $405M | $395M | $352M | $320M | $303M | $346M | $374M | $360M | $334M | |
| Stock-based Comp | $19M | $24M | $20M | $17M | $13M | $14M | $14M | $14M | $21M | |
| Deferred Tax | · | $-3M | $99.0K | $293.0K | $421.0K | $-891.0K | $-331.0K | $-5M | $-11M | |
| Amort. of Intangibles | $52M | $58M | $51M | $40M | $39M | $56M | $69M | $89M | $100M | |
| Other Non-cash | $-124M | $-25M | $-17M | $-164M | $-18M | $96M | $-6M | · | · | |
| Operating Cash Flow | $828M | $790M | $720M | $656M | $659M | $499M | $621M | $610M | $470M | |
| Investing Cash Flow | $-421M | $-327M | $-342M | $-206M | $-286M | $-26M | $-283M | $-106M | $-1.01B | |
| Stock Issued | $98M | · | $-33.0K | $61M | $83M | $126M | $0 | $0 | $88M | |
| Stock Repurchased | · | $200M | $20M | $75M | · | $0 | $33M | $214M | $0 | |
| Net Stock Activity | $98M | $-200M | $-20M | $-14M | $83M | $126M | $-33M | · | · | |
| Dividends Paid | $512M | $490M | $453M | $428M | $403M | $301M | $391M | $376M | $323M | |
| Financing Cash Flow | $-348M | $-493M | $-355M | $-476M | $-656M | $-211M | $-268M | $-508M | $569M | |
| Net Change in Cash | $59M | $-29M | $23M | $-26M | $-283M | $263M | $70M | $-4M | $32M | |
| Taxes Paid | · | $8M | $933.0K | $570.0K | $378.0K | $2M | $1M | $5M | $-269.0K |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 72.3% | 72.0% | · | · | · | · | · | · | · | |
| Net Margin | 34.0% | 27.5% | 27.6% | 39.5% | 31.0% | 4.4% | 21.1% | · | · | |
| Pretax Margin | 26.2% | 24.7% | 24.2% | 35.0% | 27.4% | 1.3% | 16.1% | · | · | |
| EBITDA Margin | 98.4% | 99.2% | 26.6% | 26.1% | 26.0% | 34.0% | 33.0% | · | · | |
| ROA | 4.2% | 3.2% | 3.1% | 4.5% | 3.3% | 0.41% | 2.2% | · | · | |
| ROE | 7.7% | 5.8% | 5.5% | 8.0% | 6.0% | 0.74% | 3.8% | · | · | |
| ROIC | · | 15.4% | · | · | · | · | · | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | · |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.9% | 9.9% | 8.0% | 5.0% | 14.8% | · | · | · | · | |
| Revenue CAGR 3Y | 8.3% | 7.6% | 9.2% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 8.9% | · | · | · | · | · | · | · | · | |
| Net Income YoY | 31.7% | 9.8% | -24.5% | 33.6% | 705.1% | · | · | · | · | |
| Net Income CAGR 3Y | 3.0% | 3.5% | 101.0% | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 63.7% | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 11.2% | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.55B | $1.45B | $1.32B | $1.22B | $1.17B | $1.02B | $1.13B | $1.12B | $984M | |
| Net Income TTM | $527M | $400M | $365M | $483M | $361M | $45M | $239M | $249M | $176M | |
| Market Cap | $12.63B | $13.41B | · | · | · | · | · | · | · | |
| P/E | 47.3 | 50.6 | 45.9 | 42.8 | 51.6 | 31.2 | 43.2 | 40.2 | 79.5 | |
| P/S | 8.1 | 9.2 | · | · | · | · | · | · | · | |
| P/B | 1.8 | 2.0 | · | · | · | · | · | · | · | |
| P / Tangible Book | 1.9 | 2.1 | · | · | · | · | · | · | · | |
| P / Cash Flow | 15.3 | 17.0 | · | · | · | · | · | · | · | |
| Dividend Yield | 4.0% | 3.7% | · | · | · | · | · | · | · | |
| Earnings Yield | 2.1% | 2.0% | 2.2% | 2.3% | 1.9% | 3.2% | 2.3% | 2.5% | 1.3% | |
| Payout Ratio | 97.0% | 122.5% | 124.3% | 88.7% | 111.5% | 669.5% | 163.1% | · | · | |
| Annual Payout | $512M | $490M | $453M | $428M | $403M | $301M | $391M | $376M | $323M |
Income Statement 9
