Capital World Investors increased its stake in shares of Taubman Centers, Inc. (NYSE:TCO) by 10.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 645,000 shares of the real estate investment trust’s stock after buying an additional 60,000 shares during the period. Capital World Investors owned 1.06% of Taubman Centers worth $38,410,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. 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 worth $166,000 after buying an additional 206 shares during the period. Virtu KCG Holdings LLC bought a new stake in shares of Taubman Centers during the 2nd quarter worth about $227,000. Riverhead Capital Management LLC boosted its holdings in Taubman Centers by 83.2% in 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 purchasing an additional 1,997 shares during the period. LS Investment Advisors LLC boosted its holdings in Taubman Centers by 16.8% in 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 purchasing an additional 692 shares during the period. Finally, World Asset Management Inc boosted its holdings in Taubman Centers by 1.4% in the 2nd quarter. World Asset Management Inc now owns 4,917 shares of the real estate investment trust’s stock valued at $293,000 after purchasing an additional 69 shares during the period.
Several equities analysts have recently commented on the stock. J P Morgan Chase & Co cut shares of Taubman Centers from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $64.00 to $57.00 in a research report on Tuesday, September 26th. Zacks Investment Research upgraded shares of Taubman Centers from a “sell” rating to a “hold” rating in a research report on Monday, August 28th. BMO Capital Markets initiated coverage on shares of Taubman Centers in a research report on Monday, September 11th. They set an “underperform” rating for the company. Morgan Stanley cut shares of Taubman Centers from an “equal weight” rating to an “underweight” rating in a research report on Monday, September 18th. Finally, BidaskClub upgraded shares of Taubman Centers from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $67.14.
Shares of Taubman Centers, Inc. (TCO) traded up 1.04% on Tuesday, reaching $50.64. 116,531 shares of the company traded hands. The stock has a market capitalization of $3.07 billion, a P/E ratio of 39.13 and a beta of 0.51. The stock’s 50 day moving average price is $51.12 and its 200-day moving average price is $57.84. Taubman Centers, Inc. has a one year low of $48.77 and a one year high of $78.65.
Taubman Centers (NYSE:TCO) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.02. The firm had revenue of $154.68 million during the quarter, compared to the consensus estimate of $142.16 million. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The company’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 earnings per share. Equities analysts forecast that Taubman Centers, Inc. will post $1.08 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 4.99%. The ex-dividend date was Thursday, September 14th. Taubman Centers’s dividend payout ratio is currently 193.80%.
In related news, Director Myron E. Ullman III purchased 12,325 shares of Taubman Centers stock in a transaction that occurred on Wednesday, August 9th. The stock was bought at an average cost of $56.90 per share, for a total transaction of $701,292.50. Following the completion of the transaction, the director now owns 16,646 shares in the company, valued at $947,157.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 31.20% of the stock is currently owned by company insiders.
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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