Taubman Centers (TCO) Earns Hold Rating from BMO Capital Markets
BMO Capital Markets reissued their hold rating on shares of Taubman Centers (NYSE:TCO) in a research note released on Tuesday. The firm currently has a $62.00 price target on the real estate investment trust’s stock.
Several other research firms have also weighed in on TCO. Morgan Stanley lowered Taubman Centers from an equal weight rating to an underweight rating in a report on Monday, September 18th. Jefferies Group restated a neutral rating on shares of Taubman Centers in a report on Friday, October 13th. JPMorgan Chase & Co. lowered Taubman Centers from an overweight rating to a neutral rating and decreased their price target for the company from $64.00 to $57.00 in a report on Tuesday, September 26th. Zacks Investment Research lowered Taubman Centers from a hold rating to a sell rating in a report on Tuesday, October 24th. Finally, Mizuho restated a neutral rating on shares of Taubman Centers in a report on Wednesday, November 8th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $65.00.
Taubman Centers (NYSE:TCO) traded up $1.35 during trading hours on Tuesday, reaching $62.69. The company had a trading volume of 801,700 shares, compared to its average volume of 1,234,813. Taubman Centers has a one year low of $44.78 and a one year high of $73.41. The stock has a market cap of $3,720.00, a price-to-earnings ratio of 59.14, a PEG ratio of 5.02 and a beta of 0.61. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of -21.77.
Taubman Centers (NYSE:TCO) last released its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.83 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.06). Taubman Centers had a net margin of 0.34% and a return on equity of 66.09%. The company had revenue of $153.20 million for the quarter, compared to analysts’ expectations of $155.95 million. During the same quarter in the previous year, the company posted $0.94 EPS. The business’s quarterly revenue was up 3.5% on a year-over-year basis. analysts anticipate that Taubman Centers will post 3.7 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were paid a $0.625 dividend. The ex-dividend date was Thursday, December 14th. This represents a $2.50 dividend on an annualized basis and a yield of 3.99%. Taubman Centers’s payout ratio is 235.85%.
In other Taubman Centers news, Director Cornelia Connelly Marakovits bought 4,000 shares of Taubman Centers stock in a transaction on Friday, December 15th. The shares were acquired at an average price of $63.35 per share, for a total transaction of $253,400.00. Following the completion of the purchase, the director now directly owns 7,403 shares in the company, valued at approximately $468,980.05. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO William S. Taubman sold 35,000 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $62.68, for a total value of $2,193,800.00. Following the completion of the sale, the chief operating officer now owns 67,633 shares in the company, valued at approximately $4,239,236.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 93,318 shares of company stock worth $5,849,897. Insiders own 31.20% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its position in shares of Taubman Centers by 1.3% during the 2nd quarter. BlackRock Inc. now owns 6,495,611 shares of the real estate investment trust’s stock worth $386,814,000 after buying an additional 82,291 shares in the last quarter. State Street Corp grew its position in shares of Taubman Centers by 0.5% during the 2nd quarter. State Street Corp now owns 2,665,010 shares of the real estate investment trust’s stock worth $158,705,000 after buying an additional 13,584 shares in the last quarter. Citigroup Inc. grew its position in shares of Taubman Centers by 2.1% during the 2nd quarter. Citigroup Inc. now owns 2,147,396 shares of the real estate investment trust’s stock worth $127,878,000 after buying an additional 44,342 shares in the last quarter. Land & Buildings Investment Management LLC grew its position in shares of Taubman Centers by 14.5% during the 3rd quarter. Land & Buildings Investment Management LLC now owns 1,053,547 shares of the real estate investment trust’s stock worth $52,361,000 after buying an additional 133,100 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Taubman Centers by 3.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 923,894 shares of the real estate investment trust’s stock worth $45,919,000 after buying an additional 28,282 shares in the last quarter.
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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