Taubman Centers Inc. (TCO) Position Decreased by Parkwood LLC
Parkwood LLC decreased its stake in shares of Taubman Centers Inc. (NYSE:TCO) by 14.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,983 shares of the real estate investment trust’s stock after selling 1,034 shares during the period. Parkwood LLC’s holdings in Taubman Centers were worth $444,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Oakbrook Investments LLC purchased a new stake in shares of Taubman Centers during the second quarter worth about $217,000. Checchi Capital Advisers LLC raised its stake in shares of Taubman Centers by 1.0% in the second quarter. Checchi Capital Advisers LLC now owns 1,756 shares of the real estate investment trust’s stock worth $130,000 after buying an additional 18 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Taubman Centers by 73.6% in the second quarter. LS Investment Advisors LLC now owns 3,637 shares of the real estate investment trust’s stock worth $270,000 after buying an additional 1,542 shares during the last quarter. Fox Run Management L.L.C. raised its stake in shares of Taubman Centers by 86.2% in the second quarter. Fox Run Management L.L.C. now owns 5,400 shares of the real estate investment trust’s stock worth $401,000 after buying an additional 2,500 shares during the last quarter. Finally, Americafirst Capital Management LLC purchased a new stake in shares of Taubman Centers during the second quarter worth about $103,000. Institutional investors and hedge funds own 96.95% of the company’s stock.
Shares of Taubman Centers Inc. (NYSE:TCO) traded up 0.09% during trading on Friday, hitting $74.11. The stock had a trading volume of 647,440 shares. The stock’s 50 day moving average price is $78.43 and its 200-day moving average price is $73.24. Taubman Centers Inc. has a one year low of $63.32 and a one year high of $81.68. The stock has a market cap of $4.48 billion, a P/E ratio of 39.01 and a beta of 0.91.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.05. The business earned $158.90 million during the quarter, compared to the consensus estimate of $147.45 million. Taubman Centers had a net margin of 21.45% and a return on equity of 173.60%. The business’s revenue was up 20.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.76 EPS. Analysts expect that Taubman Centers Inc. will post $3.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.595 per share. The ex-dividend date is Tuesday, September 13th. This represents a $2.38 dividend on an annualized basis and a dividend yield of 3.21%. Taubman Centers’s dividend payout ratio is currently 126.60%.
A number of brokerages recently issued reports on TCO. Mizuho reiterated a “buy” rating on shares of Taubman Centers in a report on Thursday, May 26th. Morgan Stanley set a $81.00 price target on Taubman Centers and gave the company a “buy” rating in a report on Thursday, August 11th. Zacks Investment Research upgraded Taubman Centers from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a report on Monday, July 18th. Jefferies Group boosted their price target on Taubman Centers from $73.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, August 31st. Finally, BTIG Research began coverage on Taubman Centers in a report on Thursday, August 25th. They issued a “neutral” rating for the company. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $83.75.
About Taubman Centers
Taubman Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company’s segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (TRG) is a partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
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