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $404M | $388M | $381M | $381M | $373M | $360M | $357M | $364M | $360M | $331M | $314M | $318M | $315M | $304M | $302M | $303M | |
| SG&A Expense | $25M | $27M | $25M | $22M | $26M | $25M | $24M | $26M | $27M | $21M | $25M | $25M | $23M | $20M | $18M | $19M | |
| Operating Expenses | $256M | $244M | $235M | $235M | $237M | $236M | $233M | $234M | $243M | $211M | $203M | $197M | $199M | $189M | $182M | $182M | |
| Operating Income | $287M | $282M | $281M | $274M | $265M | $261M | $258M | $263M | · | · | · | · | · | · | · | · | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $39M | $37M | $36M | · | $36M | $37M | $37M | |
| Other Non-op | $-30M | $-46M | $-51M | $-49M | $-59M | $-34M | $-31M | $-29M | $-39M | $-40M | $-35M | $-34M | $-32M | $-37M | $-38M | $63M | |
| Pretax Income | $118M | $97M | $95M | $97M | $76M | $90M | $93M | $101M | $78M | $80M | $76M | $87M | $84M | $78M | $82M | $184M | |
| Net Income | $202M | $109M | $106M | $110M | $86M | $101M | $103M | $110M | $90M | $91M | $87M | $97M | $95M | $88M | $105M | $195M | |
| EBITDA | · | $282M | $281M | $370M | · | · | · | $98M | · | · | · | $83M | · | · | · | $78M |
Balance Sheet 13
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PP&E (Net) | $13M | $10M | $9M | $8M | $8M | $8M | $7M | $6M | · | $5M | $5M | $5M | · | $6M | $6M | $5M | |
| Goodwill | $167M | $167M | $167M | $167M | $167M | $167M | $167M | $167M | $167M | $167M | $167M | $167M | $167M | $167M | $167M | $167M | |
| Intangibles | $254M | $255M | $219M | $232M | $230M | $243M | $257M | $267M | · | $295M | $179M | $189M | · | $204M | $214M | $205M | |
| Total Assets | $13.00B | $13.06B | $12.73B | $12.56B | $12.39B | $12.43B | $12.38B | $12.65B | · | $12.38B | $10.83B | $10.81B | · | $10.90B | $10.90B | $10.84B | |
| Total Liabilities | $5.82B | $6.00B | $5.87B | $5.68B | $5.49B | $5.48B | $5.42B | $5.47B | · | $5.15B | $4.68B | $4.67B | · | $4.70B | $4.70B | $4.63B | |
| Long-term Debt | $4.74B | $4.92B | $4.80B | $4.64B | $4.41B | $4.40B | $4.37B | $4.42B | · | $4.07B | $3.71B | $3.74B | · | $3.73B | $3.74B | $3.72B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | $2M | $2M | |
| Paid-in Capital | $8.70B | $8.65B | $8.51B | $8.51B | $8.50B | $8.51B | $8.50B | $8.70B | · | $8.68B | $7.86B | $7.86B | · | $7.88B | $7.87B | $7.88B | |
| Treasury Stock | $31M | $31M | $30M | $29M | $28M | $28M | $27M | $26M | · | $25M | $25M | $26M | · | $24M | $24M | $24M | |
| AOCI | $-4M | $-4M | $-4M | $-2M | $2M | $-5M | $5M | $4M | · | $9M | $7M | $4M | · | $8M | $2M | $-2M | |
| Stockholders' Equity | $6.91B | $6.80B | $6.68B | $6.70B | $6.72B | $6.77B | $6.80B | $7.02B | · | $7.06B | $6.04B | $6.06B | · | $6.12B | $6.13B | $6.13B | |
| Liabilities + Equity | $13.00B | $13.06B | $12.73B | $12.56B | $12.39B | $12.43B | $12.38B | $12.65B | · | $12.38B | $10.83B | $10.81B | · | $10.90B | $10.90B | $10.84B | |
| Shares Outstanding | 182,902,234 | 182,232,143 | 181,550,531 | 181,525,936 | 181,361,454 | 181,502,569 | 181,493,494 | 184,774,486 | · | · | · | · | · | · | · | · |
Cash Flow 12
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $106M | $103M | $100M | $97M | $95M | $101M | $101M | $98M | $99M | $88M | $83M | $83M | $82M | $80M | $79M | $78M | |
