Taubman Centers, Inc. (NYSE:TCO) Sees Large Decrease in Short Interest

Taubman Centers, Inc. (NYSE:TCO) was the target of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 7,030,000 shares, a decrease of 14.6% from the December 15th total of 8,230,000 shares. Approximately 11.8% of the company’s stock are short sold. Based on an average daily trading volume, of 710,900 shares, the days-to-cover ratio is presently 9.9 days.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cohen & Steers Inc. raised its position in shares of Taubman Centers by 2.6% in the 2nd quarter. Cohen & Steers Inc. now owns 5,533,770 shares of the real estate investment trust’s stock worth $225,944,000 after acquiring an additional 142,767 shares in the last quarter. State Street Corp raised its position in shares of Taubman Centers by 0.7% in the 3rd quarter. State Street Corp now owns 2,957,507 shares of the real estate investment trust’s stock worth $120,755,000 after acquiring an additional 20,506 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Taubman Centers by 11.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,000,303 shares of the real estate investment trust’s stock worth $40,841,000 after acquiring an additional 104,486 shares in the last quarter. Northern Trust Corp raised its position in shares of Taubman Centers by 2.3% in the 2nd quarter. Northern Trust Corp now owns 904,410 shares of the real estate investment trust’s stock worth $36,926,000 after acquiring an additional 20,338 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. raised its position in shares of Taubman Centers by 52.4% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 880,888 shares of the real estate investment trust’s stock worth $35,967,000 after acquiring an additional 302,760 shares in the last quarter. 99.60% of the stock is owned by hedge funds and other institutional investors.

Shares of TCO traded up $0.23 during trading hours on Tuesday, hitting $31.62. The company had a trading volume of 595,975 shares, compared to its average volume of 994,808. The company has a market capitalization of $1.86 billion, a PE ratio of 8.26, a price-to-earnings-growth ratio of 2.04 and a beta of 0.63. Taubman Centers has a one year low of $29.43 and a one year high of $54.50. The company’s fifty day moving average price is $31.00 and its two-hundred day moving average price is $37.02.

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a $0.675 dividend. This represents a $2.70 annualized dividend and a dividend yield of 8.54%. The ex-dividend date was Friday, December 13th. Taubman Centers’s payout ratio is 70.50%.

Several equities research analysts have weighed in on TCO shares. Citigroup lowered their target price on Taubman Centers from $41.00 to $33.00 and set a “neutral” rating for the company in a report on Tuesday, December 10th. KeyCorp lowered their target price on Taubman Centers from $69.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. They noted that the move was a valuation call. ValuEngine upgraded Taubman Centers from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Sandler O’Neill cut Taubman Centers from a “buy” rating to a “hold” rating in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. cut Taubman Centers from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $39.00 to $34.00 in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $45.86.

About Taubman Centers

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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