Taubman Centers, Inc. (NYSE:TCO) Director Acquires $701,292.50 in Stock
Taubman Centers, Inc. (NYSE:TCO) Director Myron E. Ullman III acquired 12,325 shares of Taubman Centers stock in a transaction dated Wednesday, August 9th. The stock was purchased at an average cost of $56.90 per share, for a total transaction of $701,292.50. Following the completion of the purchase, the director now directly owns 16,646 shares in the company, valued at $947,157.40. The acquisition was disclosed in a document filed with the SEC, which is available at this link.
Shares of Taubman Centers, Inc. (NYSE TCO) traded down 1.14% during midday trading on Friday, hitting $54.72. The company had a trading volume of 267,277 shares. Taubman Centers, Inc. has a one year low of $54.00 and a one year high of $80.86. The company’s 50 day moving average is $58.84 and its 200 day moving average is $63.34. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of 42.29 and a beta of 0.49.
Taubman Centers (NYSE:TCO) last announced its earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share for the quarter, beating the 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 firm had revenue of $154.68 million during the quarter, compared to the consensus estimate of $142.16 million. During the same quarter in the prior year, the company earned $1.04 EPS. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. Equities analysts forecast that Taubman Centers, Inc. will post $1.15 earnings per share for the current fiscal year.
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Hedge funds have recently made changes to their positions in the stock. Teachers Advisors LLC increased its stake in shares of Taubman Centers by 9.6% in the fourth quarter. Teachers Advisors LLC now owns 115,448 shares of the real estate investment trust’s stock valued at $8,535,000 after buying an additional 10,080 shares during the last quarter. Macquarie Group Ltd. increased its stake in shares of Taubman Centers by 18.1% in the fourth quarter. Macquarie Group Ltd. now owns 202,659 shares of the real estate investment trust’s stock valued at $14,983,000 after buying an additional 31,103 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of Taubman Centers by 8.8% in the first quarter. Capstone Asset Management Co. now owns 6,076 shares of the real estate investment trust’s stock valued at $401,000 after buying an additional 490 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Taubman Centers by 2.7% in the first quarter. Louisiana State Employees Retirement System now owns 15,300 shares of the real estate investment trust’s stock valued at $1,010,000 after buying an additional 400 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Taubman Centers during the first quarter valued at $1,509,000. Hedge funds and other institutional investors own 98.73% of the company’s stock.
Several research firms have recently weighed in on TCO. Zacks Investment Research lowered Taubman Centers from a “hold” rating to a “sell” rating in a research note on Wednesday. BidaskClub lowered Taubman Centers from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Boenning Scattergood reaffirmed a “hold” rating on shares of Taubman Centers in a research note on Monday, July 31st. KeyCorp reduced their price objective on Taubman Centers from $85.00 to $79.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 28th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $56.00 price objective (down from $71.00) on shares of Taubman Centers in a research note on Saturday, June 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $73.57.
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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