| Stock-based Comp | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $6M | $6M | $5M | $4M | $5M | $4M | $4M | $4M | $4M | |
| Other Non-cash | · | · | · | $-50M | · | · | · | $-46M | · | · | · | $-23M | · | · | · | $-134M | |
| Operating Cash Flow | $204M | $219M | $244M | $161M | $191M | $228M | $203M | $168M | $172M | $213M | $173M | $162M | $128M | $200M | $185M | $143M | |
| Investing Cash Flow | $-16M | $-32M | $-193M | $-180M | $-118M | $-95M | $28M | $-142M | $-110M | $-140M | $-52M | $-39M | $-94M | $-47M | $-124M | $58M | |
| Stock Issued | $49M | · | · | · | · | · | · | · | $-37.0K | $14.0K | · | · | $0 | $0 | · | · | |
| Stock Repurchased | · | · | · | · | $0 | $0 | · | · | $0 | $0 | $0 | $20M | $0 | $4M | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | $-20M | · | · | · | · | |
| Dividends Paid | $128M | $128M | $128M | $128M | $121M | $122M | $124M | $124M | $120M | $110M | $111M | $111M | $107M | $108M | $107M | $107M | |
| Financing Cash Flow | $-272M | $-136M | $25M | $36M | $-127M | $-98M | $-382M | $113M | $-51M | $-35M | $-145M | $-124M | $-120M | $-120M | $-119M | $-118M | |
| Net Change in Cash | $-85M | $51M | $76M | $17M | $-53M | $35M | $-150M | $139M | $10M | $38M | $-25M | $-633.0K | $-86M | $34M | $-58M | $84M | |
| Taxes Paid | · | $738.0K | · | · | · | $709.0K | $335.0K | $6M | · | $155.0K | $461.0K | $112.0K | $82.0K | $118.0K | $205.0K | $165.0K |
Profitability 6
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | 72.7% | 73.8% | 71.8% | · | · | · | · | · | · | · | · | · | · | · | · | |
| Net Margin | · | 28.2% | 27.8% | 28.8% | · | 28.2% | 28.7% | 30.2% | · | 27.4% | 27.6% | 30.6% | · | 28.8% | 34.7% | 64.3% | |
| Pretax Margin | · | 25.1% | 24.8% | 25.6% | · | 25.0% | 25.9% | 27.7% | · | 24.1% | 24.3% | 27.2% | · | 25.5% | 27.2% | 60.6% | |
| EBITDA Margin | · | 72.7% | 73.8% | 97.2% | · | · | · | 26.8% | · | · | · | 26.0% | · | · | · | 25.7% | |
| ROA | · | 0.86% | 0.84% | 0.87% | · | · | 0.88% | 0.94% | · | 0.78% | 0.80% | 0.90% | · | 0.81% | 0.97% | 1.8% | |
| ROE | · | 1.6% | 1.6% | 1.6% | · | · | 1.6% | 1.7% | · | 1.4% | 1.4% | 1.6% | · | 1.4% | 1.7% | 3.2% |
Efficiency 1
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.0 | 0.0 | · | · | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $1.51B | $1.48B | $1.46B | · | $1.41B | $1.37B | $1.33B | · | $1.27B | $1.24B | $1.23B | · | $1.22B | $1.20B | $1.17B | |
| Net Income TTM | · | $426M | $420M | $423M | · | $405M | $390M | $385M | · | $362M | $376M | $485M | · | $505M | $513M | $489M | |
| Market Cap | · | $13.28B | $12.93B | $13.39B | · | · | $11.29B | $11.19B | · | · | · | · | · | · | · | · | |
| P/E | · | 49.9 | 48.8 | 50.5 | · | 49.5 | 42.6 | 41.5 | · | 40.7 | 42.3 | 41.9 | · | 36.9 | 40.6 | 48.9 | |
| P/S | · | 8.8 | 8.7 | 9.2 | · | · | 8.3 | 8.4 | · | · | · | · | · | · | · | · | |
| P/B | · | 2.0 | 1.9 | 2.0 | · | · | 1.7 | 1.6 | · | · | · | · | · | · | · | · | |
| P / Tangible Book | · | 2.1 | 2.1 | 2.1 | · | · | 1.8 | 1.7 | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | · | · | 83.1 | · | · | · | 66.7 | · | · | · | · | · | · | · | · | |
| Earnings Yield | · | 2.0% | 2.1% | 2.0% | · | 2.0% | 2.4% | 2.4% | · | 2.5% | 2.4% | 2.4% | · | 2.7% | 2.5% | 2.1% | |
