Smith Group Sells Some Regency Stock

An investment group affiliated with Smith Management Co. sold about 1 million shares in Regency Health Systems Inc., cutting its stake in the operator of health-care facilities from 23% to 16.9%, or 2.76 million shares.

G.L. Massimino, the Tustin company’s chief financial officer, said he was not sure why the Smith group decided to dump its Regency holdings, but said it could have been a move to take its profits.

Smith bought Regency stock last summer when it was trading at about $8 a share. The company sold at prices ranging from $12.54 to $13 a share last week.