Taubman Centers, Inc. (NYSE:TCO) rose 6.4% during trading on Tuesday . The company traded as high as $43.83 and last traded at $43.83, approximately 1,266,261 shares traded hands during trading. An increase of 171% from the average daily volume of 466,396 shares. The stock had previously closed at $41.19.
Several research analysts have recently weighed in on the company. Mizuho set a $43.00 price target on Taubman Centers and gave the stock a “hold” rating in a research note on Friday, July 26th. ValuEngine downgraded shares of Taubman Centers from a “sell” rating to a “strong sell” rating in a report on Saturday, June 22nd. Morgan Stanley cut their target price on shares of Taubman Centers from $45.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 3rd. Citigroup set a $43.00 target price on shares of Taubman Centers and gave the stock a “hold” rating in a research report on Friday, June 28th. Finally, Zacks Investment Research downgraded shares of Taubman Centers from a “hold” rating to a “sell” rating in a research note on Tuesday, May 21st. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Taubman Centers currently has a consensus rating of “Hold” and an average price target of $54.56.
The firm has a market cap of $2.46 billion, a P/E ratio of 11.44, a P/E/G ratio of 2.72 and a beta of 0.71. The firm has a 50 day simple moving average of $40.07 and a 200 day simple moving average of $46.05.
Taubman Centers (NYSE:TCO) last announced its quarterly earnings results on Thursday, July 25th. The real estate investment trust reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.73). Taubman Centers had a net margin of 9.68% and a negative return on equity of 20.52%. The company had revenue of $161.60 million for the quarter, compared to the consensus estimate of $162.17 million. During the same quarter in the prior year, the company earned $0.92 earnings per share. The company’s quarterly revenue was up 5.8% on a year-over-year basis. On average, equities analysts predict that Taubman Centers, Inc. will post 3.68 EPS for the current fiscal year.
The company also recently declared a — dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.675 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a dividend yield of 6.7%. Taubman Centers’s payout ratio is currently 70.50%.
In other Taubman Centers news, Director Michael J. Embler acquired 5,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $39.11 per share, for a total transaction of $195,550.00. Following the completion of the transaction, the director now owns 9,301 shares of the company’s stock, valued at approximately $363,762.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 31.00% of the company’s stock.
A number of institutional investors have recently bought and sold shares of TCO. FMR LLC raised its position in shares of Taubman Centers by 53.5% during the 1st quarter. FMR LLC now owns 2,281,964 shares of the real estate investment trust’s stock valued at $120,670,000 after buying an additional 795,047 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in Taubman Centers by 13,569.8% in the second quarter. Nuveen Asset Management LLC now owns 635,234 shares of the real estate investment trust’s stock worth $25,937,000 after buying an additional 630,587 shares in the last quarter. Centersquare Investment Management LLC boosted its stake in Taubman Centers by 32.1% in the second quarter. Centersquare Investment Management LLC now owns 1,601,968 shares of the real estate investment trust’s stock worth $65,409,000 after buying an additional 389,327 shares in the last quarter. Principal Financial Group Inc. grew its position in Taubman Centers by 15.0% during the first quarter. Principal Financial Group Inc. now owns 2,524,758 shares of the real estate investment trust’s stock valued at $133,510,000 after acquiring an additional 330,181 shares during the last quarter. Finally, Cohen & Steers Inc. grew its position in Taubman Centers by 2.6% during the second quarter. Cohen & Steers Inc. now owns 5,533,770 shares of the real estate investment trust’s stock valued at $225,944,000 after acquiring an additional 142,767 shares during the last quarter. Institutional investors and hedge funds own 99.63% of the company’s stock.
About Taubman Centers (NYSE:TCO)
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 shopping centers in the U.S. and Asia and one under development. Taubman's U.S.-owned properties are the most productive in the publicly held U.S.
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