| Payout Ratio | · | · | · | 116.5% | · | · | · | 112.5% | · | · | · | 114.2% | · | · | · | 54.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $1.55B | $1.45B | $1.32B | $1.22B | $1.17B |
| Operating Margin % | 72.3% | 72.0% | — | — | — |
| Net Income | $527M | $400M | $365M | $483M | $361M |
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Institutional owners (13F) 634 filers · $9.0B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 75 (-19 vs prior Q) | 38 (-7 vs prior Q) | 252 (+55 vs prior Q) | 162 (-34 vs prior Q) | +61.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| NORGES BANK | $1,367,266,774 | 17,146,561 | 15.19% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,188,153,750 | 14,900,348 | 13.20% | Shares |
| STATE STREET CORP | $979,258,153 | 12,168,256 | 10.88% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $904,816,558 | 11,347,085 | 10.05% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $616,370,024 | 7,729,747 | 6.85% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $361,509,382 | 4,551,150 | 4.02% | Shares |
| APG Asset Management US Inc. | $205,885,145 | 2,593,992 | 2.29% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $198,288,023 | 2,486,682 | 2.20% | Shares |
| Qube Research & Technologies Ltd | $149,102,716 | 1,869,861 | 1.66% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $130,519,548 | 1,636,814 | 1.45% | Shares |
| FMR LLC | $122,922,558 | 1,541,542 | 1.37% | Shares |
| MILLENNIUM MANAGEMENT LLC | $99,778,582 | 1,251,299 | 1.11% | Shares |
| Robeco Institutional Asset Management B.V. | $79,494,325 | 996,919 | 0.88% | Shares |
| Quantinno Capital Management LP | $77,951,154 | 977,566 | 0.87% | Shares |
| MORGAN STANLEY | $76,938,050 | 964,861 | 0.85% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $75,048,976 | 941,171 | 0.83% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $70,433,943 | 883,295 | 0.78% | Shares |
| BlackRock, Inc. | $63,338,838 | 794,317 | 0.70% | Shares |
| GOLDMAN SACHS GROUP INC | $61,690,532 | 773,646 | 0.69% | Shares |
| AMERICAN CENTURY COMPANIES INC | $60,214,898 | 755,139 | 0.67% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $56,605,433 | 709,875 | 0.63% | Shares |
| CI INVESTMENTS INC. | $44,585,584 | 559,137 | 0.50% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $44,091,755 | 552,944 | 0.49% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $43,663,152 | 547,569 | 0.49% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $43,630,380 | 547,158 | 0.48% | Shares |
| Nuveen Asset Management, LLC | $38,603,289 | 522,160 | 0.43% | Shares |
| Swiss National Bank | $37,057,411 | 464,728 | 0.41% | Shares |
| NEUBERGER BERMAN GROUP LLC | $30,543,908 | 383,044 | 0.34% | Shares |
| California Public Employees Retirement System | $29,464,408 | 369,506 | 0.33% | Shares |
| Arbejdsmarkedets Tillaegspension | $28,873,854 | 362,100 | 0.32% | Shares |
| RHUMBLINE ADVISERS | $28,383,677 | 355,954 | 0.32% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $28,010,270 | 351,270 | 0.31% | Shares |
| Vanguard Global Advisers, LLC | $27,085,764 | 339,676 | 0.30% | Shares |
| State of Tennessee, Department of Treasury | $25,920,763 | 325,066 | 0.29% | Shares |
| BARCLAYS PLC | $25,670,060 | 321,922 | 0.29% | Shares |
