Westpac Banking Corp Raises Position in Taubman Centers Inc. (TCO)
Westpac Banking Corp boosted its position in shares of Taubman Centers Inc. (NYSE:TCO) by 1.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,647 shares of the real estate investment trust’s stock after buying an additional 1,343 shares during the period. Westpac Banking Corp owned about 0.16% of Taubman Centers worth $5,836,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Taubman Centers by 3.5% in the second quarter. Vanguard Group Inc. now owns 9,019,870 shares of the real estate investment trust’s stock worth $669,274,000 after buying an additional 304,614 shares during the period. Principal Financial Group Inc. raised its stake in shares of Taubman Centers by 35.7% in the second quarter. Principal Financial Group Inc. now owns 274,981 shares of the real estate investment trust’s stock worth $20,404,000 after buying an additional 72,361 shares during the period. Prudential Financial Inc. raised its stake in shares of Taubman Centers by 10.6% in the second quarter. Prudential Financial Inc. now owns 1,626,309 shares of the real estate investment trust’s stock worth $120,672,000 after buying an additional 155,239 shares during the period. AJO LP raised its stake in Taubman Centers by 11,253.4% in the second quarter. AJO LP now owns 592,532 shares of the real estate investment trust’s stock valued at $43,966,000 after buying an additional 587,313 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Taubman Centers by 1.1% in the second quarter. Dimensional Fund Advisors LP now owns 827,992 shares of the real estate investment trust’s stock valued at $61,436,000 after buying an additional 8,805 shares during the last quarter. Institutional investors own 96.95% of the company’s stock.
Taubman Centers Inc. (NYSE:TCO) traded down 0.30% during trading on Wednesday, hitting $73.56. The stock had a trading volume of 19,608 shares. The firm has a market capitalization of $4.44 billion, a PE ratio of 38.72 and a beta of 0.91. The firm has a 50 day moving average price of $77.68 and a 200-day moving average price of $73.28. Taubman Centers Inc. has a 1-year low of $63.32 and a 1-year high of $81.68.
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 for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.05. Taubman Centers had a net margin of 21.45% and a return on equity of 173.60%. The business had revenue of $158.90 million for the quarter, compared to analysts’ expectations of $147.45 million. During the same quarter last year, the firm earned $0.76 EPS. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. On average, equities research analysts expect that Taubman Centers Inc. will post $3.75 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be given a $0.595 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $2.38 annualized dividend and a yield of 3.23%. Taubman Centers’s payout ratio is 126.60%.
Several analysts recently issued reports on the company. Credit Suisse Group AG reiterated an “outperform” rating and set a $85.00 target price on shares of Taubman Centers in a report on Tuesday, August 2nd. Morgan Stanley set a $81.00 target price on Taubman Centers and gave the stock a “buy” rating in a report on Thursday, August 11th. Citigroup Inc. upped their target price on Taubman Centers from $76.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Zacks Investment Research lowered Taubman Centers from a “buy” rating to a “hold” rating in a report on Monday, July 25th. Finally, Jefferies Group upped their target price on Taubman Centers from $73.00 to $78.00 and gave the stock a “hold” rating in a report on Wednesday, August 31st. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $83.75.
Taubman Centers Company Profile
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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