BMO Capital Markets initiated coverage on shares of Taubman Centers, Inc. (NYSE:TCO) in a report issued on Monday, September 11th. The firm issued an underperform rating on the real estate investment trust’s stock.
Several other research analysts also recently commented on TCO. Zacks Investment Research downgraded shares of Taubman Centers from a hold rating to a sell rating in a research note on Wednesday, August 9th. Boenning Scattergood reaffirmed a hold rating on shares of Taubman Centers in a research note on Monday, July 31st. BidaskClub downgraded shares of Taubman Centers from a buy rating to a hold rating in a research note on Saturday, August 5th. KeyCorp decreased their target price on shares of Taubman Centers from $85.00 to $79.00 and set an overweight rating on the stock in a research note on Wednesday, June 28th. Finally, ValuEngine downgraded shares of Taubman Centers from a buy rating to a hold rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $71.00.
Shares of Taubman Centers (TCO) opened at 49.16 on Monday. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 37.99 and a beta of 0.50. The stock has a 50 day moving average of $53.35 and a 200-day moving average of $59.84. Taubman Centers has a 1-year low of $49.14 and a 1-year high of $78.65.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 EPS for the quarter, topping the consensus estimate of $0.84 by $0.02. Taubman Centers had a net margin of 14.71% and a negative return on equity of 110.46%. The firm had revenue of $154.68 million for the quarter, compared to the consensus estimate of $142.16 million. During the same period last year, the firm posted $1.04 earnings per share. The business’s revenue was down 2.6% compared to the same quarter last year. Analysts forecast that Taubman Centers will post $1.08 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 5.09%. The ex-dividend date of this dividend is Thursday, September 14th. Taubman Centers’s dividend payout ratio (DPR) is currently 193.80%.
In related news, Director Myron E. Ullman III purchased 12,325 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average price of $56.90 per share, for a total transaction of $701,292.50. Following the completion of the acquisition, the director now directly owns 16,646 shares in the company, valued at approximately $947,157.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 31.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in TCO. Creative Planning boosted its holdings in shares of Taubman Centers by 8.0% during the 2nd quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock valued at $166,000 after buying an additional 206 shares in the last quarter. Virtu KCG Holdings LLC bought a new stake in shares of Taubman Centers during the 2nd quarter valued at $227,000. Riverhead Capital Management LLC boosted its holdings in shares of Taubman Centers by 83.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock valued at $262,000 after buying an additional 1,997 shares in the last quarter. Shelton Capital Management bought a new stake in shares of Taubman Centers during the 2nd quarter valued at $269,000. Finally, LS Investment Advisors LLC boosted its holdings in shares of Taubman Centers by 16.8% during the 2nd quarter. LS Investment Advisors LLC now owns 4,805 shares of the real estate investment trust’s stock valued at $286,000 after buying an additional 692 shares in the last quarter. Institutional investors and hedge funds own 98.53% 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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