| Asset Management One Co., Ltd. | $25,339,139 | 334,908 | 0.28% | Shares |
| BANK OF AMERICA CORP /DE/ | $25,092,823 | 314,683 | 0.28% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $24,907,325 | 220,233 | 0.28% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $24,655,173 | 325,868 | 0.27% | Shares |
| LASALLE INVESTMENT MANAGEMENT SECURITIES LLC | $23,960,594 | 300,484 | 0.27% | Shares |
| Pacific Heights Asset Management LLC | $23,922,000 | 300,000 | 0.27% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $23,542,757 | 295,244 | 0.26% | Shares |
| Gotham Asset Management, LLC | $23,160,244 | 290,447 | 0.26% | Shares |
| J. Goldman & Co LP | $23,138,475 | 290,174 | 0.26% | Shares |
| CITADEL ADVISORS LLC | $23,030,028 | 288,814 | 0.26% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $21,106,779 | 264,695 | 0.23% | Shares |
| Amundi | $20,687,028 | 259,431 | 0.23% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $20,150,457 | 252,702 | 0.22% | Shares |
| GUGGENHEIM CAPITAL LLC | $20,050,304 | 251,446 | 0.22% | Shares |
| Point72 Asset Management, L.P. | $18,244,990 | 228,806 | 0.20% | Shares |
| Susquehanna Portfolio Strategies, LLC | $17,661,214 | 221,485 | 0.20% | Shares |
| RBO & CO LLC | $17,366,734 | 217,792 | 0.19% | Shares |
| Daiwa Securities Group Inc. | $17,345,045 | 217,520 | 0.19% | Shares |
| CIBC Asset Management Inc | $17,294,243 | 217,244 | 0.19% | Shares |
| Aberdeen Group plc | $16,971,941 | 212,841 | 0.19% | Shares |
| Lighthouse Investment Partners, LLC | $16,884,227 | 211,741 | 0.19% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $16,802,733 | 210,719 | 0.19% | Shares |
| Uniplan Investment Counsel, Inc. | $16,425,691 | 205,990 | 0.18% | Shares |
| RAYMOND JAMES FINANCIAL INC | $16,398,995 | 205,656 | 0.18% | Shares |
| Vanguard Investments Australia, Ltd. | $16,023,833 | 200,951 | 0.18% | Shares |
| MACQUARIE GROUP LTD | $15,832,935 | 198,557 | 0.18% | Shares |
| Swedbank AB | $15,401,544 | 193,147 | 0.17% | Shares |
| ALLIANCEBERNSTEIN L.P. | $15,237,697 | 201,397 | 0.17% | Shares |
| Cullen/Frost Bankers, Inc. | $14,732,315 | 184,754 | 0.16% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $14,630,456 | 183,477 | 0.16% | Shares |
| Varma Mutual Pension Insurance Co | $14,403,994 | 180,637 | 0.16% | Shares |
| VANGUARD GROUP INC | $14,011,640 | 202,979 | 0.16% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $13,758,021 | 172,536 | 0.15% | Shares |
| Verition Fund Management LLC | $13,424,229 | 168,350 | 0.15% | Shares |
| Korea Investment CORP | $12,942,839 | 162,313 | 0.14% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $12,925,868 | 187,250 | 0.14% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $12,895,393 | 161,718 | 0.14% | Shares |
| TUDOR INVESTMENT CORP ET AL | $12,871,232 | 161,415 | 0.14% | Shares |
| State of New Jersey Common Pension Fund D | $12,666,301 | 158,845 | 0.14% | Shares |
| ExodusPoint Capital Management, LP | $12,626,111 | 158,341 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $12,512,083 | 156,911 | 0.14% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $11,713,806 | 146,900 | 0.13% | Shares |
| BALDWIN WEALTH PARTNERS LLC/MA | $11,697,459 | 146,695 | 0.13% | Shares |
