AQR Capital Management LLC cut its stake in shares of Taubman Centers, Inc. (NYSE:TCO) by 37.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,723 shares of the real estate investment trust’s stock after selling 4,057 shares during the quarter. AQR Capital Management LLC’s holdings in Taubman Centers were worth $224,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Uniplan Investment Counsel Inc. bought a new position in Taubman Centers during the second quarter worth about $35,703,000. Bank of America Corp DE boosted its holdings in Taubman Centers by 59.9% during the second quarter. Bank of America Corp DE now owns 1,918,075 shares of the real estate investment trust’s stock worth $72,426,000 after buying an additional 718,902 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Taubman Centers by 384.6% during the 2nd quarter. Principal Financial Group Inc. now owns 877,025 shares of the real estate investment trust’s stock valued at $33,117,000 after purchasing an additional 696,057 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Taubman Centers during the 2nd quarter valued at about $21,142,000. Finally, TIG Advisors LLC lifted its holdings in shares of Taubman Centers by 63.4% during the 2nd quarter. TIG Advisors LLC now owns 1,318,185 shares of the real estate investment trust’s stock valued at $49,775,000 after purchasing an additional 511,670 shares in the last quarter.
TCO has been the topic of several recent analyst reports. TheStreet cut Taubman Centers from a “c” rating to a “d” rating in a report on Friday, November 13th. Zacks Investment Research cut Taubman Centers from a “hold” rating to a “sell” rating and set a $36.00 price objective on the stock. in a report on Tuesday, November 3rd. ValuEngine cut Taubman Centers from a “hold” rating to a “sell” rating in a report on Thursday, October 1st. Finally, Piper Sandler upgraded Taubman Centers from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $20.00 to $43.00 in a report on Monday, November 16th. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $42.50.
Taubman Centers (NYSE:TCO) last released its earnings results on Monday, November 9th. The real estate investment trust reported ($0.49) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($1.07). The firm had revenue of $130.99 million during the quarter, compared to the consensus estimate of $125.10 million. Taubman Centers had a net margin of 30.09% and a negative return on equity of 94.88%. The company’s revenue was down 19.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 EPS. Sell-side analysts forecast that Taubman Centers, Inc. will post 2.68 earnings per share for the current fiscal year.
About Taubman Centers
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet malls in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich.
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