Taubman Centers Inc. (NYSE:TCO) announced its quarterly earnings data on Thursday. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The business earned $158.90 million during the quarter, compared to the consensus estimate of $147.45 million. During the same quarter last year, the company earned $0.76 EPS. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. Taubman Centers updated its FY16 guidance to $3.75-3.90 EPS.
In related news, CAO David A. Wolff sold 794 shares of Taubman Centers stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $70.06, for a total value of $55,627.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Several research firms have recently weighed in on TCO. Zacks Investment Research downgraded Taubman Centers from a “buy” rating to a “hold” rating in a research note on Monday. TheStreet upgraded Taubman Centers from a “hold” rating to a “buy” rating in a research note on Friday, July 1st. Credit Suisse Group AG reiterated a “buy” rating on shares of Taubman Centers in a research note on Tuesday, May 3rd. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Taubman Centers in a research note on Monday, May 2nd. Finally, Mizuho began coverage on Taubman Centers in a research note on Wednesday, April 13th. They set a “buy” rating and a $86.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Taubman Centers currently has a consensus rating of “Buy” and an average price target of $83.83.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th were issued a $0.595 dividend. The ex-dividend date of this dividend was Monday, June 13th. This represents a $2.38 annualized dividend and a dividend yield of 3.05%.
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 (TRG) is a partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
