Taubman Centers, Inc. (TCO) Issues FY17 Earnings Guidance
Taubman Centers, Inc. (NYSE:TCO) updated its FY17 earnings guidance on Wednesday. The company provided EPS guidance of $3.67-3.77 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.60.
Several research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Taubman Centers from a hold rating to a sell rating in a report on Monday. Jefferies Group LLC reissued a neutral rating on shares of Taubman Centers in a report on Friday, October 13th. J P Morgan Chase & Co lowered shares of Taubman Centers from an overweight rating to a neutral rating and decreased their price objective for the stock from $64.00 to $57.00 in a report on Tuesday, September 26th. Morgan Stanley lowered shares of Taubman Centers from an equal weight rating to an underweight rating in a report on Monday, September 18th. Finally, BMO Capital Markets assumed coverage on shares of Taubman Centers in a report on Monday, September 11th. They set an underperform rating for the company. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $67.14.
Taubman Centers (NYSE:TCO) last posted its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.06). Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The business had revenue of $153.20 million for the quarter, compared to the consensus estimate of $155.95 million. During the same period in the previous year, the company posted $0.94 earnings per share. Taubman Centers’s revenue for the quarter was up 3.5% compared to the same quarter last year.
In other Taubman Centers news, Director Myron E. Ullman III bought 12,325 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was acquired at an average cost of $56.90 per share, with a total value of $701,292.50. Following the purchase, the director now owns 16,646 shares in the company, valued at $947,157.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 31.20% of the stock is currently owned by corporate insiders.
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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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