Element Capital Management LLC bought a new position in shares of Taubman Centers, Inc. (NYSE:TCO) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 234,567 shares of the real estate investment trust’s stock, valued at approximately $15,348,000. Element Capital Management LLC owned 0.39% of Taubman Centers as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its holdings in Taubman Centers by 874.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,447 shares of the real estate investment trust’s stock worth $160,000 after buying an additional 2,196 shares during the period. SeaCrest Wealth Management LLC purchased a new stake in Taubman Centers during the fourth quarter worth $171,000. Lourd Capital LLC purchased a new stake in Taubman Centers during the fourth quarter worth $218,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Taubman Centers during the fourth quarter worth $225,000. Finally, Alps Advisors Inc. purchased a new stake in Taubman Centers during the fourth quarter worth $232,000.
Shares of TCO stock traded down $1.00 during trading hours on Friday, reaching $57.90. 734,505 shares of the company’s stock were exchanged, compared to its average volume of 527,108. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of -23.70. Taubman Centers, Inc. has a fifty-two week low of $44.78 and a fifty-two week high of $67.19. The company has a market cap of $3,526.63, a PE ratio of 15.65, a PEG ratio of 3.42 and a beta of 0.54.
Taubman Centers (NYSE:TCO) last released its earnings results on Thursday, February 8th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.01. Taubman Centers had a negative return on equity of 57.04% and a net margin of 11.63%. The firm had revenue of $172.18 million for the quarter, compared to the consensus estimate of $164.26 million. During the same period in the prior year, the firm earned $1.01 EPS. The firm’s revenue was up 9.8% on a year-over-year basis. equities analysts forecast that Taubman Centers, Inc. will post 3.76 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Thursday, March 15th were given a $0.655 dividend. This represents a $2.62 annualized dividend and a dividend yield of 4.53%. This is an increase from Taubman Centers’s previous quarterly dividend of $0.63. The ex-dividend date was Wednesday, March 14th. Taubman Centers’s dividend payout ratio is presently 70.81%.
In related news, Director Craig M. Hatkoff sold 1,350 shares of the company’s 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 directly owns 6,013 shares of the company’s stock, valued at approximately $352,482.06. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 31.20% of the stock is owned by corporate insiders.
A number of analysts have weighed in on TCO shares. Zacks Investment Research upgraded Taubman Centers from a “sell” rating to a “hold” rating in a report on Monday, February 26th. Mizuho set a $63.00 price target on Taubman Centers and gave the stock a “hold” rating in a research report on Friday, February 16th. Sandler O’Neill set a $63.00 price target on Taubman Centers and gave the stock a “hold” rating in a research report on Tuesday, February 13th. Boenning Scattergood reaffirmed a “hold” rating on shares of Taubman Centers in a research report on Monday, February 12th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $62.00 price target on shares of Taubman Centers in a research report on Tuesday, January 9th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $63.22.
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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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