| Schonfeld Strategic Advisors LLC | $11,680,233 | 146,479 | 0.13% | Shares |
| PRUDENTIAL FINANCIAL INC | $11,491,810 | 144,116 | 0.13% | Shares |
| AVIVA PLC | $11,279,701 | 141,456 | 0.13% | Shares |
| Quantbot Technologies LP | $11,075,966 | 138,901 | 0.12% | Shares |
| NATIXIS | $10,885,945 | 136,518 | 0.12% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $10,612,118 | 133,084 | 0.12% | Shares |
| AXA Investment Managers S.A. | $10,604,326 | 145,464 | 0.12% | Shares |
| Allianz Asset Management GmbH | $10,561,164 | 132,445 | 0.12% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $10,556,699 | 132,389 | 0.12% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $10,269,954 | 128,793 | 0.11% | Shares |
| Retirement Systems of Alabama | $10,080,651 | 126,419 | 0.11% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $9,943,419 | 124,698 | 0.11% | Shares |
| MACKENZIE FINANCIAL CORP | $9,916,706 | 124,363 | 0.11% | Shares |
| BANK OF MONTREAL /CAN/ | $9,756,030 | 122,348 | 0.11% | Shares |
| Davis Selected Advisers | $9,276,952 | 116,340 | 0.10% | Shares |
| Waterfront Capital Partners, LLC | $9,258,300 | 127,000 | 0.10% | Shares |
| Nuveen, LLC | $9,026,329 | 113,197 | 0.10% | Shares |
| Entropy Technologies, LP | $8,979,601 | 112,611 | 0.10% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $8,912,369 | 116,273 | 0.10% | Shares |
| LPL Financial LLC | $8,625,217 | 108,167 | 0.10% | Shares |
| Sophron Capital Management L.P. | $8,502,437 | 106,627 | 0.09% | Shares |
| Legal & General Group Plc | $8,287,617 | 103,933 | 0.09% | Shares |
Company insiders 36 insiders · 14 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Lisa Palmer | President and CEO | Feb. 12, 2026 M | 157,942 | 0 | 1 | $-1,995,500 |
| Michael J Mas | EVP and CFO | Feb. 12, 2026 M | 54,849 | 0 | 1 | $-1,152,750 |
| Bruce M Johnson | Chief Financial Officer | Dec. 27, 2012 G | 53,000 | 0 | 0 | $0 |
| Brian M Smith | President and COO | Nov. 19, 2015 S | 61,323 | 0 | 0 | $0 |
| Alan Todd Roth | E. Regional Pres. & COO | Feb. 12, 2026 M | 25,519 | 0 | 1 | $-616,400 |
| Nicholas Andrew Wibbenmeyer | W. Regional Pres. & CIO | May 5, 2026 S | 33,069 | 0 | 1 | $-626,709 |
| Martin E Stein JR | Executive Chairman | May 4, 2026 S | 0 | 0 | 7 | $-36,419,050 |
| Terah L Devereaux | Principal Accounting Officer | March 4, 2026 A | 19,230 | 0 | 0 | $0 |
| Michael R Herman | Senior VP and General Counsel | March 4, 2026 A | 21,601 | 0 | 0 | $0 |
| Barbara C Johnston | SR VP, GENERAL COUNSEL | May 17, 2018 S | 20,331 | 0 | 0 | $0 |
| James D. Thompson | Exec. VP of Operations | March 28, 2018 G | 18,671 | 0 | 0 | $0 |
| Christian J Leavitt | Chief Accounting Officer | March 26, 2018 G | 16,879 | 0 | 0 | $0 |
| Iii Dan M. Chandler, | Executive VP of Development | March 23, 2018 G | 31,042 | 0 | 0 | $0 |
| John S. Delatour | Managing Director | Feb. 9, 2018 F | 99,310 | 0 | 0 | $0 |
| James H. Simmons III | Director | May 11, 2026 M | 8,049 | 0 | 0 | $0 |
| Thomas W Furphy | Director | May 11, 2026 M | 14,316 | 0 | 0 | $0 |
| Gary E Anderson | Director | May 11, 2026 M | 1,807 | 0 | 0 | $0 |
| Kristin Ann Campbell | Director | May 11, 2026 M | 6,797 | 0 | 0 | $0 |
| Deirdre Evens | Director | May 11, 2026 M | 22,539 | 0 | 0 | $0 |
