Taubman Centers, Inc. (TCO) Declares $0.63 Quarterly Dividend
Taubman Centers, Inc. (NYSE:TCO) announced a quarterly dividend on Friday, September 1st, RTT News reports. Investors of record on Friday, September 15th will be given a dividend of 0.625 per share by the real estate investment trust on Friday, September 29th. This represents a $2.50 dividend on an annualized basis and a yield of 4.79%.
Taubman Centers has raised its dividend by an average of 6.0% annually over the last three years and has increased its dividend annually for the last 7 consecutive years. Taubman Centers has a dividend payout ratio of 67.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Taubman Centers to earn $3.97 per share next year, which means the company should continue to be able to cover its $2.50 annual dividend with an expected future payout ratio of 63.0%.
Taubman Centers (NYSE TCO) traded up 0.63% during midday trading on Friday, reaching $52.57. 157,593 shares of the company were exchanged. The firm has a market capitalization of $3.19 billion, a PE ratio of 40.63 and a beta of 0.49. The company has a 50-day moving average of $56.24 and a 200 day moving average of $61.42. Taubman Centers has a 52 week low of $50.72 and a 52 week high of $80.86.
Taubman Centers (NYSE:TCO) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share for the quarter, topping 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 business had revenue of $154.68 million during the quarter, compared to the consensus estimate of $142.16 million. During the same period last year, the company earned $1.04 earnings per share. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. Equities analysts predict that Taubman Centers will post $1.08 earnings per share for the current year.
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Several research firms have recently weighed in on TCO. Zacks Investment Research upgraded Taubman Centers from a “sell” rating to a “hold” rating in a research report on Monday. BidaskClub downgraded Taubman Centers from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. Boenning Scattergood reiterated a “hold” rating on shares of Taubman Centers in a research report on Monday, July 31st. KeyCorp decreased their target price on Taubman Centers from $85.00 to $79.00 and set an “overweight” rating for the company in a research report on Wednesday, June 28th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $56.00 target price (down from $71.00) on shares of Taubman Centers in a research report on Saturday, June 3rd. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Taubman Centers has an average rating of “Hold” and a consensus price target of $73.57.
In other news, Director Myron E. Ullman III purchased 12,325 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average price of $56.90 per share, for a total transaction of $701,292.50. Following the completion of the purchase, the director now owns 16,646 shares in the company, valued at approximately $947,157.40. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 31.20% of the company’s stock.
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 (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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