Element Capital Management LLC purchased a new position in shares of Taubman Centers, Inc. (NYSE:TCO) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 234,567 shares of the real estate investment trust’s stock, valued at approximately $15,348,000. Element Capital Management LLC owned about 0.39% of Taubman Centers at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Taubman Centers by 2.3% during the 4th quarter. BlackRock Inc. now owns 6,655,154 shares of the real estate investment trust’s stock worth $435,445,000 after acquiring an additional 149,404 shares during the last quarter. Long Pond Capital LP boosted its position in Taubman Centers by 35.9% in the 4th quarter. Long Pond Capital LP now owns 4,115,222 shares of the real estate investment trust’s stock valued at $269,259,000 after buying an additional 1,086,367 shares during the last quarter. Cbre Clarion Securities LLC bought a new position in Taubman Centers in the 4th quarter valued at $176,250,000. Bank of New York Mellon Corp boosted its position in Taubman Centers by 71.7% in the 4th quarter. Bank of New York Mellon Corp now owns 1,486,957 shares of the real estate investment trust’s stock valued at $97,291,000 after buying an additional 621,136 shares during the last quarter. Finally, V3 Capital Management L.P. bought a new position in Taubman Centers in the 4th quarter valued at $84,241,000.
Taubman Centers, Inc. (TCO) opened at $57.38 on Friday. The company has a debt-to-equity ratio of -23.70, a current ratio of 0.40 and a quick ratio of 0.40. The firm has a market capitalization of $3,518.74, a price-to-earnings ratio of 63.71, a PEG ratio of 3.41 and a beta of 0.55. Taubman Centers, Inc. has a 12 month low of $44.78 and a 12 month high of $67.19.
Taubman Centers (NYSE:TCO) last posted its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $1.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.01. The company had revenue of $172.18 million for the quarter, compared to the consensus estimate of $164.26 million. Taubman Centers had a negative return on equity of 57.04% and a net margin of 11.63%. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.01 EPS. sell-side analysts forecast that Taubman Centers, Inc. will post 3.79 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Thursday, March 15th will be paid a $0.655 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.62 dividend on an annualized basis and a dividend yield of 4.57%. This is an increase from Taubman Centers’s previous quarterly dividend of $0.63. Taubman Centers’s dividend payout ratio is 291.11%.
A number of brokerages have commented on TCO. Zacks Investment Research upgraded Taubman Centers from a “sell” rating to a “hold” rating in a research report on Monday, February 26th. Mizuho set a $63.00 price objective on Taubman Centers and gave the company a “hold” rating in a research report on Friday, February 16th. Sandler O’Neill set a $63.00 price objective on Taubman Centers and gave the company a “hold” rating in a research report on Tuesday, February 13th. Citigroup increased their price objective on Taubman Centers from $58.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, February 13th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Taubman Centers in a research report on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $63.22.
In other news, Director Craig M. Hatkoff sold 1,350 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $58.62, for a total value of $79,137.00. Following the transaction, the director now owns 6,013 shares of the company’s stock, valued at approximately $352,482.06. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 2,053 shares of company stock worth $122,686. 31.20% of the stock is currently owned by company insiders.
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Taubman Centers 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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