| Bryce Blair | Director | May 11, 2026 M | 33,003 | 0 | 0 | $0 |
| David P Oconnor | Director | May 5, 2025 M | 30,342 | 0 | 0 | $0 |
| Thomas G Wattles | Director | May 3, 2023 M | 61,197 | 0 | 0 | $0 |
| Joseph F Azrack | Director | May 14, 2018 M | 4,856 | 0 | 0 | $0 |
| John C Schweitzer | Director | May 14, 2018 M | 48,010 | 0 | 0 | $0 |
| Mary Lou Fiala | Director | May 14, 2018 M | 19,308 | 0 | 0 | $0 |
| BANK RAYMOND L | Director | May 14, 2018 M | 54,147 | 0 | 0 | $0 |
| Dix J Druce | Director | June 3, 2016 M | 30,325 | 0 | 0 | $0 |
| CARPENTER ALVIN R | Director | Jan. 29, 2016 G | 51,886 | 0 | 0 | $0 |
| LUKE DOUGLAS S | Director | May 15, 2015 M | 76,765 | 0 | 0 | $0 |
| Terry N Worrell | Director | July 9, 2009 M | 47,331 | 0 | 0 | $0 |
| Chaim Katzman | 10% owner | Feb. 15, 2018 S | 1,350,000 | 0 | 0 | $0 |
| Karin Klein | — | Aug. 7, 2026 A | 25,790 | 0 | 0 | $0 |
| Mark J. Parrell | — | Aug. 7, 2026 A | 686 | 0 | 0 | $0 |
| Ronald C Blankenship | — | Aug. 7, 2026 A | 114,923 | 0 | 0 | $0 |
| Peter Linneman | — | Aug. 7, 2026 A | 56,061 | 0 | 0 | $0 |
| Craig H Ramey | — | May 8, 2018 S | 17,137 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 15 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Chaim Katzman, Gazit-Globe Ltd., M G N (USA) INC., GAZIT (1995), INC., Gazit First Generation LLC, MGN America, LLC, MGN (USA) 2016, LLC, MGN America 2016, LLC, Gazit America, Inc., Silver Maple (2001), Inc., Ficus, Inc., Silver Maple 2018, LLC, Ficus 2018, LLC ×7 filings | May 25, 2018 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | May 19, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Feb. 25, 2004 | — | Initial filing | Passive investment | SEC |
| Undisclosed reporting person | Dec. 17, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Sept. 30, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | June 26, 2003 | — | Initial filing | Capital structure | SEC |
| Undisclosed reporting person, Undisclosed reporting person | June 12, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | June 12, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | May 14, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | July 15, 2002 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | May 15, 2002 | — | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Dec. 26, 2001 | — | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person | Dec. 17, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Jan. 29, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Jan. 19, 2001 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 158 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| JPRE · J.P. Morgan Exchange-Traded Fund Tr… | 3.65% | 223,593 NS | May 31, 2026 | N-PORT |
| RSPR · Invesco Exchange-Traded Fund Trust | 3.13% | 40,596 | Aug. 8, 2026 | Daily |
| HUSV · First Trust Exchange-Traded Fund III | 1.82% | 16,940 NS | April 30, 2026 | N-PORT |
| GQRE · FlexShares Trust | 1.66% | 81,634 NS | April 30, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 1.60% | 5,085 NS | May 31, 2026 | N-PORT |
| ICF · iShares Trust | 1.59% | 434,704 SH | Aug. 8, 2026 | Daily |
| VGSR · Manager Directed Portfolios | 1.41% | 85,802 NS | March 31, 2026 | N-PORT |
