Shares of Taubman Centers, Inc. (NYSE:TCO) reached a new 52-week low on Thursday . The company traded as low as $49.73 and last traded at $51.87, with a volume of 284562 shares. The stock had previously closed at $51.11.
A number of research firms recently weighed in on TCO. Mizuho reaffirmed a “hold” rating and set a $55.00 target price on shares of Taubman Centers in a report on Monday, December 3rd. Morgan Stanley raised shares of Taubman Centers from an “underweight” rating to an “equal weight” rating and set a $50.85 target price on the stock in a report on Sunday, December 2nd. Deutsche Bank set a $66.00 target price on shares of Taubman Centers and gave the stock a “hold” rating in a report on Friday, November 30th. Scotiabank raised shares of Taubman Centers from an “underperform” rating to a “sector perform” rating and set a $53.00 price target for the company in a research note on Monday, November 26th. Finally, Zacks Investment Research raised shares of Taubman Centers from a “sell” rating to a “hold” rating in a research note on Monday, November 26th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $59.99.
The company has a market capitalization of $3.25 billion, a P/E ratio of 14.43, a P/E/G ratio of 5.15 and a beta of 0.63.
Taubman Centers (NYSE:TCO) last released its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.52). Taubman Centers had a negative return on equity of 45.76% and a net margin of 14.42%. The company had revenue of $159.12 million during the quarter, compared to analysts’ expectations of $159.68 million. During the same period in the prior year, the firm earned $0.83 EPS. Taubman Centers’s quarterly revenue was up 3.9% on a year-over-year basis. On average, analysts anticipate that Taubman Centers, Inc. will post 3.79 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Monday, December 17th will be paid a $0.655 dividend. The ex-dividend date of this dividend is Friday, December 14th. This represents a $2.62 dividend on an annualized basis and a yield of 4.91%. Taubman Centers’s dividend payout ratio is presently 70.81%.
In other Taubman Centers news, Director Jonathan Litt acquired 1,000 shares of the business’s stock in a transaction dated Monday, November 5th. The stock was bought at an average price of $54.32 per share, with a total value of $54,320.00. Following the purchase, the director now owns 3,653 shares of the company’s stock, valued at $198,430.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 2,250 shares of company stock valued at $122,363 in the last ninety days. 31.20% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Taubman Centers by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 8,930,867 shares of the real estate investment trust’s stock valued at $534,334,000 after purchasing an additional 63,557 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Taubman Centers by 2.0% in the 3rd quarter. BlackRock Inc. now owns 7,078,007 shares of the real estate investment trust’s stock valued at $423,477,000 after purchasing an additional 141,423 shares in the last quarter. Cohen & Steers Inc. boosted its stake in shares of Taubman Centers by 434.6% in the 3rd quarter. Cohen & Steers Inc. now owns 4,845,258 shares of the real estate investment trust’s stock valued at $289,892,000 after purchasing an additional 3,938,892 shares in the last quarter. Cbre Clarion Securities LLC boosted its stake in shares of Taubman Centers by 13.3% in the 2nd quarter. Cbre Clarion Securities LLC now owns 3,305,710 shares of the real estate investment trust’s stock valued at $194,244,000 after purchasing an additional 389,099 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of Taubman Centers by 7.6% in the 2nd quarter. FMR LLC now owns 1,666,623 shares of the real estate investment trust’s stock valued at $97,930,000 after purchasing an additional 117,876 shares in the last quarter.
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Taubman Centers Company Profile (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. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry.
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