Goldman Sachs Group Inc. Sells 290,378 Shares of Taubman Centers, Inc. (TCO)
Goldman Sachs Group Inc. lowered its position in shares of Taubman Centers, Inc. (NYSE:TCO) by 11.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,309,452 shares of the real estate investment trust’s stock after selling 290,378 shares during the period. Goldman Sachs Group Inc. owned 3.80% of Taubman Centers worth $137,528,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Clinton Group Inc. increased its holdings in shares of Taubman Centers by 1,009.1% in the 2nd quarter. Clinton Group Inc. now owns 57,427 shares of the real estate investment trust’s stock worth $3,420,000 after acquiring an additional 52,249 shares during the period. Employees Retirement System of Texas lifted its position in Taubman Centers by 35.6% in the 2nd quarter. Employees Retirement System of Texas now owns 65,750 shares of the real estate investment trust’s stock valued at $3,915,000 after purchasing an additional 17,250 shares during the last quarter. Balyasny Asset Management LLC lifted its position in Taubman Centers by 683.0% in the 2nd quarter. Balyasny Asset Management LLC now owns 36,800 shares of the real estate investment trust’s stock valued at $2,191,000 after purchasing an additional 32,100 shares during the last quarter. Stifel Financial Corp lifted its position in Taubman Centers by 7.0% in the 2nd quarter. Stifel Financial Corp now owns 7,674 shares of the real estate investment trust’s stock valued at $457,000 after purchasing an additional 500 shares during the last quarter. Finally, Barr E S & Co. bought a new stake in Taubman Centers in the 2nd quarter valued at about $533,000. Institutional investors and hedge funds own 98.53% of the company’s stock.
A number of research analysts have issued reports on the stock. J P Morgan Chase & Co lowered shares of Taubman Centers from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $64.00 to $57.00 in a research note on Tuesday, September 26th. Jefferies Group LLC restated a “hold” rating and issued a $57.00 price target on shares of Taubman Centers in a research note on Tuesday, September 26th. Morgan Stanley lowered shares of Taubman Centers from an “equal weight” rating to an “underweight” rating in a research note on Monday, September 18th. BMO Capital Markets began coverage on Taubman Centers in a report on Monday, September 11th. They set an “underperform” rating on the stock. Finally, Zacks Investment Research raised Taubman Centers from a “sell” rating to a “hold” rating in a report on Monday, August 28th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. Taubman Centers has a consensus rating of “Hold” and an average target price of $67.14.
Taubman Centers, Inc. (NYSE TCO) traded down 0.82% on Monday, hitting $49.29. 184,604 shares of the stock traded hands. The stock has a 50-day moving average price of $53.35 and a 200 day moving average price of $59.84. Taubman Centers, Inc. has a 12-month low of $49.07 and a 12-month high of $78.65. The stock has a market cap of $2.99 billion, a P/E ratio of 38.09 and a beta of 0.51.
Taubman Centers (NYSE:TCO) last released its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.02. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The business had revenue of $154.68 million during the quarter, compared to analysts’ expectations of $142.16 million. During the same period in the previous year, the business posted $1.04 earnings per share. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities analysts expect that Taubman Centers, Inc. will post $1.08 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 5.03%. The ex-dividend date was Thursday, September 14th. Taubman Centers’s dividend payout ratio is currently 193.80%.
In related news, Director Myron E. Ullman III acquired 12,325 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were purchased at an average price of $56.90 per share, with a total value of $701,292.50. Following the acquisition, the director now directly owns 16,646 shares in the company, valued at $947,157.40. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 31.20% of the stock is owned by corporate insiders.
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 (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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