| BLDG · Cambria ETF Trust | 1.28% | 8,453 NS | April 30, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 1.15% | 182,219 NS | May 31, 2026 | N-PORT |
| USRT · iShares Trust | 1.14% | 685,622 SH | Aug. 8, 2026 | Daily |
| SPLV · Invesco Exchange-Traded Fund Trust … | 1.12% | 1,042,974 | Aug. 8, 2026 | Daily |
| ALTL · Pacer Funds Trust | 1.10% | 13,630 NS | April 30, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 1.05% | 228,033 NS | April 30, 2026 | N-PORT |
| FPRO · FIDELITY COVINGTON TRUST | 1.02% | 1,958 NS | April 30, 2026 | N-PORT |
| MMID · MFS Active Exchange Traded Funds Tr… | 0.97% | 4,256 NS | May 31, 2026 | N-PORT |
| URE · ProShares Trust | 0.94% | 6,783 NS | May 31, 2026 | N-PORT |
| IYR · iShares Trust | 0.92% | 541,296 SH | Aug. 8, 2026 | Daily |
| FREL · FIDELITY COVINGTON TRUST | 0.90% | 167,336 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.90% | 1,164,504 NS | May 31, 2026 | N-PORT |
| DRN · Direxion Shares ETF Trust | 0.89% | 5,383 NS | April 30, 2026 | N-PORT |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.78% | 81,798 NS | May 31, 2026 | N-PORT |
| REET · iShares Trust | 0.76% | 499,481 SH | Aug. 8, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.70% | 6,271,484 SH | Aug. 8, 2026 | Daily |
| IIGD · Invesco Exchange-Traded Self-Indexe… | 0.68% | 190,000 | Aug. 8, 2026 | Daily |
| DFGR · Dimensional ETF Trust | 0.68% | 307,192 NS | April 30, 2026 | N-PORT |
| CZA · Invesco Exchange-Traded Fund Trust | 0.66% | 16,446 | Aug. 8, 2026 | Daily |
| ERET · iShares Trust | 0.58% | 1,066 SH | Aug. 8, 2026 | Daily |
| IQSM · New York Life Investments ETF Trust | 0.53% | 21,445 NS | April 30, 2026 | N-PORT |
| QDEF · FlexShares Trust | 0.51% | 34,611 NS | April 30, 2026 | N-PORT |
| QDF · FlexShares Trust | 0.50% | 137,610 NS | April 30, 2026 | N-PORT |
| PABU · iShares Trust | 0.38% | 125,024 SH | Aug. 8, 2026 | Daily |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.38% | 21,590 NS | April 30, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.38% | 21,249 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.34% | 27,121 NS | April 30, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.31% | 7,173 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.31% | 2,665,007 SH | Aug. 8, 2026 | Daily |
| RDIV · Invesco Exchange-Traded Fund Trust … | 0.28% | 50,324 | Aug. 8, 2026 | Daily |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.27% | 18,125 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 66,566 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.25% | 76,857 NS | April 30, 2026 | N-PORT |
| RITA · ETF Series Solutions | 0.25% | 282 NS | April 30, 2026 | N-PORT |
| CAPE · DoubleLine ETF Trust | 0.25% | 8,511 NS | March 31, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.24% | 445,655 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.21% | 18,980 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.20% | 7,333 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.19% | 24,508 SH | Aug. 8, 2026 | Daily |
| SMMD · iShares Trust | 0.19% | 91,375 SH | Aug. 8, 2026 | Daily |
| SIZE · iShares Trust | 0.19% | 10,593 SH | Aug. 8, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.18% | 2,315,356 | Aug. 8, 2026 | Daily |
| EUSA · iShares, Inc. | 0.18% | 44,092 SH | Aug. 8, 2026 | Daily |