BT Investment Management Ltd Purchases New Stake in Taubman Centers, Inc. (TCO)
BT Investment Management Ltd purchased a new position in shares of Taubman Centers, Inc. (NYSE:TCO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 40,300 shares of the real estate investment trust’s stock, valued at approximately $2,400,000. BT Investment Management Ltd owned about 0.07% of Taubman Centers at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of TCO. BlackRock Inc. raised its position in Taubman Centers by 5,443.6% during the 1st quarter. BlackRock Inc. now owns 6,413,320 shares of the real estate investment trust’s stock worth $423,407,000 after buying an additional 6,297,632 shares during the last quarter. Coronation Fund Managers Ltd. purchased a new position in Taubman Centers during the 2nd quarter worth approximately $14,422,000. Vanguard Group Inc. raised its position in Taubman Centers by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 9,465,848 shares of the real estate investment trust’s stock worth $624,935,000 after buying an additional 202,444 shares during the last quarter. Bank of Montreal Can raised its position in Taubman Centers by 184.1% during the 2nd quarter. Bank of Montreal Can now owns 254,238 shares of the real estate investment trust’s stock worth $15,140,000 after buying an additional 164,759 shares during the last quarter. Finally, Madison International Realty Holdings LLC raised its position in Taubman Centers by 12.5% during the 1st quarter. Madison International Realty Holdings LLC now owns 1,449,837 shares of the real estate investment trust’s stock worth $95,718,000 after buying an additional 161,200 shares during the last quarter. 98.53% of the stock is owned by institutional investors.
Taubman Centers, Inc. (NYSE:TCO) opened at 50.82 on Tuesday. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 39.27 and a beta of 0.50. Taubman Centers, Inc. has a 12-month low of $50.57 and a 12-month high of $78.65. The stock’s 50 day moving average is $53.55 and its 200 day moving average is $59.98.
Taubman Centers (NYSE:TCO) last released its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.02. The business had revenue of $154.68 million during the quarter, compared to analysts’ expectations of $142.16 million. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.04 earnings per share. Equities research analysts forecast that Taubman Centers, Inc. will post $1.08 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 4.92%. The ex-dividend date of this dividend is Thursday, September 14th. Taubman Centers’s payout ratio is 193.80%.
In other Taubman Centers news, Director Myron E. Ullman III acquired 12,325 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was purchased at an average price of $56.90 per share, for a total transaction of $701,292.50. Following the completion of the transaction, the director now owns 16,646 shares of the company’s stock, valued at approximately $947,157.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 31.20% of the company’s stock.
TCO has been the subject of several recent research reports. Zacks Investment Research lowered shares of Taubman Centers from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Morgan Stanley lowered shares of Taubman Centers from an “equal weight” rating to an “underweight” rating in a report on Monday. BidaskClub lowered shares of Taubman Centers from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. KeyCorp cut their target price on shares of Taubman Centers from $85.00 to $79.00 and set an “overweight” rating for the company in a report on Wednesday, June 28th. Finally, BMO Capital Markets initiated coverage on shares of Taubman Centers in a report on Monday, September 11th. They set an “underperform” rating for the company. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $71.00.
Taubman Centers 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 (the Operating Partnership or TRG) is majority-owned partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
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